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7 U.S. Code § 1936

Beginning farmer or rancher and socially disadvantaged farmer or rancher contract land sales program

7 U.S. Code § 1936. Beginning farmer or rancher and socially disadvantaged farmer or rancher contract land sales program

(a) In general
The Secretary shall, in accordance with this section, guarantee a loan made by a private seller of a farm or ranch to a qualified beginning farmer or rancher or socially disadvantaged farmer or rancher (as defined in section 2003(e)(2) of this title) on a contract land sales basis.
(b) EligibilityIn order to be eligible for a loan guarantee under subsection (a)—
(1) the qualified beginning farmer or rancher or socially disadvantaged farmer or rancher shall—
(A)
on the date the contract land sale that is subject of the loan is complete, own and operate the farm or ranch that is the subject of the contract land sale;
(B) have a credit history that—
(i)
includes a record of satisfactory debt repayment, as determined by the Secretary; and
(ii)
is acceptable to the Secretary; and
(C)
demonstrate to the Secretary that the farmer or rancher, as the case may be, is unable to obtain sufficient credit without a guarantee to finance any actual need of the farmer or rancher, as the case may be, at a reasonable rate or term; and
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