Veterans' Housing Amendments Act of 1987

Summary

Veterans' Housing Amendments Act of 1987 - Repeals the provisions relating to the setting of the interest rate on guaranteed or insured housing loans to veterans as provided by the Veterans Administration (VA), and provides that such interest rates should be negotiated between the veterans and the lender, provided that the interest rate agreed upon remains constant throughout the life of the loan. Increases from one to two and one-half percent of the total loan the amount of the fee to be charged by the VA for the administration of such loan. Increases the amount of the guaranty entitlement (maximum housing loan permissible) if the veteran pays the full amount of the loan fee. Specifies a limit on the total amount of such VA housing loans permissible annually. Authorizes appropriations to the Loan Guaranty Revolving Fund. Repeals provisions relating to the inspection of manufactured homes purchased by veterans, and deems as meeting required standards any manufactured housing unit displaying a certificate of conformance to Federal manufactured home construction and safety standards. Repeals provisions placing certain restrictions on such VA housing loans. Revises provisions concerning the appraisal of homes under consideration for such VA loans to require the appraiser to forward to the Administrator of Veterans Affairs an appraisal report on such home, which the Administrator will, in turn, forward to the appropriate lender. Authorizes the Administrator to permit certain lenders to determine the reasonable value of the property involved. Amends the Deficit Reduction Act of 1984 to repeal provisions of such Act relating to the applicability of loan default procedures to veterans having VA-guaranteed loans. Reduces the number of real estate purchases acquired by default by the Administrator that may be financed by a loan made by the Administrator.

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1 official file

• Introduced in House

  summary · EN · 8 April 1987

  Open at official source

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