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This bill amends the Housing Act of 1949 to permit the assumption of loans under the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Program, which provides rural homeownership loans. The bill requires the Secretary of Agriculture to issue a rule within one year establishing a process by which qualified borrowers can assume guaranteed loans when a property is transferred, and by which the original borrower and any co-borrowers or guarantors are relieved of liability.
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