Southwest Dayton Down Payment Assistance Program

What is 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.

How much assistance does it provide?

Southwest Dayton Down Payment Assistance Program offers between $10,000 and $10,000 in assistance.

• Buyer 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.

Do you have to pay it back?

Southwest Dayton Down Payment Assistance Program is forgiven after 5 years, so a buyer 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.

Who qualifies?

Southwest Dayton Down Payment Assistance Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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.

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through HomeOwnership Center of Greater Dayton pre-purchase appointment plus a Homebuyer Class ($0 in person/Zoom or $49 online)..

2. 2

   Contact HomeOwnership Center of Greater Dayton (a program of County Corp), in partnership with Aloft Dayton to reserve funds

   Funds are reserved through First-come, first-served while funds last; online application after accepted purchase contract, or free counseling appointment beforehand., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.