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Code of Federal Regulations Title 7. Agriculture § 7.764.203 Limitations

Current as of October 02, 2022 | Updated by FindLaw Staff

(a) The applicant must:

(1) Comply with the general limitations established at § 764.102;  and

(2) Provide a minimum downpayment of 5 percent of the purchase price of the farm.

(b) Downpayment loans will not exceed 45 percent of the lesser of:

(1) The purchase price,

(2) The appraised value of the farm to be acquired, or

(3) $667,000;  subject to the direct FO dollar limit specified in 7 CFR 761.8(a)(1)(i).

(c) Downpayment loans made as an ML for FO purposes may not exceed $50,000.

(d) Financing provided by the Agency and all other creditors must not exceed 95 percent of the purchase price. Financing provided by eligible lenders may be guaranteed by the Agency under part 762 of this chapter.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.764.203 Limitations - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-764-203/

Read this complete Code of Federal Regulations Title 7. Agriculture § 7.764.203 Limitations on Westlaw

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.

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