Rates and terms
Primary source
Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
(a) Rates. The interest rate:
(1) Will be the Agency's Direct Farm Ownership rate, available in each Agency office.
(2) Charged will be the lower rate in effect either at the time of loan approval or loan closing.
(b) Terms. The following terms apply to CLs:
(1) The Agency schedules repayment of a CL based on the useful life of the security.
(2) The maximum term for loans secured by personal property only will not exceed 7 years from the date of the note.
(3) In no event will the term of the loan exceed 20 years from the date of the note.
[75 FR 54015, Sept. 3, 2010, as amended at 91 FR 56755, Sept. 4, 2026]
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.