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Tuesday January l y 1957

FEDERAL REGISTER

3

ers promissory note will be the amount 1069,1074, 1076, as amended; 7 U. S. O. 1003, debts and other debts secured by other prior liens are being paid when due.
of the loan check to be requested from 1005b, 1006c, 1018

the holder. Form FHA-971, Request Dated: December 27,1956.
e Relationship of Farm Housing for Check, will be used to request such
seal H.
C.
S m ith , loans to Farm Ownership and Soil and loan check.
Acting Administrator, 2 The County Supervisor will send to Water loans. Each eligible applicant Farmers Home Administration.
the State Director Form FHA-993, the should be encouraged to obtain the kind F.
R.
Doc.
56-10619;
Filed, Dec.
81, 1956;
new borrowers promissory note, and, of Farmers Home Administration loan 8:47 a. m.
when appropriate, Form FHA-971 modi best suited to his needs. In determining fied to fit the circumstances, with an ex which kind of loan best suits the appli planatory attachment.
cants needs, consideration will be given to the purposes for which the applicant 3 The State Director will deliver to Subchapter G Miscellaneous Regulations needs funds, the availability of loan the holder the original and two copies of funds, and the need for supervisory as the partially completed form FHA-993, FHA Instruction 444.1
sistance. Whenever possible, an appli the original of the new borrowers prom P art 383F arm H ousing L oans cants total real estate credit needs will issory note, and, when appropriate, the be met with one kind of loan. If the original of Form FHA-971 with the ex MISCELLANEOUS AMENDMENTS
needs of a Farm Ownership bor planatory attachment. Form FHA-971
Section 383.3 a 5, Title 6, Code, credit rower can be met with a Farm Housing will be attested as in the case of an initial of 1.Federal Regulations 21
F.
R.
3477, loan, such a loan may be made provided insured FO loan. The State Director will amended to make it clear th at per the loan limitations and requirements of inform the holder of the amount of the is so n s farming experience is not neces unpaid balance of principal and interest sary for a borrower who is a nonoperat Farm Ownership loans are also complied on the old borrowers promissory note as ing owner, and to read as follows:
with.
of the date of closing the insured loan for 3. Section 383.8 c Title 6, Cdde of 383.3 Qualification for Farm Hous Federal Regulations 21 F. R. 3480, is the new borrower, which will be the date of final payment shown on Form FHAing loana Applicant.
amended to make Farm Housing loans 5
Possess the character, ability, andsubject to the title clearance require 993. The State Director will request that, if such amount is in agreement with the experience necessary to carry out suc ments of the Farmers Home Administra holders records, the holder should exe cessfully the farming operations, either tion for real estate mortgage loans in cute the original and one copy of Form personally or through an agent or ten general and to read as follows;
FHA-993, and return to the appropriate ant, and satisfy the County Committee 383.8 Technical service.
County Supervisor the executed original and loan approval official th at he will Sc Title clearance and legal services and copy of Form FHA-993, together endeavor honestly to carry out the un with the canceled promissory note of the dertakings and obligations required of in connection with Farm Housing loans.
old borrower. If the lender holds the old him in connection with the Farm Hous Title clearance and legal services re quired for making and closing a Farm mortgage, the State Director also will re ing loan.
Housing loan will be in accordance with quest the holder to return to the County 2. Section 383.6, Title 6, Code of Fed Supervisor the mortgage and appropriate eral Regulations 21 F. R. 3479, is 307.1 to 307.7 of this chapter.
instrument of satisfaction or release of amended by the insertion of a new para 4. Section 383.10 b Title 6, Code of the mortgage. If the amount of the new graph providing for supervisory assist Federal Regulations 21F. R. 3480,6210, borrowers promissory note is in excess of ance for all Farm Housing borrowers. is amended by changing references to the unpaid balance of principal and in Paragraphs a, b and c are renum Forms FHA-197A and FHA-440 to Forms terest on the old borrowers promissory bered as b, c, and d, a new para FHA-141, Farm and Home Plan, and note, thé State Director will request the graph a is added and the paragraph FHA-596, Appraisal Report.
holder to send a check to the County formerly designated d is redesignated 5. Section 383.11 a Title 6, Code of Supervisor drawn to the order of the new e and revised. The revisions read as Federal Regulations 21 F. R. 3480, is borrower in the amount of the difference follows:
amended to require the preparation of as specified on Form FHA-971.
farm andhome plans for all Farm Hous 383.6 Special requirementsa Su ing loans and to read as follows:
4 On the date of loan closing, the County Supervisor will collect from the pervisory assistance. All Farm Housing Preparation of loan docket new borrower the appraisal fee and the borrowers will receive supervisory assist a 383.11
Farm and home plans. Form FHAinitial loan insurance charge and will, ance to the extent necessary to assure 14, Farm Plan, will be de transmit these collections to the Finance the success of the borrowers farming op veloped forandallHome Farm Housing loans.
Office in the usual manner. When the eration and the protection of the Gov When a Farhi Housing loan is to be made executed Form FHA-993 is received from ernments interest; except th a t super a nonoperator owner, the columns in the holder it will be sent to the Finance visoryassistance will not be extended to to tenants on borrowers farms, Farm Tables B, Crops, Pasture, Etc.Produc Office.
tion and Sales, and C, Livestock and e Final actions on old borrowers ac Housing borrowers will receive super ProductsProduction and Sales, of visory assistance in developing annual count 1 Finance Office action. Upon Form FHA-14 pertaining to the opera receipt of the executed Form FHA-993, farm and home plans for the first full to rs share will be changed to owners the Finance Office will determine if the crop year including an interim plan, if share. If an application is being con full amount owed the loan insurance ac necessary. They also will receive such sidered early in the crop year for a bor count of the old borrower has been paid, additional supervisory assistance as nec rower who has a current Form FHA-14, and, if paid, the Director, Finance Of essary to accomplish the objectives of such form will be revised to show changes fice, will sign Section II of Form FHAthe loan, including farm and home visits in the financial statement and significant 993. Finance Office records on the old and assistance in keeping records. Su changes in the plan of operations; how borrower will be satisfied as a paid-in pervisory assistance in developing farm ever, if the crop year is well advanced or and home plans may be discontinued completed, a farm and home plan will full account.
the first full crop jrear when the 2
County Office action. After theafter County Supervisor determines that such be developed for the ensuing year.
satisfaction or release and, when appro assistance is no longer needed to accom 6. Section 383.13 Title 6, Code of Fed priate, Form FHA-366 have been re plish the objectives of the loan. After eral Regulations 21 F. R. 3480, is corded, the County Supervisor will de assistance in the preparation of farm amended to include references to prop liver to the old borrower the canceled and home plans is discontinued, the erty insurance, revised loan closing in promissory note, the satisfied real estate .County Supervisor will service each loan structions, and owners title insurance mortgage, the instrument of satisfaction to the extent necessary to assure th a t policies and the effective time of loan or release of the mortgage and, when ap 1 security is being maintained prop dosing, and to read as follows:
propriate, Form FHA-366.
erly, 2 acceptable farming practices 383.13 Actions subsequent to loan Sec. 41 i, 60 Stat. 1066; 7 TJ. S. C. 1015 i. are being followed, and 3 the m aturi approval a P r o p e r t y insurance.
Interpret or apply secs. 3,. 12, 44, 60 Stat. ties on Farmers Home Administration When there are insurable buildings on