Pub. L. 82-139, tit. VI, sec. 602

Sec. 602. (a) Section 605 of the Defense Production Act of 1950, as amended, is amended by striking out the period in the first sentence and inserting in lieu thereof the following: “: And provided further, That no more than 4 per centum down payment shall be required in connection with the loan on any home made or guaranteed by the Veterans’ Administration pursuant to the Servicemen’s Readjustment Act of 1944, as amended, and the sales price of which home does not exceed $7,000; and no more than 6 per centum down payment shall be required in connection with any such loan where the sales price exceeds $7,000 but does not exceed $10,000; and no more than 8 per centum down payment shall be required in connection with any such loan where the sales price exceeds $10,000 but does not exceed $12,000.” (b) The Defense Production Act of 1950, as amended, is further amended by adding after section 605 the following new section: “Sec. 606. Not more than 10 per centum down payment shall be required pursuant to section 602 or section 605 of this Act in connection with the loan on any home not made or guaranteed by the Veterans’ Administration and the transaction price of which home does not exceed $7,000; nor more than 15 per centum in connection with any such loan on any home the transaction price of which exceeds $7,000 but does not exceed $10,000; nor more than 20 per centum in connection with any such loan on any home the transaction price of which exceeds $10,000 but does not exceed $12,000. The term of any loan referred to in the preceding sentence or in the last proviso of section 605 shall not be required to be less than twenty-five years.”