§ 232.904. Term of the mortgage.
73 words·~1 min read·
/us/cfr/t24/s§ 232.904·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding the provisions of § 232.27, a mortgage insured under this subpart must have a maturity satisfactory to the Commissioner which is not less than 10 years, nor more than the lesser of 35 years or 75 percent of the estimated remaining economic life of the physical improvements. The term of the mortgage will begin on the first day of the second month following the date of endorsement of the mortgage for insurance.