§764.204. Rates and terms.
7 C.F.R. § 764.204
Rates. The interest rate for Down payment loans will be the regular direct FO rate minus 4 percent, but in no case less than 1.5 percent.
Terms.
The Agency schedules repayment of Down payment loans in equal, annual installments over a term not to exceed 20 years.
The non-Agency financing must have an amortization period of at least 30 years and cannot have a balloon payment due within the first 20 years of the loan.
Notes, amendments, and revision history
Amendments
[72 FR 63298, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008; 86 FR 43392, Aug. 9, 2021]
Authority
Authority: 5 U.S.C. 301 and 7 U.S.C. 1989.
Source
Source: 72 FR 63298, Nov. 8, 2007, unless otherwise noted.
Amendments
[72 FR 63298, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008; 86 FR 43392, Aug. 9, 2021]