Transfer of security to and assumption of debt by ineligible applicants.

CFR · 2024-01-01 · US · Title 7

(a) (2) The Agency will reclassify the assumed loan as a Non-program loan. (b) (1) Provide written documentation verifying their credit worthiness and debt repayment ability; (2) Not have received debt forgiveness from the Agency; (3) Not be ineligible for loans as a result of a conviction for controlled substances according to 7 CFR part 718; and (4) Not be ineligible due to disqualification resulting from Federal crop insurance violation according to 7 CFR part 718. (c) (d) (e) (f) (2) For a Non-program loan secured by chattel property only, the Agency schedules repayment in 5 years or less, based on the applicant's repayment ability.

official document · source cfr-2024 · id 7:§ 765.404