§ 242.6. Property requirements.
75 words·~1 min read·
/us/cfr/t24/s§ 242.6·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The mortgage, to be eligible for insurance, shall be on property located in a state, as defined in § 242.1. The mortgage shall cover real estate in which the mortgagor has one of the following interests:
(a)A fee simple title;
(b)A lease for not less than 99 years that is renewable; or
(c)A lease having a term of not less than 50 years to run from the date the mortgage is executed.