§ 3703. Basic provisions relating to loan guaranty and insurance

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1958

   Pub. L. 85–857 · 72 Stat. 1105

   Enacted · 38 U.S.C. § 3703

   Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1205, 1212, § 1803

   Source evidence

   Code source credit
   Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1205, 1212, § 1803

2. 1959

   Pub. L. 86–73 § 2 · 73 Stat. 156

   Struck · 38 U.S.C. § 3703(c)(1)

   Pub. L. 86–73 struck out requirement that the interest rate on a Veterans’ Administration guarantee for direct loan be at least one-half of one percent below the prevailing rate on FHA-insured sales housing loans and increased the interest rate ceiling from 4¾ to 5¼ percent

   Source evidence

   Code amendment note
   Subsec. (c)(1). Pub. L. 86–73 struck out requirement that the interest rate on a Veterans’ Administration guarantee for direct loan be at least one-half of one percent below the prevailing rate on FHA-insured sales housing loans and increased the interest rate ceiling from 4¾ to 5¼ percent.

   Enacted provision · exact public law section
   Sec. 2. Paragraph (1) of section 1803(c) of title 38, United States 72 Stat. 1205. Guaranties. Code, is amended (1) by striking out “, but the rate of interest so prescribed by the Administrator shall not exceed at any time the rate of interest (exclusive of premium charges for insurance, and service charges if any), established by the Federal Housing 68 Stat. 591. 12 USC 1709. Commissioner under section 203(b)(5) of the National Housing Act, less one-half of 1 per centum per annum”; and (2) by striking out “4¾ per centum per annum” and inserting in lieu thereof “5¼ per centum per annum”.

3. 1960

   Pub. L. 86–665 § 1 · 74 Stat. 529

   1. Substituted · 38 U.S.C. § 3703(a)

      Pub. L. 86–665 substituted “1962” for “1960”

   2. Substituted · 38 U.S.C. § 3703(a)

      Pub. L. 86–665 substituted “fifteen” for “thirteen”

   3. Substituted · 38 U.S.C. § 3703(a)

      Pub. L. 86–665 substituted “after such date” for “before July 26, 1961”

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 86–665 substituted “1962” for “1960” in three places, “fifteen” for “thirteen” years, and “after such date” for “before July 26, 1961”.

4. 1961

   Pub. L. 87–84 § 1(a) · 75 Stat. 201

   1. Substituted · 38 U.S.C. § 3703(a)

      Pub. L. 87–84 substituted “to a World War II or Korean conflict veteran, if made within the applicable period prescribed in paragraph (3) of this subsection” for “made to a World War II veteran, if made before July 26, 1962 (or, in the case of a veteran described in section 1801(a)(1)(B) of this title, before the expiration of fifteen years after World War II is deemed to have ended with respect to him), or to a Korean conflict veteran, if made before February 1, 1965,” in par. (2)

   2. Substituted · 38 U.S.C. § 3703(a)

      Pub. L. 87–84 substituted “is received by the Administrator before the date of the expiration of the veteran’s entitlement, the loan” for “to a World War II veteran, whose entitlement would otherwise expire on July 25, 1962, has been received by the Administrator before July 26, 1962, such loan” in par. (2)

   3. Added · 38 U.S.C. § 3703(a)

      Pub. L. 87–84 added par. (3)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 87–84 substituted “to a World War II or Korean conflict veteran, if made within the applicable period prescribed in paragraph (3) of this subsection” for “made to a World War II veteran, if made before July 26, 1962 (or, in the case of a veteran described in section 1801(a)(1)(B) of this title, before the expiration of fifteen years after World War II is deemed to have ended with respect to him), or to a Korean conflict veteran, if made before February 1, 1965,” in par. (1), and “is received by the Administrator before the date of the expiration of the veteran’s entitlement, the loan” for “to a World War II veteran, whose entitlement would otherwise expire on July 25, 1962, has been received by the Administrator before July 26, 1962, such loan” in par. (2), and added par. (3).

   Enacted provision · exact public law section
   (1) by deleting “June 30, 1962” in the second sentence and substituting therefor “June 30, 1961”;

5. 1966

   Veterans

   Pub. L. 89–358 § 5(d) · 80 Stat. 12

   1. Struck · 38 U.S.C. § 3703(c)(1)

      Pub. L. 89–358 struck out provision for approval of rate of interest by the Secretary of the Treasury

   2. Substituted · 38 U.S.C. § 3703(c)(1)

      Pub. L. 89–358 substituted provision for a rate not in excess of that in effect under section 203(b)(5) of the National Housing Act, section 1709(b)(5) of Title 12, for former limitation of 5¼ per centum per annum

   Source evidence

   Code amendment note
   Subsec. (c)(1). Pub. L. 89–358 struck out provision for approval of rate of interest by the Secretary of the Treasury and substituted provision for a rate not in excess of that in effect under section 203(b)(5) of the National Housing Act, section 1709(b)(5) of Title 12, for former limitation of 5¼ per centum per annum.

   Enacted provision · exact public law section
   (d) Section 1803(c)(1) of title 38, United States Code, is amended by striking out “, with the approval of the Secretary” and all that follows through the end thereof and inserting in lieu thereof the following: “may from time to time find the loan market demands; except that such rate shall in no event exceed that in effect under the 68 Stat. 591. 12 USC 1709. 75 Stat. 201. provisions of section 203(b)(5) of the National Mousing Act.”

6. 1967

   Veterans’ Pension and Readjustment Assistance Act of 1967

   Pub. L. 90–77 title IV § 403(b) · 81 Stat. 178

   Changed · 38 U.S.C. § 3703(a)(3)(A)

   Pub. L. 90–77 extended in cls. (i) and (ii) loan program for certain World War II veterans from July 25, 1967 to July 25, 1970

   Source evidence

   Code amendment note
   Subsec. (a)(3)(A). Pub. L. 90–77 extended in cls. (i) and (ii) loan program for certain World War II veterans from July 25, 1967 to July 25, 1970.

   Enacted provision · exact public law section
   (b) Clauses (i) and (ii) of section 1803(a)(3)(A) of such title are each amended by striking out “July 25, 1967” and inserting in lieu thereof “July 25, 1970”.

7. 1969

   Pub. L. 91–22 § 4 · 83 Stat. 32

   Changed · 38 U.S.C. § 3703(d)(3)

   Pub. L. 91–22 authorized the Administrator, in determining whether a Government loan is secured by a first lien on realty, to disregard a superior lien created by a duly recorded covenant which secures a veteran homeowner’s share of the costs of managing, operating or maintaining property, services or programs common to the community in which the veteran’s home is located, provided the interests of the Government and the veteran borrower are not prejudiced

   Source evidence

   Code amendment note
   Subsec. (d)(3). Pub. L. 91–22 authorized the Administrator, in determining whether a Government loan is secured by a first lien on realty, to disregard a superior lien created by a duly recorded covenant which secures a veteran homeowner’s share of the costs of managing, operating or maintaining property, services or programs common to the community in which the veteran’s home is located, provided the interests of the Government and the veteran borrower are not prejudiced.

   Enacted provision · exact public law section
   Sec. 4. Section 1803(d)(3) of title 38, United States Code, be amended to read as follows: “(3) Any real estate loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan for the purchase or construction of a home is so secured, the Administrator may disregard a superior lien created by a duly recorded covenant running with the realty in favor of a private entity to secure an obligation to such entity for the homeowner’s share of the costs of the management, operation, or maintenance of property, services or programs within and for the benefit of the development or community in which the veteran’s realty is located, if he determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. In respect to any such superior lien to be created after the effective date of this amendment, the Administrator’s determination must have been made prior to the recordation of the covenant. Any non-real-estate loan (other than for working or other capital, merchandise, goodwill, and other intangible assets) shall be secured by personalty to the extent legal and practicable.”

8. 1970

   Veterans’ Housing Act of 197

   Pub. L. 91–506 § 2(b) · 84 Stat. 1108

   Struck and inserted · 38 U.S.C. § 3703(a)

   Pub. L. 91–506, § 2(b), struck out loan eligibility expiration dates for World War II and Korean conflict veterans and inserted provision restoring expired entitlements of World War II and Korean conflict veterans and providing that such entitlements shall not expire until used

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 91–506, § 2(b), struck out loan eligibility expiration dates for World War II and Korean conflict veterans and inserted provision restoring expired entitlements of World War II and Korean conflict veterans and providing that such entitlements shall not expire until used.

