### Question
How does SAVINGS ASSOCIATIONS define approved percentage?


### Answer
Under *12 U.S.C. § 1715r*, **approved percentage** is defined as:

> the percentage figure which, under applicable provisions of this chapter, the Secretary is authorized to apply to his estimate of value, cost, or replacement costs, as the case may be, of the property or project in determining the maximum insurable mortgage amount

#### Citation:
  - *12 U.S.C. § 1715r*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS > SUBCHAPTER II-MORTGAGE INSURANCE**

