§ 266.400. Property requirements---real estate.
55 words·~1 min read·
/us/cfr/t24/s§ 266.400·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The mortgage must be on real estate held:
(a)In fee simple;
(b)Under a renewable lease of not less than 99 years; or
(c)Under a lease executed by a governmental agency, or other lessor approved by the HFA, that has a term at least 10 years beyond the end of the mortgage term.