24 C.F.R. § 1005.443 – Loan amount.

(a) Minimum required investment. The Borrower is required to make a minimum investment in the property. This investment must come from the Borrower's own funds, gifts, or Tribal, State, or local funds awarded to the Borrower. The minimum investment in the property is the difference between the sales price and the base loan amount.
(b) Calculating base loan amount.
1. (1) The base loan amount is determined by calculating:
  1. (i) 97.75 percent of the appraised value of the property or the Acquisition Cost, whichever is less; or
  2. (ii) 98.75 percent of the lesser of the appraised value or sales price when the appraised value or sales price is $50,000 or less.
2. (2) The base loan amount cannot exceed the Section 184 Guaranteed Loan limits established under § 1005.441.
(c) Maximum principal loan amount. The maximum principal loan amount is the base loan amount and the Up-Front Loan Guarantee Fee. The Section 184 Guaranteed Loan limit may only be exceeded by the amount of the Up-Front Loan Guarantee Fee.
(d) Minimum principal loan amount. A Direct Guarantee Lender may not require a minimum loan amount for a Section 184 Guaranteed Loan.