Subject to the provisions of § 38.2-1437, a domestic insurer may invest in:
1. Obligations secured by first mortgages or first deeds of trust on improved unencumbered real property located in the United States;
2. Obligations secured by first mortgages or first deeds of trust upon leasehold estates on improved and otherwise unencumbered real property where: a. The leasehold interest lasts for a term of not less than ten years beyond the maturity of the loan as made or as extended; and b. The mortgagee is subrogated to all the rights of the lessee on foreclosure or on taking a deed in lieu of foreclosure; or
3. Obligations secured by first mortgages or first deeds of trust on unimproved and unencumbered real property in the United States for the purpose of financing the construction of a building or other improvements on the real property subject to the mortgage or deed of trust, if: a. These obligations mature not more than sixty months from the effective date of the mortgage or deed of trust and are the unlimited and unconditional liability of the obligor; b. The obligor provides the insurer with a completion bond for the building or improvements at the time of making the loan; and c. The insurer at or prior to the making of the loan (i) enters into an agreement with another party to provide permanent financing or (ii) agrees to provide permanent financing upon completion of the building or other improvement.