H.R.1611 - To amend title 38, United States Code, to authorize the Secretary of Veterans Affairs to assist in alleviating housing shortages for active duty personnel through interest rate buy downs, and for other purposes.104th Congress (1995-1996)
|Sponsor:||Rep. Montgomery, G. V. (Sonny) [D-MS-3] (Introduced 05/11/1995)|
|Committees:||House - Veterans' Affairs; National Security|
|Latest Action:||02/10/1996 For Further Action See S.1124. (All Actions)|
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Summary: H.R.1611 — 104th Congress (1995-1996)All Information (Except Text)
Introduced in House (05/11/1995)
Authorizes the Secretary of Veterans Affairs to make periodic assistance payments on behalf of an eligible veteran for the purpose of buying down the interest rate charged on a housing loan that is guaranteed by the Department of Veterans Affairs. Outlines veteran eligibility requirements. Limits to three years the interest rate buy-down period. Requires the Secretary to: (1) promulgate underwriting standards for loans for which the interest rate assistance payments may be made; and (2) provide comprehensive prepurchase counseling to eligible veterans explaining the features of the interest rate buy-downs. Authorizes appropriations.
Directs the Secretary of Defense to reimburse the Secretary for amounts paid to veteran mortgagees for such buy-down assistance. Authorizes the Secretary of Defense to indemnify a lender who makes a loan which is subject to the interest rate buy-down provisions. Authorizes the Secretaries to enter into an agreement to carry out this Act. Authorizes appropriations.