Minnesota Administrative Rules
Agency 109 - Rural Finance Authority
Chapter 1651 - SELLER-SPONSORED LOAN PARTICIPATION
SELLER-SPONSORED LOAN PARTICIPATION PROGRAM
Part 1651.0031 - SELLER ELIGIBILITY

Universal Citation: MN Rules 1651.0031

Current through Register Vol. 49, No. 13, September 23, 2024

To qualify as an eligible seller under the program, a seller must meet the following criteria:

A. a seller must be in compliance with Minnesota Statutes, section 500.24, and selling a farm located within Minnesota;

B. the seller must complete a seller-assisted loan commitment form certifying that the seller will partially finance the purchase of the farm property by making a loan to the borrower;

C. the seller's loan to the borrower must be for the additional required financing necessary to complete the transaction after the down payment, if any;

D. the seller's financing made to the borrower must be subordinated to the first mortgage loan of the lender in which the RFA is a participant; and

E. the seller must disclose all of the terms and conditions of the seller-assisted sale in a written purchase agreement to be given to the lender at the time of application.

Statutory Authority: MS s 41B.07; 41C.13

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