764.152—Eligibility requirements.
The applicant:
(b)
And anyone who will sign the promissory note, must not have received debt forgiveness from the Agency on any direct or guaranteed loan;
(c)
Must be the owner-operator of the farm financed with Agency funds after the loan is closed. In the case of an entity:
(1)
The entity is controlled by farmers engaged primarily and directly in farming in the United States, after the loan is made;
(2)
The entity must be authorized to own and operate the farm in the State in which the farm is located;
(ii)
Not related by blood or marriage, the entity members holding a majority interest must own and operate the farm.
(d)
And in the case of an entity, one or more members constituting a majority interest, must have participated in the business operations of a farm for at least 3 years out of the 10 years prior to the date the application is submitted.
(e)
And anyone who will sign the promissory note, must satisfy at least one of the following conditions:
(2)
Have not had a direct FO loan outstanding for more than a total of 10 years prior to the date the new FO loan is closed;