First-Generation Homebuyer Mortgage

First-Generation Homebuyer Mortgage

A First-Generation Homebuyer Mortgage is one in which each Borrower meets the following requirements: Is purchasing the Mortgaged Premises, Will reside in the Mortgaged Premises as a Primary Residence, and Has had no ownership interest (sole or joint) in another property during the last three years preceding the Note Date One of the following must also apply: 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, The Borrower has aged out of foster care, or The Borrower has become emancipated