Real property financed by loans insured by the Fund shall: Have clear and merchantable title acceptable to the Fund; Conform to all applicable federal, State, and local building, zoning, environmental, health, and housing codes; Be insured with hazard insurance issued by a company that is approved by the State Insurance Commissioner and, when applicable, flood insurance; Have an appraised value that is satisfactory to the Fund; Be secured by a lien against the mortgaged property or other collateral acceptable to the Fund; and Meet any other standards of the Fund. Personal property financed by loans insured by the Fund shall: Have clear and merchantable title acceptable to the Fund; Have an appraised value that is satisfactory to the Fund; Be secured by a lien against real property, personal property or other collateral acceptable to the Fund; and Meet any other standards of the Fund. Loan to business project for credit, operating costs and administrative costs insured by the Fund shall: Be secured by a lien against real property, personal property or other collateral acceptable to the Fund; and Meet any other standards of the Fund.