default that are secured by an eligible employee and guaranteed by the employer, (v) contributions to Individual Development Accounts (within the meaning of section 404(h) of the Social Security Act) which are designated exclusively for the purchase of a home, and (vi) contributions to homebuyer education and homeownership counseling of eligible employees. (3) Principal residence The term principal residence has the same meaning as when used in section 121, except such term shall not include a residence with a purchase price exceeding the greater of— (A) 90 percent of the average area purchase price applicable to the residence, or (B) 3.5 times the family income limit applicable to the eligible employee under paragraph (1)(A)(ii). (4) Qualified homebuyer (A) In general The term qualified homebuyer means any individual if such individual (and if married, such individual’s spouse) had no present ownership in a principal residence during the 3-year period ending on the date of the purchase of the principal residence to which this section applies. (B) One time only If an individual is treated as a qualified homebuyer with respect to any principal residence, such individual may not be treated as a qualified homebuyer with respect to any other principal residence. (5) Applicable rules Rules similar to the rules under section 127(c)(5)(A) shall apply for the purposes of this section. (d) Treatment of employers not able To use entire credit (1) Allowance of credit Except as otherwise provided in this subsection, any credit allowable under subsection (a) to any employer described in paragraph (2)(C) may be transferred as provided in this subsection and the determination as to whether the credit is allowable shall be made without regard to the tax-exempt status of the employer. (2) Transfer of credit (A) In general An employer described in subparagraph (C) may transfer any credit to which paragraph (1) applies through an assignment to any other person. Such transfer may be revoked only with the consent of the Secretary.