   Enacted provision · exact public law section
   (b) Section 1803 of such title is amended by striking out subsection (a) and inserting in lieu thereof the following: “(a) (1) Any loan to a World War II or Korean conflict veteran, if made for any of the purposes, and in compliance with the provisions, specified in this chapter is automatically guaranteed by the United States in an amount not more than 60 per centum of the loan if the loan is made for any of the purposes specified in section 1810 of this title and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title. “(2) Any unused entitlement of World War II or Korean conflict veterans which expired under provisions of law in effect prior to the date of enactment of the Veterans’ Housing Act of 1970 is hereby restored and shall not expire until used.”

9. 1970

   Veterans’ Housing Act of 197

   Pub. L. 91–506 § 2(c)(1) · 84 Stat. 1108

   Substituted · 38 U.S.C. § 3703(b)

   Pub. L. 91–506, § 2(c)(1), substituted “1810, 1811, and 1819” for “1810 and 1811”

   Source evidence

   Code amendment note
   Subsec. (b). Pub. L. 91–506, § 2(c)(1), substituted “1810, 1811, and 1819” for “1810 and 1811”.

   Enacted provision · exact public law section
   (1) by striking out “1810 and 1811” in subsection (b) and inserting in lieu thereof “1810, 1811, and 1819”; and

10. 1970

    Veterans’ Housing Act of 197

    Pub. L. 91–506 § 2(c)(2) · 84 Stat. 1108

    Changed · 38 U.S.C. § 3703(d)(1)

    Pub. L. 91–506, § 2(c)(2), limited maturity of non-real-estate loan to not more than ten years except as provided in section 1819 of this title

    Source evidence

    Code amendment note
    Subsec. (d)(1). Pub. L. 91–506, § 2(c)(2), limited maturity of non-real-estate loan to not more than ten years except as provided in section 1819 of this title.

    Enacted provision · exact public law section
    (2) by inserting immediately after “years” in the first sentence of subsection (d) (1) the following: “except as provided in section Post, p. 1110 1819 of this title”.

11. 1973

    Pub. L. 93–75 · 87 Stat. 176

    Substituted · 38 U.S.C. § 3703(c)(1)

    Pub. L. 93–75 substituted provisions requiring the Administrator to consult with the Secretary of Housing and Urban Development regarding the establishment of the rate of interest the Secretary considers necessary to meet the mortgage market for home loans insured under section 203(b) of the National Housing Act, and to carry out a coordinated policy on interest rates on loans insured under such section 203(b) and on loans guaranteed or insured under this chapter, for former provision limiting rate of interest to rate in effect under section 203(b)(5) of the National Housing Act

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 93–75 substituted provisions requiring the Administrator to consult with the Secretary of Housing and Urban Development regarding the establishment of the rate of interest the Secretary considers necessary to meet the mortgage market for home loans insured under section 203(b) of the National Housing Act, and to carry out a coordinated policy on interest rates on loans insured under such section 203(b) and on loans guaranteed or insured under this chapter, for former provision limiting rate of interest to rate in effect under section 203(b)(5) of the National Housing Act.

12. 1974

    Pub. L. 93–569 § 8(1) · 88 Stat. 1863

    Struck · 38 U.S.C. § 3703(a)(1)

    Pub. L. 93–569, § 8(1), struck out “and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title” after “section 1810 of this title”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 93–569, § 8(1), struck out “and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title” after “section 1810 of this title”.

    Enacted provision · exact public law section
    (1) by striking out in section 1803(a) (1) “and not more than 50 per centum of the loan if the loan is for any of the purposes specified in section 1812, 1813, or 1814 of this title”;

13. 1974

    Pub. L. 93–569 § 8(5) · 88 Stat. 1863

    Struck · 38 U.S.C. § 3703(a)(2)(B)(b)

    Pub. L. 93–569, § 8(5), struck out provision authorizing the Administrator to fix maximum interest rate payable on non-real-estate loans at not in excess of 3 percent discount rate or an equivalent straight interest rate on unamortized loans

    Source evidence

    Code amendment note
    Subsec. (a)(2)(B) [formerly § 1815(b)]. Pub. L. 93–569, § 8(5), struck out provision authorizing the Administrator to fix maximum interest rate payable on non-real-estate loans at not in excess of 3 percent discount rate or an equivalent straight interest rate on unamortized loans.

    Enacted provision · exact public law section
    (5) by striking out the last sentence in section 1815(b);

14. 1974

    Pub. L. 93–569 § 8(2) · 88 Stat. 1863

    Struck · 38 U.S.C. § 3703(a)(2)(B)(b)

    Pub. L. 93–569, § 8(2), struck out provision that, except as provided in sections 1810, 1811, and 1819, the aggregate amount guaranteed should not be more than $2,000 in the case of non-real-estate loans, nor $4,000 in the case of real-estate loans or a prorated portion thereof in a combination loan

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 93–569, § 8(2), struck out provision that, except as provided in sections 1810, 1811, and 1819, the aggregate amount guaranteed should not be more than $2,000 in the case of non-real-estate loans, nor $4,000 in the case of real-estate loans or a prorated portion thereof in a combination loan.

    Enacted provision · exact public law section
    (2) by striking out the first sentence in section 1803(b);

15. 1974

    Pub. L. 93–569 § 2(c) · 88 Stat. 1863

    Added · 38 U.S.C. § 3703(c)(3)

    Pub. L. 93–569, § 2(c), added par. (3)

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 93–569, § 2(c), added par. (3).

    Enacted provision · exact public law section
    (c) Section 1803(c) of title 38, United States Code, is amended by adding at the end thereof a new paragraph as follows: “(3) This section shall not be construed to prohibit a veteran from paying to a lender any reasonable discount required by such lender, when the proceeds from the loan are to be used: “(A) to refinance indebtedness pursuant to section 1810(a)(5); “(B) to repair, alter, or improve a farm residence or other dwelling pursuant to section 1810(a)(4); “(C) to construct a dwelling or farm residence on land already owned or to be acquired by the veteran except where the land is directly or indirectly acquired from a builder or developer who has contracted to construct such dwelling for the veteran; or “(D) to purchase a dwelling from a class of sellers which the Administrator determines are legally precluded under all circumstances from paying such a discount if the best interest of the veteran would be so served.”.

16. 1974

    Pub. L. 93–569 § 8(3) · 88 Stat. 1863

    Substituted · 38 U.S.C. § 3703(d)(1)

    Pub. L. 93–569, § 8(3), substituted provision that the maturity of any loan shall not be more than thirty years and thirty-two days for provisions that non-real-estate loans shall not be more than ten years except as provided in section 1819, that the maturity of a real estate loan be not more than thirty years, and a loan on farm realty be not more than forty years

    Source evidence

    Code amendment note
    Subsec. (d)(1). Pub. L. 93–569, § 8(3), substituted provision that the maturity of any loan shall not be more than thirty years and thirty-two days for provisions that non-real-estate loans shall not be more than ten years except as provided in section 1819, that the maturity of a real estate loan be not more than thirty years, and a loan on farm realty be not more than forty years.

    Enacted provision · exact public law section
    (3) by amending paragraph (1) of section 1803(d) to read as follows: “(1) The maturity of any loan shall not be more than thirty years and thirty-two days.”;

17. 1974

    Pub. L. 93–569 § 8(4) · 88 Stat. 1863

    Struck · 38 U.S.C. § 3703(d)(3)

    Pub. L. 93–569, § 8(4), struck out provision that any non-real-estate loan should be secured by personalty to the extent legal and practicable

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 93–569, § 8(4), struck out provision that any non-real-estate loan should be secured by personalty to the extent legal and practicable.

    Enacted provision · exact public law section
    (4) by striking out the last sentence in paragraph (3) of section 1803(d);

18. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(16) · 90 Stat. 720

    Substituted · 38 U.S.C. § 3703(a)(2)(A)(a)

    Pub. L. 94–324, § 7(16), substituted “the Administrator will” for “he will”. See 1988 Amendment note above

    Source evidence

    Code amendment note
    Subsec. (a)(2)(A) [formerly § 1815(a)]. Pub. L. 94–324, § 7(16), substituted “the Administrator will” for “he will”. See 1988 Amendment note above.

    Enacted provision · exact public law section
    (16) by striking out in section 1815(a) “he” and inserting in lieu thereof “the Administrator”;

19. 1976

    Veterans Housing Amendments Act of 1976

    Pub. L. 94–324 § 7(6) · 90 Stat. 720

    Substituted · 38 U.S.C. § 3703(d)(3)

    Pub. L. 94–324, § 7(6), substituted “the Administrator determines” for “he determines”

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 94–324, § 7(6), substituted “the Administrator determines” for “he determines”.

