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Important Events Notices

Homeownership Option

Open the door to a home of your own

If you are currently renting through the Burlington Housing Authority with a Section 8 subsidy or are an applicant for assistance, you could be eligible for a program that may assist you in purchasing a home.

To be eligible for the homeownership program, you must: 

  • Be eligible for section 8 rental assistance
  • Be employed full-time for a year (elderly and disabled individuals are exempt from this requirement)
  • Be in full compliance with your lease
  • Not have owned a home in the past three years
  • Be seeking to buy a home within BHA's jurisdiction
  • Meet income eligibility requirements

The homeownership option works much like the section 8 rental assistance program except that the subsidy you receive is applied toward the mortgage on your own home rather than towards rent.

You will need to attend a homeownership education class at a NeighborWorks HomeOwnership Center. Burlington Housing has designated Champlain Housing Trust as its NeighborWorks HomeOwnership Center. When you are determined to be mortgage-ready, you can seek financing at the lender of your choice. Once you are pre-approved for a mortgage, you should schedule a meeting with a BHA rental assistance specialist who can walk you through the steps you will take to switch your voucher over to homeownership option assistance. 

Once you have done that and are pre-approved by a lender, you can begin shopping for a home. After you have found a home in your price range, had it inspected, and met BHA financing requirements, you can close on your home. BHA will make a subsidy payment directly to you to pay your mortgage each month.

To learn more, please call our main office at 802-864-0538 and let us know that you are interested in the Homeownership Option.


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