Southwest Dayton Down Payment Assistance Program

Southwest Dayton Down Payment Assistance Program is a forgivable loan for homebuyers in Dayton, Ohio, administered by HomeOwnership Center of Greater Dayton (a program of County Corp), in partnership with Aloft Dayton. A targeted neighborhood-revitalization down payment assistance program from the HomeOwnership Center of Greater Dayton with Aloft Dayton for first-time buyers in the Edgemont, Miami Chapel, and Madden Hills neighborhoods of Southwest Dayton. Provides $10,000 toward down payment and closing costs (a portion usable for repair escrow) as a 0% deferred second mortgage forgiven 20%/year over 5 years. No income limit and no purchase price limit, making it distinct from the City of Dayton and Montgomery County DPA programs. $10,000 toward down payment/closing costs (some usable for repair escrow). 0% interest. Forgiven over 5 years. No income limit. No purchase price limit. Funding comes from Aloft Dayton / HomeOwnership Center of Greater Dayton partnership funds.

Southwest Dayton Down Payment Assistance Program offers between $10,000 and $10,000 in assistance. Homebuyer contribution: Minimum $500 of borrower's own funds; FHA borrowers must contribute 3.5% of their own funds. The program can be combined with other assistance, subject to the rules of each. Amounts are the program's published maximums, not an offer — HomeOwnership Center of Greater Dayton (a program of County Corp), in partnership with Aloft Dayton determines any individual award.

Southwest 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 Refinancing the first mortgage requires repayment of the balance; full repayment required if owner vacates, does not maintain it as primary residence, or it becomes a rental/investment property. The assistance is recorded in Second (0% deferred); may only subordinate to lower the first-mortgage rate. position. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Southwest 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: Treated as first-time if no home owned in last 3 years. A homebuyer education course is required, through HomeOwnership Center of Greater Dayton pre-purchase appointment plus a Homebuyer Class ($0 in person/Zoom or $49 online). Residency requirement: Property must be in the Edgemont, Miami Chapel, or Madden Hills neighborhoods of Dayton. Property must be in Edgemont, Miami Chapel, or Madden Hills; complete a Homebuyer Class and meet a Homeownership Advisor; min $500 borrower contribution (FHA 3.5%); first mortgage approved by the HomeOwnership Center; ratios capped 31%/42% (max_dti left blank, expressed as housing/total ratios). Verified via SW-Guidelines-DPA.pdf. Distinct from City of Dayton DPA.

Southwest Dayton Down Payment Assistance Program sets its income limit as follows: No income limit. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Southwest Dayton Down Payment Assistance Program caps the purchase price as follows: No purchase price limits. Eligible property types include Single Family, 2-4 Unit, Condo, and PUD.

Southwest Dayton Down Payment Assistance Program serves homebuyers purchasing in Dayton, Ohio.

Applications for Southwest Dayton Down Payment Assistance Program go through HomeOwnership Center of Greater Dayton (a program of County Corp), in partnership with Aloft Dayton, which publishes the current terms and the application steps on its own site. Funds are reserved through First-come, first-served while funds last; online application after accepted purchase contract, or free counseling appointment beforehand. 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.