    Enacted provision · exact public law section
    (6) by striking out in section 1803(d)(3) “he” and inserting in lien thereof “the Administrator”:

20. 1978

    Veterans’ Housing Benefits Act of 1978

    Pub. L. 95–476 § 103(a) · 92 Stat. 1497

    Substituted · 38 U.S.C. § 3703(a)(1)

    Pub. L. 95–476, § 103(a), substituted provision extending loan guarantees under this section to veterans eligible for benefits under this chapter for provision limiting such guarantees to World War II or Korean conflict veterans

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 95–476, § 103(a), substituted provision extending loan guarantees under this section to veterans eligible for benefits under this chapter for provision limiting such guarantees to World War II or Korean conflict veterans.

    Enacted provision · exact public law section
    (a) Subsection (a)(1) of section 1803 is amended by striking out “World War II or Korean conflict veteran” and inserting in lieu thereof “veteran eligible for benefits under this chapter”.

21. 1978

    Veterans’ Housing Benefits Act of 1978

    Pub. L. 95–476 § 103(b)(1) · 92 Stat. 1497

    Inserted · 38 U.S.C. § 3703(c)(1)

    Pub. L. 95–476, § 103(b)(1), inserted provision authorizing the Administrator in establishing rates of interest under this paragraph for purposes of cls. (4) to (7) of section 1810(a) of this title to establish rates higher than the rate specified for other purposes under such section but not in excess of the rate the Administrator may find the loan market demands for loans for such purposes

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 95–476, § 103(b)(1), inserted provision authorizing the Administrator in establishing rates of interest under this paragraph for purposes of cls. (4) to (7) of section 1810(a) of this title to establish rates higher than the rate specified for other purposes under such section but not in excess of the rate the Administrator may find the loan market demands for loans for such purposes.

    Enacted provision · exact public law section
    (1) by adding at the end of paragraph (1) the following new sentence: “In establishing rates of interest under this paragraph for one or more of the purposes described in clauses (4) and (7) 38 USC 1810. of section 1810(a) of this title, the Administrator may establish a rate or rates higher than the rate specified for other purposes under such section, but any such rate may not exceed such rate as the Administrator may from time to time find the loan market demands for loans for such purposes.”; and

22. 1978

    Veterans’ Housing Benefits Act of 1978

    Pub. L. 95–476 § 103(b)(2) · 92 Stat. 1497

    Substituted · 38 U.S.C. § 3703(c)(3)(B)

    Pub. L. 95–476, § 103(b)(2), substituted “clauses (4) and (7) of section 1810(a) of this title” for “section 1810(a)(4)”

    Source evidence

    Code amendment note
    Subsec. (c)(3)(B). Pub. L. 95–476, § 103(b)(2), substituted “clauses (4) and (7) of section 1810(a) of this title” for “section 1810(a)(4)”.

    Enacted provision · exact public law section
    (2) by striking out “section 1810(a)(4)” in paragraph (3)(B) and inserting in lieu thereof “clauses (4) and (7) of section 1810 (a) of this title”.

23. 1980

    Veterans’ Disability Compensation and Housing Benefits Amendments of 1980

    Pub. L. 96–385 title IV § 401(c)(1) · 94 Stat. 1528

    Substituted · 38 U.S.C. § 3703(c)(3)(A)

    Pub. L. 96–385 substituted “clause (5) or (8) of section 1810(a) of this title or section 1819(a)(1)(F) of this title” for “section 1810(a)(5)”

    Source evidence

    Code amendment note
    Subsec. (c)(3)(A). Pub. L. 96–385 substituted “clause (5) or (8) of section 1810(a) of this title or section 1819(a)(1)(F) of this title” for “section 1810(a)(5)”.

    Enacted provision · exact public law section
    (1) Section 1803(c)(3)(A) is amended by striking out “section 38 USC 1803. 1810(a)(5)” and inserting in lieu thereof “clause (5) or (8) of section 1810(a) of this title or section 1819(a)(1)(F) of this title”. Ante, p. 1532. 38 USC 1811.

24. 1981

    Veterans’ Disability Compensation, Housing, and Memorial Benefits Amendments of 1981

    Pub. L. 97–66 title V § 501(a) · 95 Stat. 1026

    1. Amended · 38 U.S.C. § 3703(d)(2)

       Pub. L. 97–66 designated existing provisions as subpar. (A)

    2. Added · 38 U.S.C. § 3703(d)(2)

       Pub. L. 97–66 added subpars. (B) and (C)

    Source evidence

    Code amendment note
    Subsec. (d)(2). Pub. L. 97–66 designated existing provisions as subpar. (A) and added subpars. (B) and (C).

    Enacted provision · exact public law section
    (a) Section 1803(d)(2) is amended— 38 USC 1803. (1) by inserting “(A)” after “(2)”; and (2) by adding at the end the following new subparagraphs: “(B) The Administrator may guarantee loans with provisions for various rates of amortization corresponding to anticipated variations in family income. With respect to any loan guaranteed under this subparagraph— “(i) the initial principal amount of the loan may not exceed the reasonable value of the property as of the time the loan is made; and “(ii) the principal amount of the loan thereafter (including the amount of all interest to be deferred and added to principal) may not at any time be scheduled to exceed the projected value of the property. “(C) For the purposes of subparagraph (B) of this paragraph, the projected value of the property shall be calculated by the Administrator by increasing the reasonable value of the property as of the time the loan is made at a rate not in excess of 2.5 percent per year, but in no event may the projected value of the property for the purposes of such subparagraph exceed 115 percent of such reasonable value. A loan made for a purpose other than the acquisition of a single-family dwelling unit may not be guaranteed under such subparagraph.”.

25. 1981

    Veterans’ Health Care, Training, and Small Business Loan Act of 1981

    Pub. L. 97–72 § 303(e) · 95 Stat. 1047

    Substituted · 38 U.S.C. § 3703(a)(2)(A)(a)

    Pub. L. 97–72, § 303(e), substituted “Any housing loan” for “Any loan”. See 1988 Amendment note above

    Source evidence

    Code amendment note
    Subsec. (a)(2)(A) [formerly § 1815(a)]. Pub. L. 97–72, § 303(e), substituted “Any housing loan” for “Any loan”. See 1988 Amendment note above.

    Enacted provision · exact public law section
    (e) Section 1815(a) is amended by inserting “housing” after “Any”.

26. 1981

    Veterans’ Health Care, Training, and Small Business Loan Act of 1981

    Pub. L. 97–72 § 303(c)(1) · 95 Stat. 1047

    Substituted · 38 U.S.C. § 3703(d)(1)

    Pub. L. 97–72, § 303(c)(1), substituted “any housing loan” for “any loan”

    Source evidence

    Code amendment note
    Subsec. (d)(1). Pub. L. 97–72, § 303(c)(1), substituted “any housing loan” for “any loan”.

    Enacted provision · exact public law section
    (1) by inserting “housing” in clause (1) after “any”; and

27. 1981

    Veterans’ Health Care, Training, and Small Business Loan Act of 1981

    Pub. L. 97–72 § 303(c)(2) · 95 Stat. 1047

    Substituted · 38 U.S.C. § 3703(d)(3)

    Pub. L. 97–72, § 303(c)(2), substituted “Any real estate housing loan” for “Any real estate loan”

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 97–72, § 303(c)(2), substituted “Any real estate housing loan” for “Any real estate loan”.

    Enacted provision · exact public law section
    (2) by inserting “housing” in the first sentence of clause (3) after “real estate”.

28. 1982

    Pub. L. 97–295 § 4(61) · 96 Stat. 1287

    Substituted · 38 U.S.C. § 3703(a)(1)

    Pub. L. 97–295, § 4(61), substituted “percent” for “per centum”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 97–295, § 4(61), substituted “percent” for “per centum”.

    Enacted provision · exact public law section
    (61) Sections 1799(e), 1802(f), and 1803(a)(1) are amended by 38 USC 1799, 1802, 1803. striking out “per centum” wherever it appears and substituting “percent”.

29. 1982

    Pub. L. 97–295 § 4(63)(A) · 96 Stat. 1287

    Substituted · 38 U.S.C. § 3703(a)(2)

    Pub. L. 97–295, § 4(63)(A), substituted “before October 23, 1970,” for “prior to the date of enactment of the Veterans’ Housing Act of 1970”

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 97–295, § 4(63)(A), substituted “before October 23, 1970,” for “prior to the date of enactment of the Veterans’ Housing Act of 1970”.

