Veterans Home Loan Program Amendments of 1992
Provides eligibility for the veterans' home loan program (whereby home loans are made, insured, or guaranteed to veterans through the Department of Veterans Affairs) for individuals who have completed at least six years of service in the Selected Reserve and who: (1) were discharged honorably, were placed on the retired list, or were transferred to an element of the Ready Reserve other than the Selected Reserve; or (2) continue to serve in the Selected Reserve.
Prescribes the amounts of home loan fees to be paid to the Department by such individuals.
Authorizes attorneys to represent, and collect reasonable fees from, veterans in connection with any proceeding before the Department arising out of a loan made, guaranteed, or insured by the Department. Requires a copy of the fee agreement to be filed with the Secretary of Veterans Affairs.
Directs the Secretary to carry out a demonstration project during FY 1993 and 1994 at no fewer than two but no more than ten regional offices of the Department for guaranteeing loans in a manner similar to the manner in which the Secretary of Housing and Urban Development insures adjustable rate mortgages under the National Housing Act. Requires a report on project results from the Secretary to the Congress.
Authorizes the Secretary to issue or approve the issuance of, and to guarantee the timely payment of principal and interest on, certificates or other securities evidencing an interest in a pool of mortgage loans and installment contracts made in connection with the sale of properties acquired by the Department under default proceedings. Credits proceeds received under such procedure to the Loan Guaranty Revolving Fund.
Became Public Law No: 102-547.