S. 3087, The Helping Our Veterans to Keep Their Homes Act of 2008

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S. 3087 would amend title 38, United States Code, to make certain improvements in the home loan guaranty programs administered by the Secretary of Veterans Affairs.

Detailed Summary

Helping Our Veterans to Keep Their Homes Act of 2008 - Increases from 90% to 100% of the reasonable value of a veteran's dwelling or farm residence the amount of the loan to be guaranteed or made in the case of a loan to refinance certain loans.

Prohibits collecting a fee from a veteran for a housing loan, unless the loan is used to refinance indebtedness. Changes the loan fee for such loans to 1% of the total amount of the loan guaranteed, insured, or made, or in the case of a loan assumption, the unpaid principal balance of the loan on the date of the transfer of the property.

Extends the demonstration projects involving: (1) adjustable rate mortgages through FY2018; and (2) hybrid adjustable rate through FY2012.

Increases the maximum loan guaranty amount of the Federal Home Loan Mortgage Corporation (Freddie Mac) conforming limit limitation determined for a single-family residence, as adjusted for the year involved.

Directs the Secretary of Veterans Affairs to review and streamline the process of guaranteeing home loans for the purchase of a condominium.

Increases the maximum guaranty amount for certain refinanced loans or other liens.

Sets, for a veteran whose income is below an amount set by the Secretary, the maximum amount of guaranty entitlement available for a home loan in any amount at the greater of: (1) the guaranty amount for veterans whose income is not below such amount set by the Secretary; or (2) 30% of the loan.

Status of the Legislation

Latest Major Action: 6/5/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Veterans' Affairs.

Points in Favor

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Points Against

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