Page:United States Statutes at Large Volume 102 Part 1.djvu/58

 102 STAT. 20

PUBLIC LAW 100-253—FEB. 29, 1988

Public Law 100-253 100th Congress An Act Feb. 29, 1988 [S. 2022]

To amend title 38, United States Code, to authorize reductions under certain circumstances in the downpayments required for loans made by the Veterans' Administration to finance the sales of properties acquired by the Veterans' Administration as the result of foreclosures and to clarify the calculation of available guaranty entitlement and make other technical and conforming amendments.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

Veterans' Home Loan Program SECTION 1. SHORT TITLE. Emergency Amendments of This Act may be cited as the 1988 38 USC 101 note. Emergency Amendments of 1988".

'Veterans' Home Loan Program

SEC. 2. DOWNPAYMENT REQUIREMENTS FOR VENDEE LOANS.

Section 1816(d)(4)(B) of title 38, United States Code (as amended by section 6(b)(1) of Public Law 100-198), is amended— (1) by inserting "(i)" after "(B)"; and (2) by adding at the end the following new division: "(ii) A loan described in subparagraph (A) of this paragraph may, to the extent the Administrator determines to be necessary in order to market competitively the property involved, exceed 95 percent of the purchase price.". SEC. 3. AMOUNT OF GUARANTY ENTITLEMENT.

(a) CONVENTIONAL HOUSING.—Section 1803(a)(1) of title 38, United States Code (as amended by section 3(a)(1) of Public Law 100198) is amended to read as follows: "(a)(l)(A) Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes specified in section 1810 of this title and in compliance with the provisions of this chapter, is automatically guaranteed by the United States in an amount not to exceed the lesser of— "(i)(1) in the case of any loan of not more than $45,000, 50 percent of the loan; or "(II) in the case of any loan of more than $45,000, the lesser of $36,000 or 40 percent of the loan, except that the amount of such guaranty for any such loan shall not be less than $22,500; or "(ii) the maximum amount of guaranty entitlement available to the veteran. "(B) The maximum amount of guaranty entitlement available to a veteran under section 181iLof^this chapter shall be $36,000 reduced by the amount of entitlement previously used by the veteran under this chapter and not restored as a result of the exclusion in section 1802(b) of this title.". (b) MANUFACTURED HOUSING.—Section 1819(c) of such title (as amended by section 3(b) of Public Law 100-198) is amended— (1) in paragraph (3), by amending the first sentence to read as follows: "The Administrator's guaranty may not exceed the

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