CFR > Title 7 - Agriculture > SUBTITLE B—Regulations of the Department of Agriculture > CHAPTER VII—FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE (parts 700 to 799) > SUBCHAPTER D—SPECIAL PROGRAMS (parts 750 to 786) > PART 764—DIRECT LOAN MAKING > SUBPART E—Downpayment Loan Program (§764.201 to §764.206-764.230) > 764.203—Limitations.

764.203—Limitations.

(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) $500,000.
(c) 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.

Code of Federal Regulations

[72 FR 63298, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008]