United States Department of Agriculture
PN 652: Changes to RD Instruction 440.1, HB-1-3550 and Form 402-1
December 15, 2025
Summary
This Procedure Notice updates USDA RD Instruction 440.1 and Handbook 1-3550 to reflect new Treasury Judgment interest rates and Above Moderate Single Family Housing non-program rates effective December 1, 2025. Additionally, it provides a revised RD Form 402-1 and associated instructions to resolve operational issues for banks managing Intermediary Relending, Rural Microentrepreneur, and Meat and Poultry programs.
PROCEDURE NOTICE
RD MANUAL CHANGES
INSERT RD INS 440.1 (WSAL): INTEREST RATES, AMORTIZATION, GUARANTEE FEE, ANNUAL CHARGE, AND FIXED PERIOD. This Instruction is partially revised as follows:
Exhibit B: To update the Treasury Judgement rate and the effective date of December 1, 2025; and
| REMOVE | INSERT |
|---|---|
| Exhibit B dated 11-25-25 | Exhibit B revised 12-15-25. |
RD HANDBOOK CHANGES
INSERT RD HB-1-3550 (WSAL): DIRECT SINGLE FAMILY HOUSING LOANS AND GRANTS - FIELD OFFICE HANDBOOK. This Handbook is partially revised. The specific revisions are outlined below.
Appendix 4: Appendix 4 is revised to include the December 1, 2025, interest rate for the Above Moderate Single Family Housing non-program loans.
INSERT Appendix 4 dated 01-23-03: Pages 5 & 6 revised 12-15-25.
FORM
REPLACEMENT
RD 402-1 (WSAL): DEPOSIT AGREEMENT RURAL REVOLVING FUND dated 12-25. Prescribed in RD Instruction 1902-A, FSA Transferred Instruction 1941-A and FSA Handbook 3-FLP. The Form and FMI are revised to eliminate the issues with the Banks working the Intermediary Relending Program (IRP), Rural Microentrepreneur Assistance Program (RMAP) and the Meat and Poultry Intermediary Lending Programs (MPILP. The Form and FMI can be located on the eForms website eForms Home (usda.gov).
| REMOVE | INSERT |
|---|---|
| FMI dated 03-24-23. | FMI revised 12-15-25. |
oOo
READ PROCEDURE - DISCUSS IN STAFF CONFERENCE - KEEP PROCEDURE MANUAL UP TO DATE
Source: https://www.rd.usda.gov/media/file/download/pn652.pdf
Common questions
- What does "PN 652: Changes to RD Instruction 440.1, HB-1-3550 and Form 402-1" cover?
- This Procedure Notice updates USDA RD Instruction 440.1 and Handbook 1-3550 to reflect new Treasury Judgment interest rates and Above Moderate Single…
- Which agency issued this update?
- This update was issued by United States Department of Agriculture.
- When was it published?
- It was published on December 15, 2025.