The Homeownership Program is offered to eligible Bremerton Housing Authority (BHA) voucher holders. The program allows participants to have their housing subsidy applied towards a monthly mortgage payment, after a home is purchased. Residents who wish to join the program must meet certain eligibility requirements and when deemed eligible they are required to attend a homeownership orientation and education course in order to prepare for homeownership. Participants select homes for purchase and secure their own mortgage financing through a lender.
Similarities between renting with BHA and Homeownership
- Residents contribute 30% of their income towards either their monthly rent or a mortgage.
- BHA uses the same payment standard as used in calculating a housing assistance payment for renting an apartment.
- Must be a resident in “good standing” with no lease violations or outstanding rent payments
- Must be a first-time homebuyer
- Must have been working full time, consistently for one year and work equal to or more than 30 hours/week.
- No minimum income requirement for the elderly (62+) or disabled (head of household or their spouse)
- Credit scores of 640 or above for mortgage applicants
- Must have a minimum of $1,000 in savings
Eligible Home must be located within Kitsap County
- Must be owner occupied
- Must pass Housing Quality Standards (HQS)
Duration of Mortgage Subsidy
- 15 year mortgage for working voucher holder
- 30 years if resident is elderly (62 years or older) or disabled at the time of purchase