changes in the guaranteed housing loan program

changes in the guaranteed housing loan program Sec. 502. (a) Section 502(b)(3) of the Housing Act of 1949 is amended by inserting “except for guaranteed loans,” after “(3)”. (b) Section 517(e) of such Act is amended by inserting after the first sentence the following new sentence: “The guaranteed loan program under this title shall be operated separately from the insured loan program operated under this title and no funds designated for one program may be transferred to another program.”. (c) Section 517 of such Act is amended by adding the following new subsection at the end thereof: “(n) Loans guaranteed under this section shall be made only to borrowers with above-moderate incomes.”. (d) Section 521(a)(1) of such Act is amended by adding at the end thereof the following: “Any loan guaranteed under this title shall bear interest at such rate as may be agreed upon by the borrower and the lender.”.