§ 120.551. Who is eligible for homestead protection?
117 words·~1 min read·
/us/cfr/t13/s§ 120.551·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
SBA must notify the Borrower in possession of the availability of these homestead protection rights within 30 days after SBA acquires the property. A farmer-Borrower must:
(a)Apply for the homestead occupancy to the SBA field office which serviced the loan within 90 days after SBA acquires the property;
(b)Provide evidence that the farm produces farm income reasonable for the area and economic conditions;
(c)Show that at least 60 percent of the Borrower and spouse's gross annual income came from farm or ranch operations in at least any two out of the last six calendar years;
(d)Have resided on the property during the previous six years; and
(e)Be personally liable for the debt.