Borrower application requirements.

CFR · 2024-01-01 · US · Title 7

(a) Except as provided in paragraph (e) of this section, an application for primary loan servicing, conservation contract, current market value buyout, homestead protection, or some combination of these options, must include the following to be considered complete: (1) Completed acknowledgment form provided with the Agency notification and signed by all borrowers; (2) Completed Agency application form; (3) Financial records for the 3 most recent years, including income tax returns; (4) The farming operation's production records for the 3 most recent years or the years the borrower has been farming, whichever is less; (5) Documentation of compliance with the Agency's environmental regulations contained in subpart G of 7 CFR part 1940; (6) Verification of all non-farm income; (7) A current financial statement and the operation's farm operating plan, including the projected cash flow budget reflecting production, income, expenses, and debt repayment plan. In the case of an entity, the entity and all entity members must provide current financial statements; and (8) Verification of all debts and collateral. (b) In addition to the requirements contained in paragraph (a) of this section, the borrower must submit an aerial photo delineating any land to be considered for a conservation contract. (c) To be considered for debt settlement, the borrower must provide the appropriate Agency form, and any additional information required under part 761, subpart F of this chapter. (d) If a bor

official document · source cfr-2024 · id 7:§ 766.102