Veterans' Housing Amendments Act of 1990

Summary

Veterans' Housing Amendments Act of 1990 - 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) 1.75 percent of the total loan amount; or (2) one percent of the total loan 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. Deletes provisions allowing the sale of notes evidencing such loans with or without recourse and limiting the amount of a loan made to finance the purchase of real property from the Secretary of Veterans Affairs. Requires a service-connected disability rated at 30 percent or more before the loan fees required to be collected from veterans for housing loans will be waived. Requires loan fees collected for any housing loan closed between January 1, 1990, and September 30, 1990, to be credited to the Guaranty and Indemnity Fund. Terminates a reporting requirement with respect to loans made to purchase manufactured homes and lots. Prohibits the Secretary from guaranteeing such a loan unless it was closed before October 1, 1990, or made pursuant to a guaranty commitment issued by the Secretary before such date. States that such restriction shall not apply to a loan to refinance an existing loan guaranteed, insured, or made by the Department. Deletes a provision prohibiting payment of a claim under a loan guaranty for the purchase of manufactured homes and lots before liquidation of the security for the loan and the filing of an accounting with the Secretary. Provides, in lieu, that the holder of such a loan may submit a claim to the Secretary based upon: (1) the value of the property securing the loan as determined by the Secretary; or (2) the actual proceeds from the liquidation sale of the property securing the loan. Extends to October 1, 1991, 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, 1992, if notice was provided before October 1, 1990. Makes permanent the foreclosure information and counseling requirements currently provided for veterans foreclosing on a housing loan guaranteed by the Department (currently expires on March 1, 1991). Makes permanent the claim payment and property acquisition upon default provisions currently set to expire on October 1, 1991. Requires the Department, in determining the "net value" of a property, to take into account losses sustained on resale of properties in determining whether or not to acquire a foreclosed property. Makes permanent the vendee loan and property management provisions currently set to expire on December 31, 1990. Repeals the authority for a Direct Loan Revolving Fund (DLRF). Provides that the Loan Guaranty Revolving Fund (LGRF) shall pay for direct loan operations. Transfers present and future payments of the DLRF to the LGRF. Provides that the Secretary shall have no obligation to repay amounts advanced by the Treasury to the DLRF. Permits the Department to collect all debts arising out of the housing loan program by offsetting the debtor's Federal tax refund or Federal salary. Directs the Secretary, at the request of the Secretary of Housing and Urban Development, to issue certificates of veteran status to persons seeking benefits 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. Requires veterans (other than those exempted due to disability or other hardship) who obtain loans guaranteed by the Department for the purchase, construction, alteration, or repair of a property to make a downpayment equal to four percent of the amount by which the actual costs for such purchase, construction, repair, or alteration exceed $25,000.

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2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

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• Introduced in Senate

  summary · EN · 20 April 1990

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