24 C.F.R. § 242.6

Current through November 30, 2024

Section 242.6 - Property requirements

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.

24 C.F.R. §242.6