7 CFR § 764.204 - Rates and terms.

---
identifier: "/us/cfr/t7/s764.204"
source: "ecfr"
legal_status: "authoritative_unofficial"
title: "7 CFR § 764.204 - Rates and terms."
title_number: 7
title_name: "Agriculture"
section_number: "764.204"
section_name: "Rates and terms."
chapter_name: "FARM SERVICE AGENCY, DEPARTMENT OF AGRICULTURE"
subchapter_number: "D"
subchapter_name: "SPECIAL PROGRAMS"
part_number: "764"
part_name: "DIRECT LOAN MAKING"
positive_law: false
currency: "2026-04-05"
last_updated: "2026-04-05"
format_version: "1.1.0"
generator: "[email protected]"
authority: "5 U.S.C. 301 and 7 U.S.C. 1989."
regulatory_source: "72 FR 63298, Nov. 8, 2007, unless otherwise noted."
cfr_part: "764"
---


# 764.204 Rates and terms.

(a) *Rates.* The interest rate for Down payment loans will be the regular direct FO rate minus 4 percent, but in no case less than 1.5 percent.

(b) *Terms.* (1) The Agency schedules repayment of Down payment loans in equal, annual installments over a term not to exceed 20 years.

(2) The non-Agency financing must have an amortization period of at least 30 years and cannot have a balloon payment due within the first 20 years of the loan.

[72 FR 63298, Nov. 8, 2007, as amended at 73 FR 74345, Dec. 8, 2008; 86 FR 43392, Aug. 9, 2021]