    Enacted provision · exact public law section
    (A) in subsection (a)(2), by striking out “prior to the date of enactment of the Veterans’ Housing Act of 1970” and substituting “before October 23, 1970,”;

30. 1982

    Pub. L. 97–295 § 4(63)(B) · 96 Stat. 1287

    Inserted · 38 U.S.C. § 3703(c)(1)

    Pub. L. 97–295, § 4(63)(B), inserted “(12 U.S.C. 1709(b))” after “the National Housing Act”

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 97–295, § 4(63)(B), inserted “(12 U.S.C. 1709(b))” after “the National Housing Act”.

    Enacted provision · exact public law section
    (B) in subsection (c)(1), by inserting “(12 U.S.C. 1709(b))” after “the National Housing Act”; and

31. 1982

    Pub. L. 97–295 § 4(63)(C) · 96 Stat. 1287

    Substituted · 38 U.S.C. § 3703(d)(3)

    Pub. L. 97–295, § 4(63)(C), substituted “June 6, 1969” for “the effective date of this amendment”

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 97–295, § 4(63)(C), substituted “June 6, 1969” for “the effective date of this amendment”.

    Enacted provision · exact public law section
    (C) in subsection (d)(3), by striking out “the effective date of this amendment” and substituting “June 6, 1969”.

32. 1982

    Veterans’ Compensation, Education, and Employment Amendments of 1982

    Pub. L. 97–306 § 406(b)(1) · 96 Stat. 1429

    Substituted · 38 U.S.C. § 3703(c)(3)

    Pub. L. 97–306, § 406(b)(1), substituted “used—” for “used:”. Notwithstanding that Pub. L. 97–306 directed amendment be made in provisions preceding cl. (1), amendment was executed in provisions preceding cl. (A) as the probable intent of Congress in view of the absence of a cl. (1) in subsec. (c)(3)

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 97–306, § 406(b)(1), substituted “used—” for “used:”. Notwithstanding that Pub. L. 97–306 directed amendment be made in provisions preceding cl. (1), amendment was executed in provisions preceding cl. (A) as the probable intent of Congress in view of the absence of a cl. (1) in subsec. (c)(3).

    Enacted provision · exact public law section
    (1) by striking out “used:” in the matter preceding clause (1) and inserting in lieu thereof “used—”;

33. 1982

    Veterans’ Compensation, Education, and Employment Amendments of 1982

    Pub. L. 97–306 § 406(b)(2) · 96 Stat. 1429

    Added · 38 U.S.C. § 3703(c)(3)(E)

    Pub. L. 97–306, § 406(b)(2)–(4), added cl. (E)

    Source evidence

    Code amendment note
    Subsec. (c)(3)(E). Pub. L. 97–306, § 406(b)(2)–(4), added cl. (E).

    Enacted provision · exact public law section
    (2) by striking out “or” at the end of clause (C);

34. 1984

    Veterans’ Compensation and Program Improvements Amendments of 1984

    Pub. L. 98–223 § 205(c)(1) · 98 Stat. 37

    Substituted · 38 U.S.C. § 3703(c)(3)(A)

    Pub. L. 98–223, § 205(c)(1), substituted “, (8), or (9)(B)(i)” for “or (8)”

    Source evidence

    Code amendment note
    Subsec. (c)(3)(A). Pub. L. 98–223, § 205(c)(1), substituted “, (8), or (9)(B)(i)” for “or (8)”.

    Enacted provision · exact public law section
    (1) by striking out “or (8)” in clause (A) and inserting in lieu thereof a comma and “(8), or (9)(B)(i)”; and

35. 1984

    Veterans’ Compensation and Program Improvements Amendments of 1984

    Pub. L. 98–223 § 205(c)(2) · 98 Stat. 37

    Inserted · 38 U.S.C. § 3703(c)(3)(E)

    Pub. L. 98–223, § 205(c)(2), inserted “1810(a)(9)(B)(ii) or” after “section”

    Source evidence

    Code amendment note
    Subsec. (c)(3)(E). Pub. L. 98–223, § 205(c)(2), inserted “1810(a)(9)(B)(ii) or” after “section”.

    Enacted provision · exact public law section
    (2) by inserting “1810(a)(9)(B)(ii) or” in clause (E) after “section”.

36. 1987

    Veterans’ Home Loan Program Improvements and Property Rehabilitation Act of 1987

    Pub. L. 100–198 § 3(a)(1) · 101 Stat. 1315

    Amended · 38 U.S.C. § 3703(a)(1)

    Pub. L. 100–198 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes, and in compliance with the provisions, specified in this chapter is automatically guaranteed by the United States in an amount not more than 60 percent of the loan if the loan is made for any of the purposes specified in section 1810 of this title.”

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 100–198 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “Any loan to a veteran eligible for benefits under this chapter, if made for any of the purposes, and in compliance with the provisions, specified in this chapter is automatically guaranteed by the United States in an amount not more than 60 percent of the loan if the loan is made for any of the purposes specified in section 1810 of this title.”

    Enacted provision · exact public law section
    (1) Section 1803(a)(1) is amended to read as follows: “(a) (1) 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— “(A) in the case of any loan of not more than $45,000, 50 percent of the loan; or “(B) in the case of any loan of more than $45,000, 40 percent of the loan or $36,000, whichever is less, except that the amount of such guaranty for any such loan shall not be less than $22,500; 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.”.

37. 1988

    Veterans’ Home Loan Program Emergency Amendments of 1988

    Pub. L. 100–253 § 3(a) · 102 Stat. 20

    Amended · 38 U.S.C. § 3703(a)(1)

    Pub. L. 100–253 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “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—

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 100–253 amended par. (1) generally. Prior to amendment, par. (1) read as follows: “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—

    “(A) in the case of any loan of not more than $45,000, 50 percent of the loan; or “(B) in the case of any loan of more than $45,000, 40 percent of the loan or $36,000, whichever is less, except that the amount of such guaranty for any such loan shall not be less than $22,500; 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.”

    Enacted provision · exact public law section
    (a) Conventional Housing.— Section 1803(a)(1) of title 38, United States Code (as amended by section 3(a)(1) of Public Law 100–198) is amended to read as follows: “(a) (1) (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) (I) 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 1810 of 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.”.

38. 1988

    Veterans

    Pub. L. 100–322 § 415(a)(3)(B) · 102 Stat. 487

    Inserted · 38 U.S.C. § 3703

    Pub. L. 100–322, § 415(a)(3)(B), inserted “and insurance” in section catchline

    Source evidence

    Code amendment note
    Pub. L. 100–322, § 415(a)(3)(B), inserted “and insurance” in section catchline.

    Enacted provision · exact public law section
    (B) Section 1803 is amended— (i) by striking out the section heading and inserting in lieu thereof the following: “§ 1803. Basic provisions relating to loan guaranty and insurance” ; and (ii) in subsection (a) by striking out paragraph (2).

39. 1988

    Veterans

    Pub. L. 100–322 § 415(d)(1) · 102 Stat. 487

    1. Inserted · 38 U.S.C. § 3703(a)(1)

       Pub. L. 100–322, § 415(d)(1), inserted “as specified in subparagraph (B) of this paragraph” before period at end of cl. (A)(ii)

    2. Substituted · 38 U.S.C. § 3703(a)(1)

       Pub. L. 100–322, § 415(d)(1), substituted “for purposes specified in section 1810 of this title” for “under section 1810 of this chapter” in cl. (B)

    Source evidence

    Code amendment note
    Subsec. (a)(1). Pub. L. 100–322, § 415(d)(1), inserted “as specified in subparagraph (B) of this paragraph” before period at end of cl. (A)(ii) and substituted “for purposes specified in section 1810 of this title” for “under section 1810 of this chapter” in cl. (B).

    Enacted provision · exact public law section
    (1) Section 1803(a)(1) is amended— (A) in clause (A)(ii), by inserting “as specified in subparagraph (B) of this paragraph” before the period; and (B) in clause (B), by striking out “under section 1810 of this chapter” and inserting in lieu thereof “for purposes specified in section 1810 of this title”.

