City of Dayton Down Payment Assistance Program

City of Dayton Down Payment Assistance Program is a deferred second loan for homebuyers in Dayton, Ohio. City of Dayton-funded down payment assistance administered by The HomeOwnership Center. Up to $10,000 forgivable over 5 years for first-time buyers within Dayton city limits. Up to $10,000 in down payment and closing cost assistance for first-time homebuyers purchasing within City of Dayton limits. 0% interest, deferred 5-year forgivable second mortgage administered by The HomeOwnership Center, a HUD-approved housing counseling agency. Funds for down payment, closing costs, and minor pre-purchase repairs. Funding comes from Local, City, CDBG, and HOME.

City of Dayton Down Payment Assistance Program is forgiven after 5 years, so a homebuyer who stays that long does not repay it. Repayment is triggered by Pro rata recapture if owner sells, refinances, or vacates within 5-year affordability period. The assistance is recorded in 2nd Lien position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

City of Dayton Down Payment Assistance Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Standard FTHB waivers per HUD HOME. On credit, the program states: 640 minimum FICO recommended; lender overlays apply. A homebuyer education course is required, through The HomeOwnership Center (HOC) — required 8-hour pre-purchase homebuyer education plus one-on-one counseling. Residency requirement: Property within City of Dayton corporate limits, owner-occupied as primary residence. Citizenship or immigration status: U.S. citizen or qualifying permanent resident per HUD HOME. First-time homebuyer. Property within City of Dayton corporate limits as primary residence. <=80% AMI Dayton MSA (Montgomery County). HOC pre-purchase homebuyer education and counseling required. Minimum borrower contribution. Property must pass City of Dayton/HUD HOME property standards inspection.

City of Dayton Down Payment Assistance Program limits household income to 80% of the area median income, which varies by county and household size. Household income at or below 80% Dayton MSA AMI per HUD HOME limits. The limit applies to total household income, not only the borrower&rsquo;s. The program lists a maximum household size of 8. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

City of Dayton Down Payment Assistance Program caps the purchase price as follows: Per HUD HOME 95% area median sales price for Montgomery County. Eligible property types include Single-family detached, condo, townhouse, 1-2 unit owner-occupied. New construction is eligible. Manufactured homes are not eligible.

City of Dayton Down Payment Assistance Program names veterans, active-duty service members, reservists and National Guard members, and surviving spouses among the groups it serves. Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

City of Dayton Down Payment Assistance Program serves homebuyers purchasing in Dayton, Ohio. The program targets specific areas: City of Dayton CDBG-eligible neighborhoods.

Applications for City of Dayton Down Payment Assistance Program go through the administering agency, which publishes the current terms and the application steps on its own site. Funds are reserved through Apply via The HomeOwnership Center; subject to annual City of Dayton CDBG/HOME allocation. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.