Current house key program interest rate is 5.25 %

Loan Fee: 2% of loan amount. Date of last issue: 11/22/02

First time buyer money is issued several times a year. Link to Washington State Housing Finance Commission

For participating lenders go to

http://www.wshfc.org/buyers/key.htm

Do I qualify for 1st time buyer rates? Yes, if you attend a seminar  and your income is within the guidelines and your purchase price is within the guidelines and if you are a first time buyer.

If you are not a first time buyer, if you have not declared a mortgage interest deduction to IRS in the last three years, you may qualify. Target area buyers do not have to be 1st time buyers.

Target area explained: We are issued census tract (or portions of census tract) lists that qualify as target areas. They become target areas because the income of residents is below norm. Many target areas are desirable locations. Downtown Renton is a target area, a portion of downtown Kent is a target area. There is an area of view properties between Martin Luther King and Renton Avenue that is a target area. Ask me for a the census tract list.

Recapture: If you keep the property fewer than nine years and your income increases you may owe money to IRS at time of sale.