40. 1988

    Veterans

    Pub. L. 100–322 § 415(a)(3)(A)(ii) · 102 Stat. 487

    1. Redesignated · 38 U.S.C. § 3703(a)(2)

       Pub. L. 100–322, § 415(a)(3)(A)(ii), (iii), (B)(ii), redesignated subsecs. (a) and (b) of section 1815 of this title as subpars. (A) and (B), respectively, of par. (2) of subsec. (a) of this section

    2. Struck · 38 U.S.C. § 3703(a)(2)

       Pub. L. 100–322, § 415(a)(3)(A)(ii), (iii), (B)(ii), struck out former par. (2) which read as follows: “Any unused entitlement of World War II or Korean conflict veterans which expired under provisions of law in effect before October 23, 1970, is hereby restored and shall not expire until used.”

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 100–322, § 415(a)(3)(A)(ii), (iii), (B)(ii), redesignated subsecs. (a) and (b) of section 1815 of this title as subpars. (A) and (B), respectively, of par. (2) of subsec. (a) of this section and struck out former par. (2) which read as follows: “Any unused entitlement of World War II or Korean conflict veterans which expired under provisions of law in effect before October 23, 1970, is hereby restored and shall not expire until used.”

    Enacted provision · exact public law section
    (ii) is amended by redesignating subsection (a) as paragraph (2)(A) and redesignating subsection (b) as subparagraph (B); and

41. 1988

    Veterans

    Pub. L. 100–322 § 415(c)(2)(A) · 102 Stat. 487

    Substituted · 38 U.S.C. § 3703(c)(3)(A)

    Pub. L. 100–322, § 415(c)(2)(A), substituted “1812(a)(1)(F)” for “1819(a)(1)(F)”

    Source evidence

    Code amendment note
    Subsec. (c)(3)(A). Pub. L. 100–322, § 415(c)(2)(A), substituted “1812(a)(1)(F)” for “1819(a)(1)(F)”.

    Enacted provision · exact public law section
    (A) in clause (A), by striking out “1819(a)(1)(F)” and inserting in lieu thereof ”1812(a)(1)(F)”; and

42. 1988

    Veterans

    Pub. L. 100–322 § 415(c)(2)(B) · 102 Stat. 487

    Substituted · 38 U.S.C. § 3703(c)(3)(E)

    Pub. L. 100–322, § 415(c)(2)(B), substituted “1812(a)(1)(G)” for “1819(a)(1)(G)”

    Source evidence

    Code amendment note
    Subsec. (c)(3)(E). Pub. L. 100–322, § 415(c)(2)(B), substituted “1812(a)(1)(G)” for “1819(a)(1)(G)”.

    Enacted provision · exact public law section
    (B) in clause (E), by striking out “1819(a)(1)(G)” and inserting in lieu thereof “1812(a)(1)(G)”.

43. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 306(a)(1) · 103 Stat. 2062

    1. Added · 38 U.S.C. § 3703(a)(1)(A)(i)

       Pub. L. 101–237, § 306(a)(1), added subcls. (II) to (IV)

    2. Struck · 38 U.S.C. § 3703(a)(1)(A)(i)

       Pub. L. 101–237, § 306(a)(1), struck out former subcl. (II) which read as follows: “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”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i). Pub. L. 101–237, § 306(a)(1), added subcls. (II) to (IV) and struck out former subcl. (II) which read as follows: “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”.

    Enacted provision · exact public law section
    (1) in subparagraph (A)(i)— (A) by striking out “or” after the semicolon in subclause (I); and (B) by striking out subclause (II) and inserting in lieu thereof the following: “(II) in the case of any loan of more than $45,000, but not more than $56,250, $22,500; “(III) in the case of any loan of more than $56,250, but not more than $144,000, the lesser of $36,000 or 40 percent of the loan; or “(IV) in the case of any loan of more than $144,000 for a purpose specified in clause (1), (2), (3), or (6) of section 1810(a) of this title, the lesser of $46,000 or 25 percent of the loan; or”; and

44. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 306(a)(2) · 103 Stat. 2062

    Inserted · 38 U.S.C. § 3703(a)(1)(B)

    Pub. L. 101–237, § 306(a)(2), inserted “, or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, $46,000,” after “$36,000”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(B). Pub. L. 101–237, § 306(a)(2), inserted “, or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, $46,000,” after “$36,000”.

    Enacted provision · exact public law section
    (2) in subparagraph (B), by striking out “$36,000” and inserting in lieu thereof “$36,000, or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, $46,000,”.

45. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 313(b)(1) · 103 Stat. 2062

    Substituted · 38 U.S.C. § 3703(a)(2)

    Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator” wherever appearing

    Source evidence

    Code amendment note
    Subsec. (a)(2). Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator” wherever appearing.

    Enacted provision · exact public law section
    (1) Chapters 23, 24, and 37 are amended by striking out “Administrator” and “Administrator’s” each place such terms appear (other than in sections 906(e)(2) and 1812(h)(2)(B) and in section 1845(a) the third place “Administrator” appears) and inserting in lieu thereof “Secretary” and “Secretary’s”, respectively.

46. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 313(b)(6) · 103 Stat. 2062

    Substituted · 38 U.S.C. § 3703(c)(1)

    Pub. L. 101–237, § 313(b)(6), substituted “Secretary of Housing and Urban Development considers” for “Secretary considers”

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 101–237, § 313(b)(6), substituted “Secretary of Housing and Urban Development considers” for “Secretary considers”.

    Enacted provision · exact public law section
    (6) Section 1803(c)(1) is amended by inserting “of Housing and Urban Development” after “Secretary” the second place it appears.

47. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 313(b)(1) · 103 Stat. 2062

    Substituted · 38 U.S.C. § 3703(c)(1)

    Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator” wherever appearing

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator” wherever appearing.

    Enacted provision · exact public law section
    (1) Chapters 23, 24, and 37 are amended by striking out “Administrator” and “Administrator’s” each place such terms appear (other than in sections 906(e)(2) and 1812(h)(2)(B) and in section 1845(a) the third place “Administrator” appears) and inserting in lieu thereof “Secretary” and “Secretary’s”, respectively.

48. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 313(b)(1) · 103 Stat. 2062

    Substituted · 38 U.S.C. § 3703(c)(2)(B); 38 U.S.C. § 3703(c)(3)(D)

    Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator”

    Source evidence

    Code amendment note
    Subsec. (c)(2)(B), (3)(D). Pub. L. 101–237, § 313(b)(1), substituted “Secretary” for “Administrator”.

    Enacted provision · exact public law section
    (1) Chapters 23, 24, and 37 are amended by striking out “Administrator” and “Administrator’s” each place such terms appear (other than in sections 906(e)(2) and 1812(h)(2)(B) and in section 1845(a) the third place “Administrator” appears) and inserting in lieu thereof “Secretary” and “Secretary’s”, respectively.

49. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 313(b)(1) · 103 Stat. 2062

    Substituted · 38 U.S.C. § 3703(d)(2)(B); 38 U.S.C. § 3703(d)(2)(C); 38 U.S.C. § 3703(d)(2)(3)

    Pub. L. 101–237, § 313(b)(1), substituted “Secretary” and “Secretary’s” for “Administrator” and “Administrator’s”, respectively, wherever appearing

    Source evidence

    Code amendment note
    Subsec. (d)(2)(B), (C), (3). Pub. L. 101–237, § 313(b)(1), substituted “Secretary” and “Secretary’s” for “Administrator” and “Administrator’s”, respectively, wherever appearing.

    Enacted provision · exact public law section
    (1) Chapters 23, 24, and 37 are amended by striking out “Administrator” and “Administrator’s” each place such terms appear (other than in sections 906(e)(2) and 1812(h)(2)(B) and in section 1845(a) the third place “Administrator” appears) and inserting in lieu thereof “Secretary” and “Secretary’s”, respectively.

50. 1989

    Veterans Home Loan Indemnity and Restructuring Act of 1989

    Pub. L. 101–237 § 304(a) · 103 Stat. 2062

    Added · 38 U.S.C. § 3703(e)

    Pub. L. 101–237, § 304(a), added subsec. (e)

    Source evidence

    Code amendment note
    Subsec. (e). Pub. L. 101–237, § 304(a), added subsec. (e).

    Enacted provision · exact public law section
    (a) In General.— Section 1803 is amended by adding at the end the following new subsection: “(e) (1) Except as provided in paragraph (2) of this subsection, an Fraud. individual who pays a fee under section 1829 of this title, or who is exempted under section 1829(c)(1) of this title from paying such fee, with respect to a housing loan guaranteed or insured under this chapter that is closed after December 31, 1989, shall have no liability to the Secretary with respect to the loan for any loss resulting from any default of such individual except in the case of fraud, misrepresentation, or bad faith by such individual in obtaining the loan or in connection with the loan default. “(2) The exemption from liability provided by paragraph (1) of this subsection shall not apply to— “(A) an individual from whom a fee is collected (or who is exempted from such fee) under section 1829(b) of this title; or “(B) a loan made for any purpose specified in section 1812 of this title.”.

