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38 U.S.C. § 3714 — Assumptions; release from liability

Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 3714 — Assumptions; release from liability

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Stable record: federal_law:legal_authorities:record_usc_63bac4deea10f31cc5da68aa
Source file: Laws/federal/codes/united-states-code/title-38/section-3714-assumptions-release-from-liability--4a1af21f73.md
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Source location: Title 38, Chapter 37, § 3714; chapter-037-housing-and-small-business-loans.md

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**(a)** (1) Except as provided in subsection (f) of this section, if a veteran or any other person disposes of residential property securing a loan guaranteed, insured, or made under this chapter and the veteran or other person notifies the holder of the loan in writing before the property is disposed of, the veteran or other person, as the case may be, shall be relieved of all further liability to the Secretary with respect to the loan (including liability for any loss resulting from any default of the purchaser or any subsequent owner of the property) and the application for assumption shall be approved if the holder determines that— (A) the loan is current; and (B) the purchaser of the property from such veteran or other person— (i) is obligated by contract to purchase such property and to assume full liability for the repayment of the balance of the loan remaining unpaid and has assumed by contract all of the obligations of the veteran under the terms of the instruments creating and securing the loan; and (ii) qualifies from a credit standpoint, to the same extent as if the purchaser were a veteran eligible under [section 3710 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section3710&num=0&edition=prelim), for a guaranteed or insured or direct loan in an amount equal to the unpaid balance of the obligation for which the purchaser is to assume liability. (2) For the purposes of paragraph (1), paragraph (3), and paragraph (4)(C)(ii) of this subsection, the Secretary shall be considered to be the holder of the loan if the actual holder is not an approved lender described in section 3702. (3) If the holder of the loan determines that the loan is not current or that the purchaser of the property does not meet the requirements of paragraph (1)(B) of this subsection, the holder shall— (A) notify the transferor and the Secretary of such determination; and (B) notify the transferor that the transferor may appeal the determination to the Secretary. (4) (A) Upon the appeal of the transferor after a determination described in paragraph (3) is made, the Secretary shall, in a timely manner, review and make a determination (or a redetermination in any case in which the Secretary made the determination described in such paragraph) with respect to whether the loan is current and whether the purchaser of the property meets the requirements of paragraph (1)(B) of this subsection. The Secretary shall transmit, in writing, a notice of the nature of such determination to the transferor and the holder and shall inform them of the action that shall or may be taken under subparagraph (B) of this paragraph as a result of the determination of the Secretary. (B) (i) If the Secretary determines under subparagraph (A) of this paragraph that the loan is current and that the purchaser meets the requirements of paragraph (1)(B) of this subsection, the holder shall approve the assumption of the loan, and the transferor shall be relieved of all liability to the Secretary with respect to such loan. (ii) If the Secretary determines under subparagraph (A) of this paragraph that the purchaser does not meet the requirements of paragraph (1)(B) of this subsection, the Secretary may direct the holder to approve the assumption of the loan if— (I) the Secretary determines that the transferor of the property is unable to make payments on the loan and has made reasonable efforts to find a buyer who meets the requirements of paragraph (1)(B) of this subsection and that, as a result, the proposed transfer is in the best interests of the Department and the transferor; (II) the transferor has requested, within 15 days after receiving the notice referred to in subparagraph (A) of this paragraph, that the Secretary approve the assumption; and (III) the transferor will, upon assumption of the loan by the purchaser, be secondarily liable on the loan. (C) If— (i) the loan is not approved for assumption under subparagraph (B) of this paragraph or paragraph (1) of this subsection; or (ii) no appeal is made by the transferor under subparagraph (A) of this paragraph within 30 days after the holder informs the transferor of its determination under paragraph (3) of this subsection, the holder may demand immediate, full payment of the principal, and all interest earned thereon, of such loan if the transferor disposes of the property. **(b)** If a person disposes of residential property described in subsection (a)(1) of this section and the person fails to notify the holder of the loan before the property is disposed of, the holder, upon learning of such action by the person, may demand immediate and full payment of the principal, interest, and all other amounts owing under the terms of the loan. **(c)** (1) In any case in which the holder of a loan described in subsection (a)(1) of this section has knowledge of a person’s disposing of residential property securing the loan, the holder shall notify the Secretary of such action. (2) If the holder fails to notify the Secretary in such a case, the holder shall be liable to the Secretary for any damage sustained by the Secretary as a result of the holder’s failure, as determined at the time the Secretary is required to make payments in accordance with any insurance or guaranty provided by the Secretary with respect to the loan concerned. **(d)** With respect to a loan guaranteed, insured, or made under this chapter, the Secretary shall provide, by regulation, that at least one instrument evidencing either the loan or the mortgage or deed of trust therefor, shall conspicuously contain, in such form as the Secretary shall specify, a notice in substantially the following form: “This loan is not assumable without the approval of the Department of Veterans Affairs or its authorized agent”. **(e)** The Secretary shall establish in regulations a reasonable amount as the maximum amount that a lender may charge for processing an application for a creditworthiness determination and assumption of a loan pursuant to this section. Such regulations shall establish requirements for the timely processing of applications for acceptance of assumptions. **(f)** (1) This section shall apply— (A) in the case of loans other than loans to finance the purchase of real property described in [section 3733(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section3733/a/1&num=0&edition=prelim), only to loans for which commitments are made on or after March 1, 1988; and (B) in the case of loans to finance the purchase of such property, only to loans which are closed after January 1, 1989. (2) This section shall not apply to a loan which the Secretary has sold without recourse.

