PUBLIC LAW 100-242—FEB. 5, 1988
101 STAT. 1899
the National Housing Act are each amended by striking out 12 USC 1715z. "March 15, 1988" and inserting in lieu thereof "September 30, 1989". 12 USC 1715z (d) TERMINATION OF SECTION 235.— (1) IN GENERAL.—Effective on October 1, 1989, the program note. under section 235 of the National Housing Act shall terminate. (2) SAVINGS PROVISION.—The provisions of paragraph (1) shall not affect— (A) any mortgage insurance commitment issued; or (B) any assistance pursuant to a reservation of funds made; under section 235 of the National Housing Act prior to October 1, 1989. SEC. 402. AMOUNT TO BE INSURED UNDER NATIONAL HOUSING ACT.
Section 531 of the National Housing Act is amended— 12 USC 1735f-9. (1) by inserting "(a)" after "SEC. 531."; and (2) by adding at the end thereof the following: "(b) Notwithstanding any other provision of law and subject only to the absence of qualified requests for insurance, to the authority provided in this Act, and to the limitation in subsection (a), the Secretary shall enter into commitments to insure mortgages under this Act with an aggregate principal amount of $100,000,000,000 during fiscal year 1988, and $104,000,000,000 during fiscal year 1989.". SEC. 403. LIMITATION ON FEDERAL HOUSING ADMINISTRATION INSURANCE PREMIUMS.
Section 203(c) of the National Housing Act is amended by adding at the end the following new sentence: "In the case of any mortgage secured by a 1- to 4-family dwelling, the total premium charge shall not exceed an amount equal to 3.8 percent of the original principal obligation of the mortgage if the Secretary requires (1) a single premium charge to cover the total premium obligation of the insurance of the mortgage; or (2) a periodic premium charge over less than the term of the mortgage.".
12 USC 1709.
SEC. 404. INCREASE IN MAXIMUM MORTGAGE AMOUNT UNDER SINGLE FAMILY INSURANCE PROGRAM.
Section 2O30t))(2)(A) of the National Housing Act is amended by striking "133 Vs per centum" and inserting "150 percent". SEC. 405. CHANGE IN DEFINITION OF VETERAN.
The National Housing Act is amended— (1) by inserting before the period at the end of the first undesignated paragraph of section 2030oX3)(2) the following: ", except that persons enlisting in the armed forces after September 7, 1980, or entering active duty after October 16, 1981, shall have their eligibility determined in accordance with section 3103A(d) of title 38, United States Code"; and (2) by inserting before the semicolon at the end of section 220(d)(3)(A)(i) the following: ", except that persons enlisting in the armed forces after September 7, 1980, or entering active duty after October 16, 1981, shall have their eligibility determined in accordance with section 3103A(d) of title 38, United States Code".
12 USC 1715k.
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