Section 346-1-6 - Prior OwnershipA.Three Year Period. Unless otherwise permitted by MaineHousing in accordance with § 143 of the Internal Revenue Code, a Mortgagor may not have had a present ownership interest in a principal residence, other than the residence financed by the Mortgage Loan, at any time during the three-year period prior to closing of the Mortgage Loan.B.Included Interests. The following are present ownership interests: a fee simple interest, joint tenancy, tenancy-in-common, tenancy by the entirety, the interest of a tenant-shareholder in a cooperative, a life estate, a bond-for-deed or installment sale contract, and an interest held in trust for an Applicant that would constitute a present ownership interest if held directly by the Applicant.C.Excluded Interests. The following are not present ownership interests: a remainder interest, a lease with or without an option to purchase, a mere expectancy of inheriting an interest in a principal residence, and an interest in a purchase and sale contract.99- 346 C.M.R. ch. 1, § 6