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 1814 — Health care

**(a) Needed Care.—** The Secretary shall provide an eligible child such health care as the Secretary determines is needed by the child for that child’s covered birth defects or any disability that is associated with those birth defects. **(b) Authority for Care To Be Provided Directly or by Contract.—** The Secretary may provide health care under this section directly or by contract or other arrangement with a health care provider. **(c) Definitions.—** For purposes of this section, the definitions in [section 1803(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1803/c&num=0&edition=prelim) shall apply with respect to the provision of health care under this section, except that for such purposes— (1) the reference to “specialized spina bifida clinic” in paragraph (2) of that section shall be treated as a reference to a specialized clinic treating the birth defect concerned under this section; and (2) the reference to “vocational training under [section 1804 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1804&num=0&edition=prelim)” in paragraph (8) of that section shall be treated as a reference to vocational training under [section 1814 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1814&num=0&edition=prelim).

Source: Supplied U.S. Code snapshot — release unconfirmed · 38 U.S.C. § 1814

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 3710 — Purchase or construction of homes

**(a)** Except as provided in [section 3704(c)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section3704/c/2&num=0&edition=prelim), any loan to a veteran, if made pursuant to the provisions of this chapter, is automatically guaranteed if such loan is for one or more of the following purposes: (1) To purchase or construct a dwelling to be owned and occupied by the veteran as a home. (2) To purchase a farm on which there is a farm residence to be owned and occupied by the veteran as the veteran’s home. (3) To construct on land owned by the veteran a farm residence to be occupied by the veteran as the veteran’s home. (4) To repair, alter, or improve a farm residence or other dwelling owned by the veteran and occupied by the veteran as the veteran’s home. (5) To refinance existing mortgage loans or other liens which are secured of record on a dwelling or farm residence owned and occupied by the veteran as the veteran’s home. (6) To purchase a one-family residential unit in a condominium housing development or project, if such development or project is approved by the Secretary under criteria which the Secretary shall prescribe in regulations. (7) To improve a dwelling or farm residence owned by the veteran and occupied by the veteran as the veteran’s home through energy efficiency improvements, as provided in subsection (d). (8) To refinance in accordance with subsection (e) of this section an existing loan guaranteed, insured, or made under this chapter. (9) (A) (i) To purchase a manufactured home to be permanently affixed to a lot that is owned by the veteran. (ii) To purchase a manufactured home and a lot to which the home will be permanently affixed. (B) (i) To refinance, in accordance with the terms

Source: Supplied U.S. Code snapshot — release unconfirmed · 38 U.S.C. § 3710

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 1815 — Vocational training

**(a) Authority.—** The Secretary may provide a program of vocational training to an eligible child if the Secretary determines that the achievement of a vocational goal by the child is reasonably feasible. **(b) Applicable Provisions.—** Subsections (b) through (e) of [section 1804 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section1804&num=0&edition=prelim) shall apply with respect to any program of vocational training provided under subsection (a).

