PUBLIC LAW 100-253—FEB. 29, 1988
102 STAT. 21
lesser of (A) the lesser of $20,000 or 40 percent of the loan, or (B) the maximum amount of guaranty entitlement available to the veteran."; (2) in paragraph (4), by amending the first sentence to read as follows: "The maximum amount of guaranty entitlement available to a veteran under this section shall be $20,000 reduced by the amount of any such entitlement previously used by the veteran."; and (3) by adding at the end the following new paragraph: "(5) The amount of any loan guaranteed under this section shall not exceed an amount equal to 95 percent of the purchase price of the property securing the loan.". (c) EFFECTIVE DATES.—The amendments made by this section shall 38 USC 1803 apply to loans which are closed on or after February 1, 1988, except note, that they shall not apply to any loan for which a guaranty commitment is made on or before December 31, 1987. Approved February 29, 1988.
LEGISLATIVE HISTORY—S. 2022: CONGRESSIONAL RECORD, Vol. 134 (1988): Feb. 1, considered and passed Senate. Feb. 17, considered and passed House.
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