Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Rural Housing Opportunity and
Enhancement Act of 2005''.

SEC. 2. GUARANTEES FOR RURAL HOUSING LOANS.

(a) Income Limitation.--
(1) In general.--Section 502(h) of the Housing Act of 1949
(42 U.S.C. 1472(h)) is amended--
(A) by striking paragraph (3); and
(B) in paragraph (11), by striking '' for low and
moderate income families''.
(2) Repeal.--Section 751 of the Agriculture, Rural
Development, Food and Drug Administration, and Related Agencies
Appropriations Act, 2001 (42 U.S.C. 1472 note) is hereby
repealed:
(b) Guarantee Fee.--
(1) In general.--Section 502(h)(8) of the Housing Act of
1949 is amended by striking ''not more than 1 percent'' and
inserting ''0.9 percent''.
(2) Repeals.--The following provisions are hereby repealed:
(A) Section 739 of the Agriculture, Rural
Development, Food and Drug Administration, and Related
Agencies Appropriations Act, 2001 (42 U.S.C. 1472
note).
(B) Section 726 of the Agriculture, Rural
Development, Food and Drug Administration, and Related
Agencies Appropriations Act, 2005 (118 Stat. 2842).
(c) Repayment Ability.--Section 502(h) of the Housing Act of 1949
is amended by inserting after paragraph (2) the following new
paragraph:
''(3) Eligibility of borrowers.--Any regulations of the
Secretary limiting eligibility of borrowers for loans
guaranteed pursuant to this subsection based upon the ratio
between the debt and income of the borrower shall provide for a
higher income-to-debt ratio with respect to loans for newly
constructed properties''.

SEC. 3. GUARANTEES FOR REFINANCING LOANS.

Section 502(h)(14) of the Housing Act of 1949 (42 U.S.C.
1472(h)(13)) is amended as follows:
(1) Guarantee fee.--
(A) In subparagraph (A), by striking ''(F)'' and
inserting ''(I)''
(B) In subparagraph (E), by striking ''(8),''.
(C) By redesignating subparagraphs (E) and (F) as
subparagraphs (H) and (I), respectively.
(D) By inserting after subparagraph (D) the
following new subparagraph:
''(E) Guarantee fee.--With respect to a refinancing
loan under this paragraph, the Secretary may collect
from the lender at the time of issuance of the
guarantee a fee equal to 0.5 percent of the principal
obligation of the loan.''.
(2) Refinancing other types of mortgages.--In subparagraph
(A)--
(A) by inserting ''(i)'' before ''under this
section''; and
(B) by inserting before the last comma the
following: '', or (ii) to acquire or construct a
single-family residence that meets the requirements of
paragraph (4)''.
(3) Loan amount.--In subparagraph (D), by striking ''and
such closing costs'' and all that follows through ''prescribe''
and inserting the following: ''and closing costs, which shall
include amounts paid as an origination fee, but not in excess
of 1 percent of the principal obligation of the loan, amounts
paid as a discount fee, but not in excess of 200 basis points,
any amounts required to be paid into escrow upon loan
origination, and such other closing costs as the Secretary may
prescribe''.
(4) Elimination of income restriction.--In subparagraph
(H), as so redesignated by paragraph (1)(B) of this section, by
striking ''(3),''.
(5) Loan requirements.--By inserting before subparagraph
(H), as so redesignated by paragraph (1)(B) of this section,
the following new subparagraphs:
''(F) Prohibited loan terms.--The Secretary may not
require, for a refinancing loan to be eligible for a
guarantee under this paragraph--
''(i) that an appraisal credit report or
underwriting be conducted in connection with
the loan; or
''(ii) in the case of a loan described in
clause (i) of subparagraph (A), that the
residence in connection with which the loan is
made be located in a rural area.
''(G) Required loan terms.--The Secretary shall
require, for a refinancing loan to be eligible for a
guarantee under this paragraph, that--
''(i) the borrower is not delinquent with
respect to payment of the existing loan being
refinanced; and
''(ii) the monthly payments required by the
borrower under the refinancing loan be at least
$50 less than the monthly payments so required
under the existing loan being refinanced.''.

SEC. 4. RECORDING OF LOANS.

Section 501 of the Housing Act of 1949 (42 U.S.C. 1471) is amended
by adding at the end the following new subsection:
''(k) Recording Requirements.--The Secretary shall provide that
each loan made, insured, or guaranteed under this title shall be
recorded, in accordance with any applicable State and local laws
requiring recordation of loans, as a loan made, insured, or guaranteed
(as appropriate) by the Department of Agriculture, and not as a
conventional loan.''.

SEC. 5. RURAL AREA DEFINITION.

Clause (3) of the first sentence of section 520 of the Housing Act
of 1949 (42 U.S.C. 1490) is amended by striking ''and (A)'' and all
that follows through ''moderate-income families,''.

SEC. 6. INCOME LIMITATION FOR DIRECT LOANS.

The first sentence of paragraph (4) of section 501(b) of the
Housing Act of 1949 (42 U.S.C. 1471(b)(4)) is amended by inserting
before the period at the end the following: '', except that in
determining such respective levels for purposes of direct loans made
under section 502, section 3(b)(2) of such Act (42 U.S.C. 1437a(b)(2))
shall be applied by substituting '150 percent' for '80 per centum' each
place such term appears and by substituting '93.75 percent' for '50 per
centum' each place such term appears''.
Output:
Rural Housing Opportunity and Enhancement Act of 2005 - Amends the Doug Bereuter Section 502 Single Family Housing Loan Guarantee Act of the Housing Act of 1949 with respect to the single family rural housing loan guarantee program to: (1) eliminate low and moderate income eligibility requirements; (2) reduce maximum guarantee fees paid by lenders; and (3) require any regulation limiting borrower eligibility based upon the borrower's debt-income ratio to provide for a higher income-to-debt ratio for newly-constructed property loans.

Revises refinancing loan guarantee provisions to: (1) authorize a specified lender guarantee fee; (2) permit a guarantee to acquire or construct an eligible single-family residence; (3) amend closing cost provisions; (4) eliminate income requirements; (5) prohibit that an appraisal credit report be required in connection with the loan, or that the residence be in a rural area for an existing loan; and (6) require that the borrower is not delinquent with respect to existing loan payments, and that monthly refinance payments be at least $50 less than existing monthly payments.

Requires agricultural housing loans to be recorded as Department of Agriculture, rather than conventional, loans.

Revises the definition of "rural area."

Increases direct loan income limitations.