any mortgage on a 1- to 4-family residential property with respect to which the seller of the property subject to such mortgage (or any third party or entity that is reimbursed directly or indirectly by the seller) contributes toward the acquisition of the property by the mortgagor any amount in excess of 3 percent of the lesser of the sale price of the property or the appraised value of the property as of the time of such sale. (b) Rural housing Section 501 of the Housing Act of 1949 ( 42 U.S.C. 1471 ), as amended by the preceding provisions of this title, is further amended by adding at the end the following new subsection: (n) Limitation on seller concessions The Secretary may not newly make, insure, or guarantee, under any provision of this title, any loan for a 1- to 4-family residential property with respect to which the seller of the property for which the loan is made (or any third party or entity that is reimbursed directly or indirectly by the seller) contributes toward the acquisition of the property by the borrower any amount in excess of 3 percent of the lesser of the sale price of the property or the appraised value of the property as of the time of such sale. . 224. Lender repurchase requirement (a) Requirement The FHA may not newly insure, under any provision of this title, the National Housing Act, or any FHA program, any mortgage on a 1- to 4-family residential property unless the mortgagee under such mortgage enters into such binding agreements as the FHA considers necessary to ensure that, if the mortgagor is in default with respect to the mortgagor’s obligation to make payments under the mortgage for 60 or more consecutive days during the 6-month period beginning upon origination of the mortgage, the mortgagee will, except as provided pursuant to subsection (b) and upon notice by the FHA, repurchase such mortgage in an amount equal to the remaining principal obligation under the mortgage, as determined in accordance with guidelines issued by the FHA. (b) Exception The FHA shall provide, by