PUBLIC LAW 95-476—OCT. 18, 1978
92 STAT. 1501
such guaranty shall be made only after liquidation of the security for the loan and the filing of an accounting with the Administrator.". (3) Such subsection is further amended by adding at the end thereof the following new paragraph: "(4) The amount of guaranty entitlement available to a veteran under this section shall not be more than $17,500, less the amount of any such entitlement as may have been used under this section. Use of entitlement under section 1810 or 1811 of this title shall reduce entitle- 38 USC 1810, ment available for use under this section to the same extent that ^^^1entitlement available under such section 1810 is reduced below $17,500.". (c) Subsection (d) of such section is amended to read as follows: 38 USC 1802. "(d)(1) The maturity of any loan guaranteed under this section shall not be more than— "(A) fifteen years and thirty-two days, in the case of a loan for the purchase of— "(i) alot; " (ii) a single-wide mobile home; or "(iii) a single-wide mobile home and alot; or
"(B) twenty years and thirty-two days, in the case of a loan for the purchase of— "(i) a double-wide mobile home; or " (ii) a double-wide mobile home and a lot. "(2) Nothing in paragraph (1) of this subsection shall preclude the Administrator, under regulations which the Administrator shall prescribe, from consenting to necessary advances for the protection of the security or the holder's lien, to a reasonable extension of the term of such loan, or to a reasonable reamortization of such loan.". (d) Clause (4) of subsection (e) of such section is amended to read as follows: "(4) the amount of the loan to be paid by the veteran is not in excess of the amount determined to be reasonable, based upon— "(A) with respect to any portion of the loan to purchase a new mobile home, such cost factors as the Administrator considers proper to take into account; "(B) with respect to any portion of the loan to purchase a used mobile home, the reasonable value of the property, as determined by the Administrator; "(C) with respect to any portion of the loan to purchase a lot, the reasonable value of such lot, as determined by the Administrator; and "(D) with respect to any portion of the loan to cover the cost of necessary site preparation, an appropriate amount, as determined by the Administrator;". (e) Such section is further amended by striking out subsection (g) and by redesignating subsections (h), (i), (j), (k), (1), (m), and (n) as subsections (g), (h), (i), (j), (k), (1), and (m). respectively. (f) Subsection (h) of such section (as redesignated by subsection (e) of this section) is amended (1) by inserting " (1) " before "No loan", (2) by striking out the third sentence of such subsection, and (3) by addin<T at the end thereof the following new paragraph: " (2)(A) For the purpose of assuring compliance with the standards Inspection, prescribed under paragraph (1) of this subsection, the Administrator shall from time to time inspect the manufacturing process of manufacturers of mobile homes sold to veterans utilizing assistance under this chapter. For the purpose stated in the preceding sentence and for
�
