Homeownership Programs

House Key Plus Bremerton Program

Down Payment Assistance Loan Program

A second mortgage program with a 3.00% interest rate and a fifteen-year loan term for people buying home or condominium within Bremerton City Limits. House Key Plus Bremerton combines with the House Key State Bond below-market interest rate first mortgage loan program.

How does the program work?

You must be able to qualify for the House Key State Bond 30 year first mortgage loan program. This program allows up to $20,000 in down payment assistance with payments at 3% interest on a fifteen year term.
There is Shared Appreciation for the first nine years.

You must be a first-time homebuyer and the home you are purchasing must be your principal residence and owner-occupied. The definition of a first-time homebuyer is that you have not owned a home anytime in the past three years.

You must attend a FREE Homebuyer Education Seminar sponsored by the Washington State Housing Finance Commission and receive your certificate, a one-on-one pre-purchase counseling session, and a post purchase counseling sessions. The seminar and counseling will provide you with the information you will need to purchase and maintain your first home.

Maximum Income Limits

To be eligible for House Key Plus Bremerton your household income must not exceed these limits:

1 person $39,700 | 2 person $45,350 | 3 person $51,050 | 4 person $56,700
5 person $61,250 | 6 person $65,750 | 7 person $70,300 | 8 person $70,900

Borrowers must attend a Commission-sponsored homebuyer seminar prior to reserving funds under the House Key Program. Cash back to borrowers is not allowed.

How are funds used?

Funds may be used for down payment and closing costs based upon need. The Borrower’s down payment requirement is 1/2% of the purchase price or $1000, whichever is greater. Up to ½ of the 1/2% can be from gift funds.

How much can you borrow?

Eligible households may qualify for a maximum loan amount of up to $20,000.

A House Key participating loan officer can help you determine an acquisition price you can afford, how much cash you will need to close, and how much you can borrow on a House Key Plus Bremerton loan.

Who are the Participating Lenders in House Key Bremerton?

See House Key Participating Lenders who have been helpful to first-time homebuyers.

Questions about the House Key Bremerton Program? Please call Karen Carlson at 206.287.4413 or toll free in WA 800.767.4663, Ext. 413, or email karen.carlson@wshfc.org

This page was modified on 04/24/2009.