---
kind: "section"
citation: "7 C.F.R. § 764.204"
title: "7"
number: "764.204"
heading: "Rates and terms."
url: "https://uscodex.org/cfr/7/764.204"
---

# §764.204. Rates and terms.

- (a) **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.
- (b) **Terms.**
  - (1) The Agency schedules repayment of Down payment loans in equal, annual installments over a term not to exceed 20 years.
  - (2) 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

[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]