38 CFR 36.4526 - Issuance of fund reservation commitments.

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§ 36.4526 Issuance of fund reservation commitments.

(a) Any builder or sponsor proposing to construct one or more dwellings in an area designated as eligible for direct loans may apply for a commitment for the reservation of direct loan funds to be used for the making of loans to eligible veterans for the purchase or construction of such dwellings. Such commitment may be issued on such conditions as the Department of Veterans Affairs determines to be proper in the particular case and will be valid for a period of 3 months;

Provided, That the Department of Veterans Affairs may, for good and sufficient reasons, extend the period of the commitment. No commitment shall be issued unless the builder or sponsor shall have paid an amount equivalent to 2 percent of the funds being reserved, which amount shall be nonrefundable. The commitment shall be nontransferable except with the written approval of the Department of Veterans Affairs.

(b) Notwithstanding that direct loan funds may be available for reservation when issuance of a reservation commitment is requested by a builder or sponsor, the Department of Veterans Affairs may withhold issuance of such commitment in any case in which it determines that the experience or technical qualifications of the builder in respect to home construction are not acceptable, or that other factors bearing on the likelihood of the success of the proposed project are such as to justify withholding issuance of a fund reservation commitment.

[ 23 FR 2340, Apr. 10, 1958]

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United States Code
Public Laws

Title 38 published on 2015-12-03

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 38 CFR Part 36 after this date.

  • 2016-10-26; vol. 81 # 207 - Wednesday, October 26, 2016
    1. 81 FR 74382 - Loan Guaranty Vendee Loan Fees
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      Proposed rule.
      Comments must be received by VA on or before December 27, 2016.
      38 CFR Part 36

Title 38 published on 2015-12-03.

The following are only the Rules published in the Federal Register after the published date of Title 38.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2016-09-23; vol. 81 # 185 - Friday, September 23, 2016
    1. 81 FR 65551 - Federal Civil Penalties Adjustment Act Amendments
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      Final rule.
      Effective Date: Effective September 23, 2016, the interim final rule published June 22, 2016 (81 FR 40523) is adopted as final.
      38 CFR Parts 36 and 42