source:
  type: regulation
  id: va-38usc-3708
  authority: 'VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708 — Authority to buy down interest rates: pilot program'
  description: 'VA Home Loan Guaranty (38 U.S.C. ch. 37), §3708 Authority to buy down interest rates: pilot program.
    Captured section-complete from Cornell LII (verbatim).

    '
obligations:
- id: va-38usc-3708-a
  canonical_id: va-38usc-3708-a
  section: 38 U.S.C. §3708(a)
  description: 'Authority to buy down interest rates: pilot program — (a): (a) In order to enable the purchase of
    housing in areas where the supply of suitable military housing is inadequate, the Secretary may conduct a pilot
    program under which the Secretary may make periodic or lump sum assistance payments on behalf of an eligible
    veteran for the purpose of buying down t…'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (a) In order to enable the purchase of housing in areas where the supply of suitable military
      housing is inadequate, the Secretary may conduct a pilot program under which the Secretary may make periodic
      or lump sum assistance payments on behalf of an eligible veteran for the purpose of buying down the interest
      rate on a loan to that veteran that is guaranteed under this chapter for a purpose described in paragraph
      (1), (6), or (10) of section 3710(a) of this title .
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (a) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: va-38usc-3708-b
  canonical_id: va-38usc-3708-b
  section: 38 U.S.C. §3708(b)
  description: 'Authority to buy down interest rates: pilot program — (b): (b) An individual is an eligible veteran
    for the purposes of this section if— (1) the individual is a veteran , as defined in section 3701(b)(4) of this
    title ; (2) the individual submits an application for a loan guaranteed under this chapter within one year of
    an assignment of the individual to du…'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (b) An individual is an eligible veteran for the purposes of this section if— (1) the individual
      is a veteran , as defined in section 3701(b)(4) of this title ; (2) the individual submits an application
      for a loan guaranteed under this chapter within one year of an assignment of the individual to duty at a military
      installation in the United States designated by the Secretary of Defense as a housing shortage area; (3) at
      the time the loan referred to in subsection (a) is made, the individual is an enlisted member, warrant officer,
      or an officer (other than a warrant officer) at a pay grade of O–3 or below; (4) the individual has not previously
      used any of the individual’s entitlement to housing loan benefits under this chapter; and (5) the individual
      receives comprehensive prepurchase counseling from the Secretary (or the designee of the Secretary) before
      making application for a loan guaranteed under this chapter.
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (b) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: va-38usc-3708-c
  canonical_id: va-38usc-3708-c
  section: 38 U.S.C. §3708(c)
  description: 'Authority to buy down interest rates: pilot program — (c): (c) Loans with respect to which the Secretary
    may exercise the buy down authority under subsection (a) shall— (1) provide for a buy down period of not more
    than three years in duration; (2) specify the maximum and likely amounts of increases in mortgage payments that
    the loans would require; and (3)…'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (c) Loans with respect to which the Secretary may exercise the buy down authority under subsection
      (a) shall— (1) provide for a buy down period of not more than three years in duration; (2) specify the maximum
      and likely amounts of increases in mortgage payments that the loans would require; and (3) be subject to such
      other terms and conditions as the Secretary may prescribe by regulation.
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (c) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: va-38usc-3708-d
  canonical_id: va-38usc-3708-d
  section: 38 U.S.C. §3708(d)
  description: 'Authority to buy down interest rates: pilot program — (d): (d) The Secretary shall promulgate underwriting
    standards for loans for which the interest rate assistance payments may be made under subsection (a). Such standards
    shall be based on the interest rate for the second year of the loan.'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (d) The Secretary shall promulgate underwriting standards for loans for which the interest
      rate assistance payments may be made under subsection (a). Such standards shall be based on the interest rate
      for the second year of the loan.
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (d) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: va-38usc-3708-e
  canonical_id: va-38usc-3708-e
  section: 38 U.S.C. §3708(e)
  description: 'Authority to buy down interest rates: pilot program — (e): (e) The Secretary or lender shall provide
    comprehensive prepurchase counseling to eligible veterans explaining the features of interest rate buy downs
    under subsection (a), including a hypothetical payment schedule that displays the increases in monthly payments
    to the mortgagor over the first five …'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (e) The Secretary or lender shall provide comprehensive prepurchase counseling to eligible
      veterans explaining the features of interest rate buy downs under subsection (a), including a hypothetical
      payment schedule that displays the increases in monthly payments to the mortgagor over the first five years
      of the mortgage term. For the purposes of this subsection, the Secretary may assign personnel to military
      installations referred to in subsection (b)(2).
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (e) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: va-38usc-3708-f
  canonical_id: va-38usc-3708-f
  section: 38 U.S.C. §3708(f)
  description: 'Authority to buy down interest rates: pilot program — (f): (f) There is authorized to be appropriated
    $3,000,000 annually to carry out this section.'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (f) There is authorized to be appropriated $3,000,000 annually to carry out this section.
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (f) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
- id: va-38usc-3708-g
  canonical_id: va-38usc-3708-g
  section: 38 U.S.C. §3708(g)
  description: 'Authority to buy down interest rates: pilot program — (g): (g) The Secretary may not guarantee a
    loan under this chapter after September 30, 1998 , on which the Secretary is obligated to make payments under
    this section. (Added Pub. L. 104–106, div. B, title XXVIII, § 2822(b)(1) , Feb. 10, 1996 , 110 Stat. 556 .)'
  type: reference
  tags:
  - regulator-direct
  - gap-fill
  - section-complete
  - usc-statute
  primary_source:
    tier: 1
    authority: VA Home Loan Guaranty (38 U.S.C. ch. 37) § 3708
    source_class: usc-statute-lii
    source_url: https://www.law.cornell.edu/uscode/text/38/3708
    snapshot_id: d8da2fa34dffa515
    fetched_at: '2026-06-18T00:00:00+00:00'
    content_hash: sha256:04ec377b2c47a64902008813411c3406da83a48fa4b415b4308dc6679b75e7a3
    paragraph_quote: (g) The Secretary may not guarantee a loan under this chapter after September 30, 1998 , on
      which the Secretary is obligated to make payments under this section. (Added Pub. L. 104–106, div. B, title
      XXVIII, § 2822(b)(1) , Feb. 10, 1996 , 110 Stat. 556 .)
    drafter_attestation: Verbatim slice of 38 U.S.C. §3708 subsection (g) from Cornell LII snapshot d8da2fa34dffa515;
      body isolated between nav and Editorial/Statutory Notes; substring-verified.
  judgment: false
