interest rate on direct rural housing loans

interest rate on direct rural housing loans Sec. 1002. Section 502(a) of the Housing Act of 1949 is amended by striking out “with interest at a rate not to exceed 4 per centum per annum on the unpaid balance of principal” and inserting in lieu thereof the following: “with interest, in the case of applicants described in clauses (1) and (2) of section 501(a), at a rate not to exceed 5 per centum per annum on the unpaid balance of principal, and, in the case of applicants described in clause (3) of section 501 (a) and applicants under sections 503 and 504, at a rate not to exceed 4 per centum per annum on such unpaid balance. Loans made or insured under this title shall be conditioned on the borrower paying such fees and other charges as the Secretary may require”.