Rico, the U.S. Virgin Islands, Guam, American Samoa, the Commonwealth of Northern Mariana's, and the Trust Territories of the Pacific Islands. Loans are made at the interest rate(s) specified in RD Instruction 440.1, Exhibit B (available in any Rural Development local office) for the type of assistance involved, and are repaid over an amortization period of up to 33 years for regular loans and 38 years for loans to applicants whose adjusted annual income do not exceed 60 percent of the area median income, if necessary to show repayment ability. Payment assistance is granted annually which would reduce the monthly installment on the note to an amount equal to what it would be if the note were amortized to as low as one percent, depending on the loan amount, the size and income of the family. Payment assistance is subject to recapture by the government when the customer no longer resides in the dwelling. The Deferred Mortgage Demonstration Program was available during fiscal years 1991- 1995 however, there has not been funding provided for deferred mortgage authority or loans for deferred mortgage assumptions in four fiscal years. Deferred mortgage payment assistance is available to make home ownership affordable for a greater number of very low- income families who lack repayment for the mortgage when amortized at 1 percent for a 38 year period, or 30 years for a manufactured home. The guaranteed program is an acquisition only program. Guaranteed loans are
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