Veterans' Home Loan Improvement Act of 1992

Summary

Veterans' Home Loan Improvement Act of 1992 - Revises the following fee for a housing loan to a veteran that is made, insured, or guaranteed by the Department of Veterans Affairs: (1) two percent of the total amount of a loan made to purchase a manufactured home or lot; and (2) 2.5 percent of the total loan amount in the case of a veteran who has previously obtained a Department-guaranteed loan or for a direct loan made to a veteran in a housing credit shortage area without respect to the purpose for which the loan was made or the amount of any downpayment. Provides exceptions to the 2.5 percent loan fee requirement. Repeals a Federal provision which increases by a specified percentage such fee for each loan closed between November 1, 1990, and September 30, 1991. Amends Federal provisions concerning default procedures on such Department-guaranteed loans to: (1) include losses sustained on the resale of such property in the determination of net value of such property; and (2) repeal the December 31, 1992, termination date for such provisions. Increases from five to ten percent the downpayment required for Department-guaranteed manufactured home loans. Provides that the amount of the loan made or guaranteed for a veteran who has previously received a guaranteed or direct loan from the Department may not exceed 90 percent of the reasonable value of the dwelling or farm residence securing the loan, with exceptions.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 20 March 1992

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.