§ 1715z–12.
(a)
One- to four-family residence; eligibility
The Secretary, subject to such conditions as the Secretary may prescribe, may insure under any provision of this subchapter that authorizes such insurance, a mortgage covering a property upon which there is located a one- to four-family residence, without regard to any limitation in this chapter relating to marketability of title or any other limitation in this chapter that the Secretary determines is contrary to promoting the availability of such insurance on Hawaiian home lands, if—
(1)
the mortgage is executed by a native Hawaiian on property located within Hawaiian home lands covered under a homestead lease issued under section 207(a) of the Hawaiian Homes Commission Act, 1920, or under the corresponding provision of the Constitution of the State of Hawaii adopted under section 4 of the Act entitled “An Act to provide for the admission of the State of Hawaii into the Union”, approved March 18, 1959 ([73 Stat. 5]);
(2)
the property will be used as the principal residence of the mortgagor; and
(3)
the Department of Hawaiian Home Lands of the State of Hawaii (A) is a comortgagor; (B) guarantees to reimburse the Secretary for any mortgage insurance claim paid in connection with a property on Hawaiian home lands; or (C) offers other security acceptable to the Secretary.
([June 27, 1934, ch. 847], title II, § 247, as added [Pub. L. 98–181, title I] [title IV, § 421], Nov. 30, 1983, [97 Stat. 1213]; amended [Pub. L. 100–202, § 101(f) [title I, § 101]], Dec. 22, 1987, [101 Stat. 1329–187], 1329–191; [Pub. L. 100–242, title IV], §§ 413(a), (b), 429(h), Feb. 5, 1988, [101 Stat. 1906], 1919; [Pub. L. 100–628, title X, § 1065], Nov. 7, 1988, [102 Stat. 3275]; [Pub. L. 107–73, title II, § 215], Nov. 26, 2001, [115 Stat. 677]; [Pub. L. 110–289, div. B, title I, § 2119(a)], July 30, 2008, [122 Stat. 2835].)