### Question
How is the term first mortgage defined?


### Answer
The term **first mortgage** is defined in *12 U.S.C. § 1707* as the following:

> 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

#### Citation:
  - *12 U.S.C. § 1707*
  - Heading: **CHAPTER 13-NATIONAL HOUSING > SUBCHAPTER II-MORTGAGE INSURANCE**

