first-generation homebuyer loan

A first-generation homebuyer loan is one in which each borrower meets the following requirements: (1) is purchasing the subject property; (2) will reside in the subject property as a principal residence; (3) has had no ownership interest (sole or joint) in another property during the last three years preceding the note date of the loan; and (4) one of the following must also apply: (a) no parent of the borrower has had an ownership interest (sole or joint) in a property in the last three years preceding the note date of the loan; (b) the borrower has aged out of foster care, or (c) the borrower has become emancipated.