1980.314—Loans on leasehold interests.
A loan may be guaranteed if made on a leasehold owned or being acquired by the applicant when the Lender determines that long-term leasing of homesites is a well established practice and such leaseholds are freely marketable in the area provided the Lender determines and certifies to RHS that:
(b) Unexpired term.
The lease has an unexpired term (term plus option to renew) of at least 40 years from the date of approval.