Guidelines

Loan Guidelines


  • Borrowers must be first-time homebuyers within the City of Bremerton
  • Borrower's income must be below 80% of the area median income
  • Borrowers must attend a WSHFC-sponsored homebuyer seminar prior to requesting funds
  • Borrower must receive 1-on-1 pre-purchase housing counseling from an approved housing counselor prior to closing the loan and must attend 1-on-1 post purchase counseling 3-6 months after the close of the loan
  • Funds may be used for down payment assistance and/or 100% of closing costs including prepaids
  • First Mortgage must be a House Key loan

Property Guidelines


  • Subject property must be located within the City of Bremerton. (Note: A Kitsap County Assessor parcel search will confirm the property location.
  • Property value must not exceed the House Key State Bond Limit of $300,000
  • Mortgage Lenders must provide a copy of HUD's "Lead Paint Safety" Field Guide (6/1999) (HUD #1779-LHC) to appraisers and instruct them to specifically address the condition of the paint and note any areas of deterioration. Mortgage Lenders are also required to have the appraiser complete HUD's Housing Choice Voucher Program Inspection Checklist form HUD-52580 (3/2001) to ensure the property meets HUD's Housing Quality Standards.
  • Subject property must be vacant or owner-occupied by Seller.
  • Formal disclosure to Seller with the "Disclosure of HOME Program Requirements" form (#HKBREMERTON.8) is used to provide notice to the Seller of these requirements.
  • Manufactured homes must be June 1976 or newer and meet HUD guidelines.

Processing Guidelines


The borrower's lender will apply for House Key Plus Bremerton Down Payment Assistance through the Washington State Housing Finance Commission. Lenders must be able to originate House Key Loans. The City of Bremerton is not able to directly accept any applications.

WSHFC will first verify that the home to be purchased is indeed located within the Bremerton City Limits. This may be checked by using the property address to complete an online Parcel Search at the Kitsap County Assessor's Office.

Lender Information


The borrower's lender must be WSHFC-certified to originate House Key Loans. For more information on House Key and WSHFC, or to find a WSHFC certified lender, visit the WSHFC home page.


Income Guidelines


Income of all adult household members, not just parties to the note, must be used in computing annual income. For more details on calculating income, please contact WSHFC.