H.R. 4539, The Department of Veterans Affairs Loan Guaranty Cost Reduction Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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H.R. 4539 would amend title 38, United States Code, to make certain improvements to the housing loan benefit program of the Department of Veterans Affairs.

Detailed Summary

Department of Veterans Affairs Loan Guaranty Cost Reduction Act of 2007 - Increases the maximum guarantee amount regarding home purchase or construction loans to certain veterans.

Permits guaranteeing certain refinancing loans for 100% (currently, 90%) of reasonable value

Modifies requirements regarding the fees veterans pay for the loan guarantees.

Sets the maximum guarantee amount if the dwelling is determined by the Secretary of Veterans Affairs to be affordable housing and the veteran is the first owner-occupant.

Allows amounts deposited in the existing Veterans Housing Benefit Program Fund that are not used for loan guarantees to be used to reduce loan closing costs.

Status of the Legislation

Latest Major Action: 4/16/2008: House committee/subcommittee actions. Status: Subcommittee Hearings Held.

Points in Favor

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Points Against

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