51. 1991

    Pub. L. 102–54 § 6(1) · 105 Stat. 267

    1. Inserted · 38 U.S.C. § 3703(a)(1)(A)(i)(III)

       Pub. L. 102–54, § 6(1), inserted “except as provided in subclause (IV) of this clause,” after “(III)”

    2. Struck · 38 U.S.C. § 3703(a)(1)(A)(i)(III)

       Pub. L. 102–54, § 6(1), struck out “but not more than $144,000,” after “$56,250,”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(III). Pub. L. 102–54, § 6(1), inserted “except as provided in subclause (IV) of this clause,” after “(III)” and struck out “but not more than $144,000,” after “$56,250,”.

    Enacted provision · exact public law section
    (1) in subclause (III)— (A) by inserting “except as provided in subclause (IV) of this clause,” after “(III)”; and (B) by striking out “but not more than $144,000,”; and

52. 1991

    Pub. L. 102–54 § 6(2) · 105 Stat. 267

    Substituted · 38 U.S.C. § 3703(a)(1)(A)(i)(IV)

    Pub. L. 102–54, § 6(2), substituted “(6), or (8)” for “or (6)”

    Target inherited from the preceding amendment note.

    Source evidence

    Code amendment note
    Pub. L. 102–54, § 6(2), substituted “(6), or (8)” for “or (6)”.

    Enacted provision · exact public law section
    (2) in subclause (IV), by striking out “or (6)” and inserting in lieu thereof “(6), or (8)”.

53. 1991

    Pub. L. 102–54 § 4(b) · 105 Stat. 267

    Added · 38 U.S.C. § 3703(f)

    Pub. L. 102–54, § 4(b), added subsec. (f)

    Source evidence

    Code amendment note
    Subsec. (f). Pub. L. 102–54, § 4(b), added subsec. (f).

    Enacted provision · exact public law section
    (b) Application Requirements.— Section 1803 of such title is amended by adding at the end the following:

54. 1991

    Pub. L. 102–83 § 5(a) · 105 Stat. 378

    Changed · 38 U.S.C. § 3703

    Pub. L. 102–83, § 5(a), renumbered section 1803 of this title as this section

    Source evidence

    Code amendment note
    Pub. L. 102–83, § 5(a), renumbered section 1803 of this title as this section.

    Enacted provision · exact public law section
    (a) Redesignation of Sections to Conform to Chapter Numbers.— Each section contained in any of chapters 11 through 23 is redesignated by replacing the first digit of the section number with the number of the chapter containing that section. Each section contained in any of chapters 24 through 42 is redesignated so that the first two digits of the section number of that section are the same as the chapter number of the chapter containing that section.

55. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    Substituted · 38 U.S.C. § 3703(a)(1)(A)

    Pub. L. 102–83, § 5(c)(1), substituted “3710” for “1810” in introductory provisions

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A). Pub. L. 102–83, § 5(c)(1), substituted “3710” for “1810” in introductory provisions.

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

56. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    Substituted · 38 U.S.C. § 3703(a)(1)(A)(i)(IV)

    Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(IV). Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)”.

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

57. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    1. Substituted · 38 U.S.C. § 3703(a)(1)(B)

       Pub. L. 102–83, § 5(c)(1), substituted “3710” for “1810”

    2. Substituted · 38 U.S.C. § 3703(a)(1)(B)

       Pub. L. 102–83, § 5(c)(1), substituted “3702(b)” for “1802(b)”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(B). Pub. L. 102–83, § 5(c)(1), substituted “3710” for “1810” and “3702(b)” for “1802(b)”.

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

58. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    Substituted · 38 U.S.C. § 3703(c)(1)

    Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)”

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)”.

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

59. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    1. Substituted · 38 U.S.C. § 3703(c)(3)

       Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)” in subpar. (E)

    2. Substituted · 38 U.S.C. § 3703(c)(3)

       Pub. L. 102–83, § 5(c)(1), substituted “3712(a)(1)(F)” for “1812(a)(1)(F)” in subpar. (E)

    3. Substituted · 38 U.S.C. § 3703(c)(3)

       Pub. L. 102–83, § 5(c)(1), substituted “3710(a)(9)(B)(ii) or 3712(a)(1)(G)” for “1810(a)(9)(B)(ii) or 1812(a)(1)(G)” in subpar. (E)

    Source evidence

    Code amendment note
    Subsec. (c)(3). Pub. L. 102–83, § 5(c)(1), substituted “3710(a)” for “1810(a)” and “3712(a)(1)(F)” for “1812(a)(1)(F)” in subpar. (A), “3710(a)” for “1810(a)” in subpar. (B), and “3710(a)(9)(B)(ii) or 3712(a)(1)(G)” for “1810(a)(9)(B)(ii) or 1812(a)(1)(G)” in subpar. (E).

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

60. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    1. Substituted · 38 U.S.C. § 3703(e)(1)

       Pub. L. 102–83, § 5(c)(1), substituted “3729” for “1829”

    2. Substituted · 38 U.S.C. § 3703(e)(1)

       Pub. L. 102–83, § 5(c)(1), substituted “3729(c)(1)” for “1829(c)(1)”

    Source evidence

    Code amendment note
    Subsec. (e)(1). Pub. L. 102–83, § 5(c)(1), substituted “3729” for “1829” and “3729(c)(1)” for “1829(c)(1)”.

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

61. 1991

    Pub. L. 102–83 § 5(c)(1) · 105 Stat. 378

    1. Substituted · 38 U.S.C. § 3703(e)(2)

       Pub. L. 102–83, § 5(c)(1), substituted “3729(b)” for “1829(b)” in subpar. (B)

    2. Substituted · 38 U.S.C. § 3703(e)(2)

       Pub. L. 102–83, § 5(c)(1), substituted “3712” for “1812” in subpar. (B)

    Source evidence

    Code amendment note
    Subsec. (e)(2). Pub. L. 102–83, § 5(c)(1), substituted “3729(b)” for “1829(b)” in subpar. (A) and “3712” for “1812” in subpar. (B).

    Enacted provision · exact public law section
    (1) Each provision of title 38, United States Code, that contains a reference to a section redesignated by subsection (a) is amended so that the reference refers to the section as redesignated.

62. 1992

    Veterans Home Loan Program Amendments of 1992

    Pub. L. 102–547 § 10(a)(1) · 106 Stat. 3633

    1. Substituted · 38 U.S.C. § 3703(c)(1)

       Pub. L. 102–547, § 10(a)(1), in first sentence substituted “applicable to” for “the Secretary of Housing and Urban Development considers necessary to meet the mortgage market for”

    2. Struck · 38 U.S.C. § 3703(c)(1)

       Pub. L. 102–547, § 10(a)(1), in first sentence struck out “, and, to the maximum extent practicable, carry out a coordinated policy on interest rates on loans insured under such section 203(b) and on loans guaranteed or insured under this chapter” after “(12 U.S.C. 1709(b))”

    Source evidence

    Code amendment note
    Subsec. (c)(1). Pub. L. 102–547, § 10(a)(1), in first sentence substituted “applicable to” for “the Secretary of Housing and Urban Development considers necessary to meet the mortgage market for” and struck out “, and, to the maximum extent practicable, carry out a coordinated policy on interest rates on loans insured under such section 203(b) and on loans guaranteed or insured under this chapter” after “(12 U.S.C. 1709(b))”.

    Enacted provision · exact public law section
    (1) in the first sentence of paragraph (1)— (A) by striking “the Secretary of Housing and Urban Development considers necessary to meet the mortgage market for” and inserting “applicable to”; and (B) by striking all that follows “(12 U.S.C. 1709(b))” and inserting a period; and

63. 1992

    Veterans Home Loan Program Amendments of 1992

    Pub. L. 102–547 § 10(a)(2) · 106 Stat. 3633

    Added · 38 U.S.C. § 3703(c)(4)

    Pub. L. 102–547, § 10(a)(2), added par. (4)

    Source evidence

    Code amendment note
    Subsec. (c)(4). Pub. L. 102–547, § 10(a)(2), added par. (4).

