§ 1980.320 - Interest rate.

Latest version.

The interest rate must not exceed the established, applicable usury rate. Loans guaranteed under this subpart must bear a fixed interest rate over the life of the loan. The rate shall be agreed upon by the borrower and the Lender and must not be more than the current Fannie Mae rate as defined in §1980.302(a) of this subpart. The Lender must document the rate and the date it was determined.

[76 FR 31220, May 31, 2011]

                    
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