100 STAT. 3280
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SEC. 401. SPECIALLY ADAPTED HOUSING.
38 USC 801.
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(a) IN GENERAL.—Section 801(b)(1) is amended by inserting before the period the following: "or in acquiring a residence already adapted with special features determined by the Administrator to be reasonably necessary for the veteran because of such disability", (b) CONFORMING AMENDMENT.—Section 802(b)(1) is amended by
striking out "cost" and inserting in lieu thereof "cost, or, in the case of a veteran acquiring a residence already adapted with special features, the fair market value,". SEC. 402. CREDIT UNDERWRITING AND LOAN PROCESSING STANDARDS.
(a) IN GENERAL.—Section 1810(b)(3) is amended by inserting before the semicolon at the end the following: ", as determined in accordance with the credit underwriting standards established pursuant to subsection (g) of this section". (b) DEFINITION AND STANDARDS.—Section 1810 is amended by
Regulations.
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adding at the end the following new subsection: "(g)(1) For the purposes of this subsection, the term 'veteran', when used with respect to a loan guaranteed or to be guaranteed under this chapter, includes the veteran's spouse if the spouse is jointly liable with the veteran under the loan. "(2) For the purpose of determining whether a veteran meets the standards referred to in subsection (b)(3) of this section and section 1819(e)(2) of this title, the Administrator shall prescribe regulations which establish— "(A) credit underwriting standards to be used in evaluating i9.fi. loans to be guaranteed under this chapter; and "(B) standards to be used by lenders in obtaining credit information and processing loans to be guaranteed under this chapter. "(3) In the regulations prescribed under paragraph (2) of this subsection, the Administrator shall establish standards that include— "(A) debt-to-income ratios to apply in the case of the veteran iBfl applying for the loan; sin "(B) criteria for evaluating the reliability and stability of the - .sv income of the veteran applying for the loan; and "(C) procedures for ascertaining the monthly income required by the veteran to meet the anticipated loan payment terms. "(4)(A) Any lender making a loan under this chapter shall certify, in such form as the Administrator shall prescribe, that the lender has complied with the credit information and loan processing standards established under paragraph (2)(B) of this subsection, and that, to the best of the lender's knowledge and belief, the loan meets the underwriting standards established under paragraph (2)(A) of this subsection. ._ ^.
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