Down payment loan program

Notwithstanding any other section of this subchapter, the Secretary shall establish, within the farm ownership loan program established under this subchapter, a program under which loans shall be made under this section to eligible farmers or ranchers for down payments on farm ownership loans. The Secretary shall be the primary coordinator of credit supervision for the down payment loan program established under this section, in consultation with the commercial or cooperative lender and, if applicable, the contracting credit counseling service selected under section 2006b(c) of this title. Each loan made under this section shall be in an amount that does not exceed 45 percent of the least of— The interest rate on any loan made by the Secretary under this section shall be a rate equal to the greater of— Each loan under this section shall be made for a period of 20 years or less, at the option of the borrower. Each borrower of a loan under this section shall repay the loan to the Secretary in equal annual installments. The Secretary shall retain an interest in each farm or ranch acquired with a loan made under this section that shall— The Secretary shall not make a loan under this section to any borrower with respect to a farm or ranch if the contribution of the borrower to the down payment on the farm or ranch will be less than 5 percent of the purchase price of the farm or ranch. The Secretary shall not make a loan under this section with respect to a farm or ranch if the farm or ranch is to be acquired with other financing that contains any of the following conditions: In carrying out this section, the Secretary shall, to the maximum extent practicable— make efforts to widely publicize the availability of loans under this section among— coordinate the loan program established by this section with State programs that provide farm ownership or operating loans for— In this section, the term “eligible farmer or rancher” means—