    Enacted provision · exact public law section
    (2) by adding at the end the following: “(4) (A) In guaranteeing or insuring loans under this chapter, the Secretary may elect whether to require that such loans bear interest at a rate that is— “(i) agreed upon by the veteran and the mortgagee; or “(ii) established under paragraph (1). The Secretary may, from time to time, change the election under this subparagraph. “(B) Any veteran, under a loan described in subparagraph (A)(i), may pay reasonable discount points in connection with the loan. Discount points may not be financed as part of the principal amount of a loan guaranteed or insured under this chapter. “(C) Not later than 10 days after an election under subparagraph (A), the Secretary shall transmit to the Committees on Veterans’ Affairs of the Senate and House of Representatives a notification of the election, together with an explanation of the reasons therefor. “(D) This paragraph shall expire on December 31, 1995.”. Termination date. 38 USC 3703 note.

64. 1993

    Pub. L. 103–78 § 6 · 107 Stat. 767

    Substituted · 38 U.S.C. § 3703(c)(4)(B)

    Pub. L. 103–78 in second sentence substituted “Except in the case of a loan for the purpose specified in section 3710(a)(8), 3710(b)(7), or 3712(a)(1)(F) of this title, discount” for “Discount”

    Source evidence

    Code amendment note
    Subsec. (c)(4)(B). Pub. L. 103–78 in second sentence substituted “Except in the case of a loan for the purpose specified in section 3710(a)(8), 3710(b)(7), or 3712(a)(1)(F) of this title, discount” for “Discount”.

    Enacted provision · exact public law section
    SEC. 6. TECHNICAL CORRECTION RELATING TO THE FINANCING OF DISCOUNT POINTS. Section 3703(c)(4)(B) of title 38, United States Code, is amended in the second sentence by striking out “Discount” and inserting in lieu thereof “Except in the case of a loan for the purpose specified in section 3710(a)(8), 3710(b)(7), or 3712(a)(1)(F) of this title, discount”.

65. 1994

    Uniformed Services Employment and Reemployment Rights Act of 1994

    Pub. L. 103–353 § 7 · 108 Stat. 3149

    Substituted · 38 U.S.C. § 3703(a)(1)(A)(i)(IV); 38 U.S.C. § 3703(a)(1)(A)(i)(B)

    Pub. L. 103–353 substituted “$50,750” for “$46,000”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(IV), (B). Pub. L. 103–353 substituted “$50,750” for “$46,000”.

    Enacted provision · exact public law section
    SEC. 7. INCREASE IN AMOUNT OF LOAN GUARANTY FOR LOANS FOR THE PURCHASE OR CONSTRUCTION OF HOMES. Subparagraphs (A)(i)(IV) and (B) of section 3703(a)(1) of title 38, United States Code, are each amended by striking out “$46,000” and inserting in lieu thereof “$50,750”.

66. 1996

    Pub. L. 104–110 title I § 101(d) · 110 Stat. 768

    Struck · 38 U.S.C. § 3703(c)(4)(D)

    Pub. L. 104–110 struck out subpar. (D) which read as follows: “This paragraph shall expire on December 31, 1995.”

    Source evidence

    Code amendment note
    Subsec. (c)(4)(D). Pub. L. 104–110 struck out subpar. (D) which read as follows: “This paragraph shall expire on December 31, 1995.”

    Enacted provision · exact public law section
    (d) Negotiated Interest Rates.— Section 3703(c)(4) of such title is amended by striking out subparagraph (D).

67. 1998

    Pub. L. 105–368 title VI § 602(e)(1)(A) · 112 Stat. 3315

    Substituted · 38 U.S.C. § 3703(e)(1)

    Pub. L. 105–368 substituted “3729(c)” for “3729(c)(1)”

    Source evidence

    Code amendment note
    Subsec. (e)(1). Pub. L. 105–368 substituted “3729(c)” for “3729(c)(1)”.

    Enacted provision · exact public law section
    (A) Section 3703(e)(1) is amended by striking “3729(c)(1)” and inserting “3729(c)”.

68. 2001

    Veterans Education and Benefits Expansion Act of 2001

    Pub. L. 107–103 title IV § 401 · 115 Stat. 976

    Substituted · 38 U.S.C. § 3703(a)(1)(A)(i)(IV); 38 U.S.C. § 3703(a)(1)(A)(i)(B)

    Pub. L. 107–103 substituted “$60,000” for “$50,750”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(IV), (B). Pub. L. 107–103 substituted “$60,000” for “$50,750”.

    Enacted provision · exact public law section
    SEC. 401. INCREASE IN HOME LOAN GUARANTY AMOUNT FOR CONSTRUCTION AND PURCHASE OF HOMES. Section 3703(a)(1) is amended by striking “$50,750” each place it appears in subparagraphs (A)(i)(IV) and (B) and inserting “$60,000”.

69. 2002

    Pub. L. 107–330 title III § 308(f)(1) · 116 Stat. 2820

    Substituted · 38 U.S.C. § 3703(e)(2)(A)

    Pub. L. 107–330 substituted “3729(b)(2)(I)” for “3729(b)”

    Source evidence

    Code amendment note
    Subsec. (e)(2)(A). Pub. L. 107–330 substituted “3729(b)(2)(I)” for “3729(b)”.

    Enacted provision · exact public law section
    (1) Section 3703(e)(2)(A) is amended by striking “3729(b)” and inserting “3729(b)(2)(I)”.

70. 2004

    Veterans Benefits Improvement Act of 2004

    Pub. L. 108–454 § 403(a) · 118 Stat. 3598

    Substituted · 38 U.S.C. § 3703(a)(1)(A)(i)(IV); 38 U.S.C. § 3703(a)(1)(A)(i)(B)

    Pub. L. 108–454, § 403(a), substituted “the maximum guaranty amount (as defined in subparagraph (C))” for “$60,000”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(IV), (B). Pub. L. 108–454, § 403(a), substituted “the maximum guaranty amount (as defined in subparagraph (C))” for “$60,000”.

    Enacted provision · exact public law section
    (a) Maximum Loan Guaranty Based on 100 Percent of Freddie Mac Conforming Loan Rate.— Section 3703(a)(1) is amended by striking “$60,000” each place it appears in subparagraphs (A)(i)(IV) and (B) and inserting “the maximum guaranty amount (as defined in subparagraph (C))”.

71. 2004

    Veterans Benefits Improvement Act of 2004

    Pub. L. 108–454 § 403(b) · 118 Stat. 3598

    Added · 38 U.S.C. § 3703(a)(1)(C)

    Pub. L. 108–454, § 403(b), added subpar. (C)

    Source evidence

    Code amendment note
    Subsec. (a)(1)(C). Pub. L. 108–454, § 403(b), added subpar. (C).

    Enacted provision · exact public law section
    (b) Definition.— Such section is further amended by adding at the end the following new subparagraph: “(C) In this paragraph, the term ‘maximum guaranty amount’ means the dollar amount that is equal to 25 percent of the Freddie Mac conforming loan limit limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a single-family residence, as adjusted for the year involved.” .

72. 2008

    Veterans’ Benefits Improvement Act of 2008

    Pub. L. 110–389 title V § 504(a) · 122 Stat. 4145

    Inserted · 38 U.S.C. § 3703(a)(1)(A)(i)(IV)

    Pub. L. 110–389 inserted “(5),” after “(3),”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(IV). Pub. L. 110–389 inserted “(5),” after “(3),”.

    Enacted provision · exact public law section
    (a) Inclusion of Refinancing Loans Among Loans Subject to Guaranty Maximum.— Section 3703(a)(1)(A)(i)(IV) is amended by inserting “(5),” after “(3),”.

73. 2009

    Helping Families Save Their Homes Act of 2009

    Pub. L. 111–22 div. A title I § 102(a) · 123 Stat. 1632

    Inserted · 38 U.S.C. § 3703(d)(1)

    Pub. L. 111–22 inserted “at the time of origination” after “loan”

    Source evidence

    Code amendment note
    Subsec. (d)(1). Pub. L. 111–22 inserted “at the time of origination” after “loan”.

    Enacted provision · exact public law section
    (a) Maturity of Housing Loans.— Section 3703(d)(1) of title 38, United States Code, is amended by inserting “at the time of origination” after “loan”.

