24 CFR 242.6 - Property requirements.

Regulations last checked for updates: Nov 22, 2024

Title 24 - Housing and Urban Development last revised: Nov 13, 2024

View all text of Subpart A [§ 242.1 - § 242.15]

§ 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.

authority: 12 U.S.C. 1709,1710,1715b,1715n,and; 42 U.S.C. 3535(d)

source: 72 FR 67546, Nov. 28, 2007, unless otherwise noted.

cite as: 24 CFR 242.6