US Code

Public Law 119-73 (01/23/2026)

12 U.S.C. § 1707

Definitions

section 1709 of this titleAs used in —
(a)
The term “mortgage” means (A) a first mortgage on real estate, in fee simple, (B) a first mortgage on a leasehold on real estate (i) under a lease for not less than ninety-nine years which is renewable, or (ii) under a lease having a period of not less than ten years to run beyond the maturity date of the mortgage, or (C) a first mortgage given to secure the unpaid purchase price of a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project; and the term “first mortgage” means such classes of first liens as are commonly given to secure advances on, or the unpaid purchase price of, real estate, under the laws of the State, in which the real estate is located, together with the credit instruments, if any, secured thereby.
(b)
The term “mortgagee” includes the original lender under a mortgage, and his successors and assigns approved by the Secretary; and the term “mortgagor” includes the original borrower under a mortgage and his successors and assigns.
(c)
The term “maturity date” means the date on which the mortgage indebtedness would be extinguished if paid in accordance with periodic payments provided for in the mortgage.
(d)
The term “State” includes the several States, and Puerto Rico, the District of Columbia, Guam, the Commonwealth of the Northern Mariana Islands, American Samoa, and the Virgin Islands.
(e)
The term “family member” means, with respect to a mortgagor under such section, a child, parent, or grandparent of the mortgagor (or the mortgagor’s spouse). In determining whether any of the relationships referred to in the preceding sentence exist, a legally adopted son or daughter of an individual (and a child who is a member of an individual’s household, if placed with such individual by an authorized placement agency for legal adoption by such individual), and a foster child of an individual, shall be treated as a child of such individual by blood.
(f)
The term “child” means, with respect to a mortgagor under such section, a son, stepson, daughter, or stepdaughter of such mortgagor.
(g)
The term “real estate” means land and all natural resources and structures permanently affixed to the land, including residential buildings and stationary manufactured housing. The Secretary may not require, for treatment of any land or other property as real estate for purposes of this subchapter, that such land or property be treated as real estate for purposes of State taxation.

June 27, 1934, ch. 84748 Stat. 1247Feb. 3, 1938, ch. 13, § 352 Stat. 9Mar. 28, 1941, ch. 31, § 4(a)55 Stat. 61Apr. 20, 1950, ch. 9464 Stat. 59July 14, 1952, ch. 723, § 10(a)(2)66 Stat. 603Pub. L. 86–70, § 10(a)73 Stat. 142Pub. L. 86–624, § 674 Stat. 411Pub. L. 90–19, § 1(a)(3)81 Stat. 17Pub. L. 91–152, title IV, § 403(c)(1)83 Stat. 395Pub. L. 96–399, title III, § 30694 Stat. 1640Pub. L. 98–181, title I97 Stat. 1211Pub. L. 104–204, title IV, § 425(b)110 Stat. 2928Pub. L. 110–289, div. B, title I122 Stat. 2833(, title II, § 201, ; , ; , ; , title I, § 122, ; , ; , , ; , , ; , , ; , , ; , , ; [title IV, § 407(b)], , ; , , ; , §§ 2117(b), (c), 2120(c), , , 2835.)

Editorial Notes

Amendments

Pub. L. 110–289, § 2117(b)2008—Subsec. (a). , inserted “(A)” before “a first mortgage”, substituted “(B) a first mortgage on a leasehold on real estate (i)” for “or on a leasehold (1)” and “, or (ii)” for “or (2)”, and inserted “, or (C) a first mortgage given to secure the unpaid purchase price of a fee interest in, or long-term leasehold interest in, real estate consisting of a one-family unit in a multifamily project, including a project in which the dwelling units are attached, or are manufactured housing units, semi-detached, or detached, and an undivided interest in the common areas and facilities which serve the project” before semicolon.

Pub. L. 110–289, § 2120(c)Subsec. (d). , substituted “the Commonwealth of the Northern Mariana Islands” for “the Trust Territory of the Pacific Islands”.

Pub. L. 110–289, § 2117(c)Subsec. (g). , added subsec. (g).

Pub. L. 104–2041996—Subsecs. (e), (f). added subsecs. (e) and (f).

Pub. L. 98–1811983—Subsec. (d). inserted “American Samoa,” after “Pacific Islands,”.

Pub. L. 96–3991980—Subsec. (a). substituted “ten years to run beyond the maturity date of the mortgage” for “fifty years to run from the date the mortgage was executed”.

Pub. L. 91–1521969—Subsec. (d). inserted “the Trust Territory of the Pacific Islands” after “Guam”.

Pub. L. 90–191967—Subsec. (b). substituted “Secretary” for “Commissioner”.

Pub. L. 86–6241960—Subsec. (d). struck out “Hawaii,” before “Puerto Rico”.

Pub. L. 86–701959—Subsec. (d). struck out “Alaska,” before “Hawaii”.

1952—Subsec. (d). Act , inserted “Guam,” after “District of Columbia”.

1950—Act , substituted “Commissioner” for “Administrator”.

1941—Subsec. (a). Act , § 4(a)(1), struck out “district, or Territory”.

Subsec. (d). Act , § 4(a)(2), added subsec. (d).

1938—Subsec. (a)(2). Act , struck out “upon which there is located a dwelling for not more than four families which is used in whole or in part for residential purposes, irrespective of whether such dwelling has a party wall or is otherwise physically connected with another dwelling” after “executed”.

Subsec. (c). Act , added subsec. (c).

Statutory Notes and Related Subsidiaries

Improvement of Financing for Multifamily Housing

Pub. L. 102–550, title V106 Stat. 3794, subtitle C, , , which related to improvement of financing for multifamily housing and was formerly set out as a note under this section, was transferred or omitted as follows:

Section 541 of Pub. L. 102–550section 1701 of this title was transferred and is set out as a note under ;

Section 542 of Pub. L. 102–550section 1715z–22 of this title was transferred to ;

Section 543 of Pub. L. 102–550Pub. L. 111–203, title III, § 371124 Stat. 1565, as amended by , , , was omitted from the Code;

Section 544 of Pub. L. 102–550section 1715z–22a of this title was transferred to .