Bill > HR1187

This bill, by amending title 38 of the United States Code, adjusts the limits on the guaranteed amount of home loans provided by the Department of Veterans Affairs (VA). Specifically, it changes how the VA calculates the maximum amount it will guarantee for a veteran's home loan that exceeds $144,000, moving from a formula involving "the lesser of" and "or 25 percent of the loan" to a simpler calculation of 25% of the loan amount, and also removes references to "Freddie Mac" and related language, ensuring the guarantee is based solely on the loan amount. These changes will take effect 30 days after the bill is enacted and apply to loans guaranteed under section 3710 of title 38.