Source: Supplied U.S. Code snapshot — release unconfirmed · 38 U.S.C. § 1815

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 3729 — Loan fee

**(a) Requirement of Fee.—** (1) Except as provided in subsection (c), a fee shall be collected from each person obtaining a housing loan guaranteed, insured, or made under this chapter, and each person assuming a loan to which [section 3714 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title38-section3714&num=0&edition=prelim) applies. No such loan may be guaranteed, insured, made, or assumed until the fee payable under this section has been remitted to the Secretary. (2) The fee may be included in the loan and paid from the proceeds thereof. **(b) Determination of Fee.—** (1) The amount of the fee shall be determined from the loan fee table in paragraph (2). The fee is expressed as a percentage of the total amount of the loan guaranteed, insured, or made, or, in the case of a loan assumption, the unpaid principal balance of the loan on the date of the transfer of the property. (2) The loan fee table referred to in paragraph (1) is as follows: Type of loanActive duty veteranReservistOther obligor (A)(i) Initial loan described in section 3710(a) to purchase or construct a dwelling with 0-down, or any other initial loan described in section 3710(a) other than with 5-down or 10-down (closed on or after October 1, 2004, and before January 1, 2020)2.152.40NA (A)(ii) Initial loan described in section 3710(a) to purchase or construct a dwelling with 0-down, or any other initial loan described in section 3710(a) other than with 5-down or 10-down (closed on or after January 1, 2020, and before April 7, 2023)2.302.30NA (A)(iii) Initial loan described in section 3710(a) to purchase or construct a dwelling with 0-down, or any other initial loan described in section 3710(a) other than with 5-down or 10-down (closed on or after April 7, 2023, and b

Source: Supplied U.S. Code snapshot — release unconfirmed · 38 U.S.C. § 3729

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Federal law — U.S. Code and appendices · legal_authorities

38 U.S.C. § 3714 — Assumptions; release from liability

Page 912 TITLE 38—VETERANS’ BENEFITS § 3714 spect to the loan if the veteran had made appli- cation therefor incident to such disposal. Fail- ure of a transferee to assume by contract all of the liabilities of the original veteran-borrower shall bar such release of liability only in cases in which no acceptable transferee, either imme- diate or remote, is legally liable to the Sec- retary for the indebtedness of the original vet- eran-borrower arising from termination of the loan. The failure of a veteran to qualify for re- lease from liability under this subsection does not preclude relief from being granted under sec- tion 5302(b) of this title, if the veteran is eligible for relief under that section. (c) This section shall apply only to loans for which commitments are made before March 1, 1988. (Pub. L. 85–857, Sept. 2, 1958, 72 Stat. 1212, § 1817; Pub. L. 92–328, title II, § 204, June 30, 1972, 86 Stat. 397; Pub. L. 94–324, § 7(18), (19), June 30, 1976, 90 Stat. 722; Pub. L. 97–72, title III, § 303(f), Nov. 3, 1981, 95 Stat. 1060; Pub. L. 100–198, § 10(a)(2), Dec. 21, 1987, 101 Stat. 1323; renumbered § 1813 and amended Pub. L. 100–322, title IV, § 415(b)(2), May 20, 1988, 102 Stat. 550; Pub. L. 101–237, title III, § 313(b)(1), Dec. 18, 1989, 103 Stat. 2077; Pub. L. 102–40, title IV, § 402(d)(1), May 7, 1991, 105 Stat. 239; renumbered § 3713 and amend- ed Pub. L. 102–83, § 5(a), (c)(1), Aug. 6, 1991, 105 Stat. 406; Pub. L. 103–446, title XII, § 1201(e)(15), Nov. 2, 1994, 108 Stat. 4686.) Editorial Notes AMENDMENTS 1994—Subsec. (b). Pub. L. 103–446 before period at end substituted ‘‘section 5302(b) of this title, if the veteran is eligible for relief under that section’’ for ‘‘subsection 5302(b) of this title, if eligible thereunder’’. 199

Source: Supplied 2024 U.S. Code historical extraction · 38 U.S.C. § 3714

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