Having an ownership interest in a property in the last three years before the close of your new home will prevent you from accessing first time homebuyer programs, such as FHA loans, down payment assistance, and closing cost assistance. It does not matter if your ownership interest in a home was having sole ownership or a tiny investment. As long as you are on the deed and have an ownership interest in a property, then you cannot qualify for a first-time home buyer program. Ownership interest provides a useful outline of what rights and liability your ownership in a property carries. This is valuable information for a first-time home buyer because it can affect your ability to qualify for an FHA loan. Similarly, as an investor, your ownership interest will determine what level of ownership and liability each property you invest in carries.