Overview

The Home Ownership 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 home ownership orientation and education course in order to prepare for home ownership. Participants select homes for purchase and secure their own mortgage financing through a lender.

Similarities between renting with BHA and Home ownership

• 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.

Eligibility Requirements

• Must be a resident in “good standing” with no lease violations or outstanding rent payments
• Must be a first-time home buyer
• Must have been working.
• 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