[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1822.268]

[Page 1175]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVIII--RURAL HOUSING SERVICE, RURAL BUSINESS-COOPERATIVE 
SERVICE, RURAL UTILITIES SERVICE, AND FARM SERVICE AGENCY, DEPARTMENT OF 
                               AGRICULTURE
 
PART 1822--RURAL HOUSING LOANS AND GRANTS--Table of Contents
 
      Subpart G--Rural Housing Site Loan Policies, Procedures, and 
                             Authorizations
 
Sec. 1822.268  Rates, terms, and source of funds.

    (a) Interest rate. Upon request of the applicant, the interest rate 
charged by FmHA or its successor agency under Public Law 103-354 will be 
the lower of the interest rates in effect at the time of loan approval 
or loan closing. If an applicant does not indicate a choice, the loan 
will be closed at the interest rate in effect at the time of loan 
approval. Interest rates are specified in exhibit B of FmHA or its 
successor agency under Public Law 103-354 Instruction 440.1 (available 
in any FmHA or its successor agency under Public Law 103-354 office) for 
the type assistance involved.
    (b) Repayment period. Final payment will be due 2 years after the 
date of the loan. When necessary to carry out the loan purposes, the 
national office may authorize extension of maturity dates. As lots are 
sold before the final due date of the note, the proceeds of the sales 
will be applied on the account or any prior lien, or, with the prior 
approval of the national office, used in a manner consistent with the 
purposes of the loan and the security interest of the Government.
    (c) Source of funds. Loans under this subpart will be made as 
insured loans, except that loans under Sec. 1822.278 to develop building 
sites for sale in connection with self-help projects will be made as 
direct loans.

[35 FR 10687, July 1, 1970, as amended at 51 FR 6733, Feb. 26, 1986]