74. 2012

    Honoring America’s Veterans and Caring for Camp Lejeune Families Act of 2012

    Pub. L. 112–154 title VII § 701(d) · 126 Stat. 1165

    Amended · 38 U.S.C. § 3703(d)(3)

    Pub. L. 112–154 amended par. (3) generally. Prior to amendment, par. (3) read as follows: “Any real estate housing loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan for the purchase or construction of a home is so secured, the Secretary may disregard a superior lien created by a duly recorded covenant running with the realty in favor of a private entity to secure an obligation to such entity for the homeowner’s share of the costs of the management, operation, or maintenance of property, services or programs within and for the benefit of the development or community in which the veteran’s realty is located, if the Secretary determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. In respect to any such superior lien to be created after June 6, 1969, the Secretary’s determination must have been made prior to the recordation of the covenant.”

    Source evidence

    Code amendment note
    Subsec. (d)(3). Pub. L. 112–154 amended par. (3) generally. Prior to amendment, par. (3) read as follows: “Any real estate housing loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan for the purchase or construction of a home is so secured, the Secretary may disregard a superior lien created by a duly recorded covenant running with the realty in favor of a private entity to secure an obligation to such entity for the homeowner’s share of the costs of the management, operation, or maintenance of property, services or programs within and for the benefit of the development or community in which the veteran’s realty is located, if the Secretary determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. In respect to any such superior lien to be created after June 6, 1969, the Secretary’s determination must have been made prior to the recordation of the covenant.”

    Enacted provision · exact public law section
    (d) Covenants and Liens Created by Public Entities in Response to Disaster-Relief Assistance.— Paragraph (3) of section 3703(d) is amended to read as follows: “(3) (A) Any real estate housing loan (other than for repairs, alterations, or improvements) shall be secured by a first lien on the realty. In determining whether a loan is so secured, the Secretary may either disregard or allow for subordination to a superior lien created by a duly recorded covenant running with the realty in favor of either of the following: “(i) A public entity that has provided or will provide assistance in response to a major disaster as determined by the President under the Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.). “(ii) A private entity to secure an obligation to such entity for the homeowner’s share of the costs of the management, operation, or maintenance of property, services, or programs within and for the benefit of the development or community in which the veteran’s realty is located, if the Secretary determines that the interests of the veteran borrower and of the Government will not be prejudiced by the operation of such covenant. “(B) With respect to any superior lien described in subparagraph (A) created after June 6, 1969, the Secretary’s determination under clause (ii) of such subparagraph shall have been made prior to the recordation of the covenant.” .

75. 2019

    Blue Water Navy Vietnam Veterans Act of 2019

    Pub. L. 116–23 § 6(a)(1)(A)(i) · 133 Stat. 966

    Struck · 38 U.S.C. § 3703(a)(1)(A)(i)(IV)

    Pub. L. 116–23, § 6(a)(1)(A)(i), struck out “the lesser of the maximum guaranty amount (as defined in subparagraph (C)) or” before “25 percent”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(i)(IV). Pub. L. 116–23, § 6(a)(1)(A)(i), struck out “the lesser of the maximum guaranty amount (as defined in subparagraph (C)) or” before “25 percent”.

    Enacted provision · exact public law section
    (i) in clause (i)(IV), by striking “the lesser of the maximum guaranty amount (as defined in subparagraph (C)) or”; and

    Effective date note
    Pub. L. 116–23, § 6(d), June 25, 2019, 133 Stat. 976, provided that: “The amendments made by this section [amending this section and sections 3710, 3729, and 3762 of this title] shall apply with respect to a loan guaranteed under section 3710 of title 38, United States Code, on or after January 1, 2020.”

76. 2019

    Blue Water Navy Vietnam Veterans Act of 2019

    Pub. L. 116–23 § 6(a)(1)(A)(ii) · 133 Stat. 966

    Substituted · 38 U.S.C. § 3703(a)(1)(A)(ii)

    Pub. L. 116–23, § 6(a)(1)(A)(ii), substituted “subparagraph (B) or (C)” for “subparagraph (B) of this paragraph”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(A)(ii). Pub. L. 116–23, § 6(a)(1)(A)(ii), substituted “subparagraph (B) or (C)” for “subparagraph (B) of this paragraph”.

    Enacted provision · exact public law section
    (ii) in clause (ii), by striking “subparagraph (B) of this paragraph” and inserting “subparagraph (B) or (C)”;

    Effective date note
    Pub. L. 116–23, § 6(d), June 25, 2019, 133 Stat. 976, provided that: “The amendments made by this section [amending this section and sections 3710, 3729, and 3762 of this title] shall apply with respect to a loan guaranteed under section 3710 of title 38, United States Code, on or after January 1, 2020.”

77. 2019

    Blue Water Navy Vietnam Veterans Act of 2019

    Pub. L. 116–23 § 6(a)(1)(B) · 133 Stat. 966

    1. Substituted · 38 U.S.C. § 3703(a)(1)(B)

       Pub. L. 116–23, § 6(a)(1)(B), substituted “With respect to loans described in subclauses (I), (II), or (III) of subparagraph (A)(i), the maximum” for “The maximum”

    2. Struck · 38 U.S.C. § 3703(a)(1)(B)

       Pub. L. 116–23, § 6(a)(1)(B), struck out “or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, the maximum guaranty amount (as defined in subparagraph (C)),” after “$36,000,”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(B). Pub. L. 116–23, § 6(a)(1)(B), substituted “With respect to loans described in subclauses (I), (II), or (III) of subparagraph (A)(i), the maximum” for “The maximum” and struck out “or in the case of a loan described in subparagraph (A)(i)(IV) of this paragraph, the maximum guaranty amount (as defined in subparagraph (C)),” after “$36,000,”.

    Enacted provision · exact public law section
    (B) in subparagraph (B)— (i) by striking “The maximum” and inserting “With respect to loans described in subclauses (I), (II), or (III) of subparagraph (A)(i), the maximum”; and (ii) by striking “or in the case” and all that follows through “subparagraph (C)),”; and

    Effective date note
    Pub. L. 116–23, § 6(d), June 25, 2019, 133 Stat. 976, provided that: “The amendments made by this section [amending this section and sections 3710, 3729, and 3762 of this title] shall apply with respect to a loan guaranteed under section 3710 of title 38, United States Code, on or after January 1, 2020.”

78. 2019

    Blue Water Navy Vietnam Veterans Act of 2019

    Pub. L. 116–23 § 6(a)(1)(C) · 133 Stat. 966

    1. Added · 38 U.S.C. § 3703(a)(1)(C)

       Pub. L. 116–23, § 6(a)(1)(C), added subpar. (C)

    2. Struck · 38 U.S.C. § 3703(a)(1)(C)

       Pub. L. 116–23, § 6(a)(1)(C), struck out former subpar. (C) which read as follows: “In this paragraph, the term ‘maximum guaranty amount’ means the dollar amount that is equal to 25 percent of the Freddie Mac conforming loan limit limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a single-family residence, as adjusted for the year involved.”

    Source evidence

    Code amendment note
    Subsec. (a)(1)(C). Pub. L. 116–23, § 6(a)(1)(C), added subpar. (C) and struck out former subpar. (C) which read as follows: “In this paragraph, the term ‘maximum guaranty amount’ means the dollar amount that is equal to 25 percent of the Freddie Mac conforming loan limit limitation determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a single-family residence, as adjusted for the year involved.”

    Enacted provision · exact public law section
    (C) by striking subparagraph (C) and inserting the following new subparagraph (C): “(C) (i) With respect to loans described in subclause (IV) of subparagraph (A)(i) made to a veteran not covered by clause (ii), the maximum amount of guaranty entitlement available to the veteran shall be 25 percent of the loan. “(ii) With respect to loans described in subclause (IV) of subparagraph (A)(i) made to a covered veteran, the maximum amount of guaranty entitlement available to the veteran shall be 25 percent of the Freddie Mac conforming loan limit, 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 3702(b) of this title. “(iii) In this subparagraph: “(I) The term ‘covered veteran’ means a veteran who has previously used entitlement under this chapter and for whom the full amount of entitlement so used has not been restored as a result of the exclusion in section 3702(b) of this title. “(II) The term ‘Freddie Mac conforming loan limit’ means the limit determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act (12 U.S.C. 1454(a)(2)) for a single-family residence, as adjusted for the year involved.” .

    Effective date note
    Pub. L. 116–23, § 6(d), June 25, 2019, 133 Stat. 976, provided that: “The amendments made by this section [amending this section and sections 3710, 3729, and 3762 of this title] shall apply with respect to a loan guaranteed under section 3710 of title 38, United States Code, on or after January 1, 2020.”

91 of 96 references resolved to an enrolled provision · 5 partial