7 C.F.R. § 764.151

Farm Ownership loan uses

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FO loan funds may only be used to:

(a) Acquire or enlarge a farm or make a down payment on a farm;

(b) Make capital improvements to a farm owned by the applicant, for construction, purchase or improvement of farm dwellings, service buildings or other facilities and improvements essential to the farming operation. In the case of leased property, the applicant must have a lease to ensure use of the improvement over its useful life or to ensure that the applicant receives compensation for any remaining economic life upon termination of the lease;

(d) Pay loan closing costs;

(e) Refinance a bridge loan if the following conditions are met:

(1) The applicant obtained the loan to be refinanced to purchase a farm after a direct FO was approved;

(2) Direct FO funds were not available to fund the loan at the time of approval;

(3) The loan to be refinanced is temporary financing; and

(4) The loan was made by a commercial or cooperative lender.

Notes of Decisions

Cited in 2 cases, 2017–2017 · leading case: Parker v. United States, 131 Fed. Cl. 1 (Fed. Cl. 2017).

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Parker v. United States, 131 Fed. Cl. 1 (Fed. Cl. 2017). “7 C.F.R. § 764.151 . .The record before the court does not reflect the interest rate or the term of the ownership loan as rescheduled.”

Parker v. United States (Fed. Cl. 2017). “7 C.F.R. § 764.151 . -7- On May 24, 1989, Carl Parker rescheduled his outstanding USDA loans.”

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