Veterans' Housing Amendments Act of 1991

Summary

Veterans' Housing Amendments Act of 1991 - Revises the loan fee to be paid by veterans for housing loans guaranteed, insured, or made by the Department of Veterans Affairs to make such fee: (1) 1.85 percent of the total loan amount; (2) 1.625 percent of such amount in the case of loans for veterans for housing in rural areas, loans made to acquire housing by default, or loans made to refinance a housing loan; (3) 1.375 percent of such amount in the case of a loan for purchase or construction in which the veteran has made a down payment of at least five but less than ten percent of the total purchase price or construction cost; (4) 1.125 percent of such amount in the case of a purchase or construction loan when the veteran makes a down payment of ten percent or more; (5) two percent of such amount in the case of a loan made to purchase manufactured homes and lots; and (6) 2.5 percent of such amount in the case of a veteran who has previously obtained a guaranteed loan, without regard to the type of loan or the down payment made. Makes the 2.5 percent charge inapplicable to: (1) a person on active duty at the time of the loan; (2) refinancing an existing loan; or (3) the purchases of property for which prior loans made are in default. Revises veterans' home loan default procedures to allow the holder of a Government National Mortgage Association loan to convey the property to the United States in return for payment by the Secretary of an amount equal to the net value of the property. Makes such default procedures permanent. Repeals a provision providing for the continuation of, and additional funding for, the direct loan revolving fund established under the Servicemen's Readjustment Act of 1944. Provides, in lieu, for the use of the Department of Veterans Affairs Loan Guaranty Revolving Fund for the making of direct loans to veterans for housing purposes. Revises provisions regarding the maximum loan amount for the purchase or construction of homes by veterans to make the maximum amount of a loan obtained or assumed by a veteran that provides for a lower interest rate than the loan being refinanced the greater of: (1) the sum of the outstanding balance on the loan to be refinanced and closing costs actually paid; or (2) 90 percent of the reasonable value of the dwelling or farm residence securing the loan. Makes the maximum loan amount to be obtained by a veteran who has previously obtained a loan or direct housing loan through the Department 90 percent of the reasonable value of the dwelling or farm residence securing the loan. Extends to October 1, 1993, the time period authorized for lenders to review appraisal reports in connection with homes for which the Department is guaranteeing loans. Repeals provisions which prohibit the Department from guaranteeing loans for newly constructed residences in areas not served by public or community water and sewage systems. Requires any veteran desiring a housing debt waiver to make such request within 180 days after the notification of such indebtedness, or by September 30, 1993, if notice was provided before October 1, 1991. Directs the Secretary, at the request of the Secretary of Housing and Urban Development, to issue certificates of veteran status to prospective mortgagors or applicants for assistance under the National Housing Act or other programs administered by such agency. Provides that persons applying for Department guaranteed, made, or insured housing loans will not become subject to provisions requiring persons seeking loans exceeding $150,000, which are guaranteed, made, or insured by a Federal agency to disclose their lobbying activities. Provides that the maximum amount of any loan made to a veteran for the purchase of a manufactured home and lot shall not exceed 90 percent (currently, 95) of the purchase price of the property securing the loan.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 11 June 1991

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