NY A07538

Authorizes the New York State Mortgage Agency to purchase veterans' assisted forward commitment mortgages from banks at prices and terms determined by the agency

Requires the agency's board of directors to establish maximum income limits for eligible veterans, not exceeding limits permitted under the Internal Revenue Code for mortgage revenue bond-financed mortgages

Defines "veteran" as a person who served in active military, naval, or air service during designated wartime periods or received specific expeditionary medals, and was honorably discharged

Covers veterans from conflicts including Spanish-American War (1898), World Wars I and II, Korean hostilities, Vietnam conflict, Persian Gulf conflict, and specific operations in Lebanon, Grenada, and Panama

Limits veterans' assisted forward commitment mortgages to a maximum of 99% loan-to-value ratio of the appraised property value

Takes effect 90 days after becoming law