USDA HB-1-3555 ch07 bootstrap

usda-hb-3555-ch07

Bootstrap for USDA HB-1-3555 ch07 register.

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source:
  type: regulation
  id: usda-hb-3555-ch07
  authority: USDA HB-1-3555 ch07 bootstrap
  description: Bootstrap for USDA HB-1-3555 ch07 register.
obligations:
  - id: usda-hb-3555-ch07-30-year-fully-amortizing
    canonical_id: usda-hb-3555-ch07-30-year-fully-amortizing
    section: USDA HB-1-3555 Ch. 7.3.A — Repayment Period
    description: |
      The loan term must be 30 years and the loan must fully
      amortize in that period. The promissory note must show regular
      monthly payments generally payable on the first day of the
      month.
    type: do
    audit_question: For every USDA SFHGLP-guaranteed loan, can [LENDER] evidence that the loan term is 30 years, that the loan fully amortizes within that period, and that the promissory note shows regular monthly payments generally payable on the first day of the month?
    program_review: Does the program ensure every SFHGLP loan is a 30-year term that fully amortizes, with a note showing regular monthly payments generally due the first of the month?
    file_review: Pull a sample; confirm 30-year fully-amortizing term and the note's monthly-payment structure.
    judgment: false
    feeds: []
    workflow_phase: underwriting
    owner_role: underwriter
    secondary_owner_role: loan_officer
    cadence: per_loan
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - usda
      - hb-1-3555
      - ch07
      - loan-term
      - amortization
      - promoted
    primary_source:
      tier: 1
      authority: USDA HB-1-3555 Chapter 7.3.A — Repayment Period
      source_class: usda-handbook-hb-1-3555
      source_url: https://www.rd.usda.gov/sites/default/files/3555-1chapter07.pdf
      snapshot_id: 065da979ab83ff64
      fetched_at: '2026-05-23T01:50:00Z'
      content_hash: sha256:4dc41b41a8e12ef2aa00fd1db2a5aece79fc520c03ca7910859db445412e2647
      paragraph_quote: The loan term must be 30 years and the loan must fully amortize in that period. The
      drafter_attestation: Copied verbatim from USDA HB-1-3555 snapshot 065da979ab83ff64 (Ch 07) at 2026-05-23. Source PDF retrieved via Wayback Machine.
    promoted_at: '2026-05-23T13:45:38+00:00'
    promoted_from: usda-hb-3555-ch07-roundb-v1.yaml
  - id: usda-hb-3555-ch07-prohibited-loan-terms
    canonical_id: usda-hb-3555-ch07-prohibited-loan-terms
    section: USDA HB-1-3555 Ch. 7.3.C — Terms Unacceptable for a Guarantee
    description: |
      The following loan terms are unacceptable for the SFHGLP
      guarantee and must not be used by [LENDER]: adjustable rate
      mortgages (ARMs); balloon mortgages; mortgages for other than
      30 years; interest on interest or negative amortization (or
      any non-fully amortizing loan); and prepayment penalties.
    type: dont
    audit_question: 'For every USDA SFHGLP-guaranteed loan, can [LENDER] evidence that the loan does not contain any of the following terms: adjustable rate (ARM), balloon, term other than 30 years, negative amortization / non-fully-amortizing structure, or prepayment penalty?'
    program_review: Does the program block the prohibited terms (ARM, balloon, non-30-year, negative amortization / non-fully-amortizing, prepayment penalty) from any SFHGLP-guaranteed loan?
    file_review: Pull a sample; confirm none of the prohibited terms is present.
    judgment: false
    feeds: []
    workflow_phase: underwriting
    owner_role: underwriter
    secondary_owner_role: loan_officer
    cadence: per_loan
    consequence: Loan ineligible for SFHGLP guarantee.
    tags:
      - round-b
      - regulator-direct
      - usda
      - hb-1-3555
      - ch07
      - prohibited-features
      - promoted
    primary_source:
