---
kind: "section"
citation: "24 C.F.R. § 242.6"
title: "24"
number: "242.6"
heading: "Property requirements."
url: "https://uscodex.org/cfr/24/242.6"
---

# §242.6. Property requirements.


The mortgage, to be eligible for insurance, shall be on property located in a state, as defined in [§ 242.1](/cfr/24/242.1.md). 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.**

## Notes

### Authority

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

### Source

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