108TH CONGRESS
1ST SESSION
H. R. 1257
AN ACT
To amend title 38, United States Code, to make permanent
the authority for qualifying members of the Selected
Reserve to have access to home loans guaranteed by
the Secretary of Veterans Affairs and to provide for
uniformity in fees charged qualifying members of the
Selected Reserve and active duty veterans for such home
loans.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Selected Reserve Home
Loan Equity Act’’.
SEC. 2. PERMANENT AUTHORITY FOR HOUSING LOANS FOR
MEMBERS OF THE SELECTED RESERVE.
Section 3702(a)(2)(E) of title 38, United States
Code, is amended by striking ‘‘and ending on September
30, 2009,’’.
SEC. 3. UNIFORM HOME LOAN GUARANTY FEES FOR QUALI-
FYING MEMBERS OF THE SELECTED RE-
SERVE AND ACTIVE DUTY VETERANS.
(a) IN GENERAL.—Paragraph (2) of section 3729(b)
of title 38, United States Code, is amended to read as
follows:
‘‘(2) The loan fee table referred to in paragraph (1)
is as follows:
‘‘LOAN FEE TABLE
Type of loan
Veteran
Other obligor
(A)(i) Initial loan described in section 3710(a) to purchase or
construct a dwelling with 0-down, or any other initial loan
described in section 3710(a) other than with 5-down or 10-
down (closed before October 1, 2011) ....................................
2.00
NA
(A)(ii) Initial loan described in section 3710(a) to purchase or
construct a dwelling with 0-down, or any other initial loan
described in section 3710(a) other than with 5-down or 10-
down (closed on or after October 1, 2011) ............................
1.25
NA
(B)(i) Subsequent loan described in section 3710(a) to pur-
chase or construct a dwelling with 0-down, or any other sub-
sequent loan described in section 3710(a) (closed before Oc-
tober 1, 2011) ........................................................................
3.30
NA
‘‘LOAN FEE TABLE—Continued
Type of loan
Veteran
Other obligor
(B)(ii) Subsequent loan described in section 3710(a) to pur-
chase or construct a dwelling with 0-down, or any other sub-
sequent loan described in section 3710(a) (closed on or after
October 1, 2011 and before October 1, 2013) .......................
2.15
NA
(B)(iii) Subsequent loan described in section 3710(a) to pur-
chase or construct a dwelling with 0-down, or any other sub-
sequent loan described in section 3710(a) (closed on or after
October 1, 2013) ....................................................................
1.25
NA
(C)(i) Loan described in section 3710(a) to purchase or con-
struct a dwelling with 5-down (closed before October 1,
2011) ......................................................................................
1.50
NA
(C)(ii) Loan described in section 3710(a) to purchase or con-
struct a dwelling with 5-down (closed on or after October 1,
2011) ......................................................................................
0.75
NA
(D)(i) Initial loan described in section 3710(a) to purchase or
construct a dwelling with 10-down (closed before October 1,
2011) ......................................................................................
1.25
NA
(D)(ii) Initial loan described in section 3710(a) to purchase or
construct a dwelling with 10-down (closed on or after Octo-
ber 1, 2011) ...........................................................................
0.50
NA
(E) Interest rate reduction refinancing loan .............................
0.50
NA
(F) Direct loan under section 3711 ...........................................
1.00
NA
(G) Manufactured home loan under section 3712 (other than
an interest rate reduction refinancing loan) ..........................
1.00
NA
(H) Loan to Native American veteran under section 3762
(other than an interest rate reduction refinancing loan) .......
1.25
NA
(I) Loan assumption under section 3714 ..................................
0.50
0.50
(J) Loan under section 3733(a) ................................................
2.25
2.25’’.
(b) CONFORMING
AMENDMENTS.—(1) Paragraph
(4)(A) of such section is amended to read as follows:
‘‘(A) The term ‘veteran’ means any veteran eli-
gible for the benefits of this chapter.’’.
(2) Paragraph (4) of such section is amended by
striking subparagraph (B) and redesignating subpara-
graphs (C), (D), (E), (F), (G), (H), and (I) as subpara-
graphs (B), (C), (D), (E), (F), (G), and (H), respectively.
Passed the House of Representatives May 22, 2003.
Attest:
Clerk.
108TH CONGRESS
1ST SESSION
H. R. 1257
AN ACT
To amend title 38, United States Code, to make
permanent the authority for qualifying members
of the Selected Reserve to have access to home
loans guaranteed by the Secretary of Veterans
Affairs and to provide for uniformity in fees
charged qualifying members of the Selected Re-
serve and active duty veterans for such home
loans.