      tier: 1
      authority: USDA HB-1-3555 Chapter 7.3.C — Terms Unacceptable for a Guarantee
      source_class: usda-handbook-hb-1-3555
      source_url: https://www.rd.usda.gov/sites/default/files/3555-1chapter07.pdf
      snapshot_id: 065da979ab83ff64
      fetched_at: '2026-05-23T01:50:00Z'
      content_hash: sha256:4dc41b41a8e12ef2aa00fd1db2a5aece79fc520c03ca7910859db445412e2647
      paragraph_quote: The following terms are unacceptable for the guaranteed loan.
      drafter_attestation: Copied verbatim from USDA HB-1-3555 snapshot 065da979ab83ff64 (Ch 07) at 2026-05-23. Source PDF retrieved via Wayback Machine.
    promoted_at: '2026-05-23T13:45:38+00:00'
    promoted_from: usda-hb-3555-ch07-roundb-v1.yaml
  - id: usda-hb-3555-ch07-fixed-rate-required
    canonical_id: usda-hb-3555-ch07-fixed-rate-required
    section: USDA HB-1-3555 Ch. 7.3.B — Interest Rate
    description: |
      [LENDER] and the borrower are free to negotiate any mutually
      acceptable fixed interest rate. The interest rate should be
      locked by the time of loan settlement.
    type: do
    audit_question: For every USDA SFHGLP-guaranteed loan, can [LENDER] evidence that a fixed interest rate was agreed between [LENDER] and the borrower, and that the rate was locked by the time of loan settlement?
    program_review: Does the program ensure a fixed interest rate is agreed and locked by the time of loan settlement?
    file_review: Pull a sample; confirm a fixed rate and a lock in place by settlement.
    judgment: false
    feeds: []
    workflow_phase: underwriting
    owner_role: underwriter
    secondary_owner_role: loan_officer
    cadence: per_loan
    consequence: ''
    tags:
      - round-b
      - regulator-direct
      - usda
      - hb-1-3555
      - ch07
      - fixed-rate
      - lock
      - promoted
    primary_source:
      tier: 1
      authority: USDA HB-1-3555 Chapter 7.3.B — Interest Rate
      source_class: usda-handbook-hb-1-3555
      source_url: https://www.rd.usda.gov/sites/default/files/3555-1chapter07.pdf
      snapshot_id: 065da979ab83ff64
      fetched_at: '2026-05-23T01:50:00Z'
      content_hash: sha256:4dc41b41a8e12ef2aa00fd1db2a5aece79fc520c03ca7910859db445412e2647
      paragraph_quote: The lender and the borrower are free to negotiate any mutually acceptable fixed
      drafter_attestation: Copied verbatim from USDA HB-1-3555 snapshot 065da979ab83ff64 (Ch 07) at 2026-05-23. Source PDF retrieved via Wayback Machine.
    promoted_at: '2026-05-23T13:45:38+00:00'
    promoted_from: usda-hb-3555-ch07-roundb-v1.yaml
_promotion_history:
  - promoted_at: '2026-05-23T13:45:38+00:00'
    candidate_path: obligations\_remediation\_round_b_drafts\usda-hb-3555-ch07-roundb-v1.yaml
    candidates_promoted: 3
    candidates_skipped_existing: 0

Verbatim regulatory text (3)

Verbatim provisions from USDA HB-1-3555 ch07 bootstrap — each quote is a verified substring of the regulator-published source snapshot, not retyped. Quoted for reference; this is not legal advice. The operational layer (P&P updates, prompts) lives in the regulation update kits.

USDA HB-1-3555 Ch. 7.3.A — Repayment Period

The loan term must be 30 years and the loan must fully amortize in that period. The

Source: USDA HB-1-3555 Chapter 7.3.A — Repayment Period · source URL · snapshot 065da979ab83ff64

USDA HB-1-3555 Ch. 7.3.C — Terms Unacceptable for a Guarantee

The following terms are unacceptable for the guaranteed loan.

Source: USDA HB-1-3555 Chapter 7.3.C — Terms Unacceptable for a Guarantee · source URL · snapshot 065da979ab83ff64

USDA HB-1-3555 Ch. 7.3.B — Interest Rate

The lender and the borrower are free to negotiate any mutually acceptable fixed

Source: USDA HB-1-3555 Chapter 7.3.B — Interest Rate · source URL · snapshot 065da979ab83ff64