; and (ii) subject to subparagraph (C) of this paragraph and notwithstanding section 502(h)(8)(A) of the Housing Act of 1949 ( 42 U.S.C. 1472(h)(8)(A) ), has a loan guarantee fee of not more than 4 percent of the principal obligation of the loan. (2) Eligible homebuyer The term eligible homebuyer means an individual who— (A) for purposes of the Program established by the Secretary of Housing and Urban Development— (i) has an annual household income that is less than or equal to— (I) 120 percent of median income for the area, as determined by the Secretary of Housing and Urban Development for— (aa) the area in which the home to be acquired using such assistance is located; or (bb) the area in which the place of residence of the homebuyer is located; or (II) if the homebuyer is acquiring an eligible home that is located in a high-cost area, 140 percent of the median income, as determined by the Secretary, for the area within which the eligible home to be acquired using assistance provided under this section is located; (ii) is a first-time homebuyer, as defined in paragraph (4) of this subsection; and (iii) is a first-generation homebuyer as defined in paragraph (3) of this subsection; (B) for purposes of the Program established by the Secretary of Agriculture— (i) meets the applicable requirements in section 502(h) of the Housing Act of 1949 ( 42 U.S.C. 1472(h) ); and (ii) is a first-time homebuyer as defined in paragraph (4) of this subsection and a first-generation homebuyer as defined in paragraph (3) of this subsection. (3) First-generation homebuyer The term first-generation homebuyer means a homebuyer that, as attested by the homebuyer, is— (A) an individual— (i) whose parents or legal guardians do not, or did not at the time of their death, to the best of the individual’s knowledge, have any present ownership interest in a residence in any State or ownership of chattel, excluding ownership of heir property