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Financing Options

CITY OF DAYTON: Down Payment Assistance

The City of Dayton Down Payment Assistance Program provides qualifying individuals and families with up to 10% of the purchase price of a home purchased in the city of Day­ton.

To qualify, home buyers must:

  • Have a total household income less than 80% of area median income

  • Buy a home in the city of Dayton

  • Buy a house with a maximum pre-existing home value of $105,000 or new construction home value of $195,000.

  • Contribute a minimum of $500 of your own funds to close

  • Provide a completed application and all required documents as outlined in the program guidelines

  • Agree to live in the property as a primary residence for at least five years

  • Complete a home buyer class and meet with a home ownership advisor at the Home Ownership Center of Greater Dayton


Additional restrictions apply. Funds are limited and are available on a first-come, first-served basis. For more information about the Down Payment Assistance Program, contact the Home Ownership Center of Greater Dayton at 937-853-1600 or by visiting online.

UNION SAVINGS BANK: Loan Forgiveness, Down Payment Assistance, Refinancing, Home Repairs, Business Loans


According to the consent order of UNITED STATES V. UNION SAVINGS BANK AND GUARDIAN SAVINGS BANK, under the Loan Subsidy Program, the Banks may provide in their sole discretion one or more of the following forms of financial assistance to any qualified applicant, to be provided directly by the Banks under paragraphs (a) and (h), and either directly by the Banks and/or through a grant made to a qualifying community organization under paragraphs (b), (c), (d), (e), (f), (g) and (i):

(a) originating or brokering a loan for a home purchase, home refinancing, or home improvement at an interest rate that is 0.5 to l percentage point (50 - 100 basis points) below the APR that is published the date that the loan is locked-in;

(b) providing a grant of a minimum of $500 and a maximum of $15,000, for the purpose of down payment assistance for residential loans;

(c) providing closing cost assistance in the form of a grant of a minimum of $500 and a maximum of $15,000 for residential loans;

(d) providing down payment or closing cost assistance through a second mortgage that provides for principal forgiveness of a minimum of $500 and a maximum of $15,000 based on loan performance during the term of the Order for residential loans; (e) providing the amount required to fund a qualified applicant's escrow account at closing for residential loans, of a minimum of $500 and a maximum of $15,000, in the form of a grant;

(f) purchasing interest free mortgage loans originated by a qualifying community organization that builds affordable housing for families in the Banks' lending areas who are in need of shelter, or originating mortgage loans to qualified applicants under a special purpose credit program to purchase homes built by such a qualifying community organization, under the following circumstances:

(i) the residence is located in a majority-African-American census tract;

(ii) the amount of the subsidy is calculated by determining the interest that would have been paid had the loan been originated by the Bank at 100 basis points below APR that is published the date that the loan is locked-in, but in any event a subsidy shall not to exceed $15,000; and

(iii) the aggregate amount of credit under the Loan Subsidy Program for such loans does not exceed $500,000;

(g) providing grant funds to qualifying community organizations for the establishment of ''cash reserve repair fund'' accounts for residential loans. These pre-paid savings accounts will be opened at the Banks by the qualifying community organization for the benefit of the homeowner and, subject to approval by the qualifying community organization administering the account, may be used for home repair and maintenance expenses or if a qualifying life emergency prevents the homeowner from making his or her mortgage payments. The homeowner will receive up to $3,500 in the pre-paid savings account and the qualifying community organization will receive up to a $500 administrative fee (but no more than 15% of the amount placed into the savings account) from the grant funds provided by the Banks, for a total grant of up to $4,000 per homeowner. The term of these accounts is three years, after which time any remaining money will be transferred to the homeowner;

(h) originating or brokering a small business loan to a qualified applicant at an interest rate up to one (1) percentage point (100 basis points) below the prevailing APR. No more than $1 million of the loan subsidy fund may be used to subsidize small business loans; and (i) other means subject to Non-objection by the United States.

The Banks retain the discretion to offer more than one, or all, of the foregoing forms of financial assistance to qualified applicants on an individual basis as they deem appropriate under the factual circumstances of a particular application. The Banks will exercise this discretion in a manner which maximizes the likelihood that it will originate a loan to a qualified applicant consistent with applicable underwriting guidelines and safety and soundness standards, and will have discretion to provide the loan subsidy among their loan products. No qualified applicant may receive a total subsidy greater than $15,000.


An FHA Title 1 loan is a fixed-rate loan used for home improvements, repairs and rehab. (Adjustable-rate loans aren’t offered.) Loans under $7,500 are usually unsecured; your signature will suffice. Larger loan amounts will require using your home as collateral. You get the loan from an FHA-approved lender. HUD says the money can be used for anything that makes your home ‘basically more livable and useful.’ That includes buying appliances.

The definition of FHA Title 1 loan “improvements” is fairly broad: The Department of Housing and Urban Development says the money can be used for anything that makes your home “basically more livable and useful.” That includes buying appliances, such as dishwashers, built-in ovens, refrigerators and freezers. Home improvements that aim to expand accessibility for disabled people are also allowed, as are energy-efficient upgrades such as solar energy systems.


  • The maximum loan term — the length of time you have to pay it back — is 20 years on a single-family or multifamily structure; 15 years on a manufactured home on a foundation; and 12 years for a manufactured house without a foundation

  • The maximum loan amount is $25,000 on a single-family home; $12,000 per unit on a multifamily structure, up to a total of $60,000; $25,090 for a manufactured home on a foundation; and $7,500 for a manufactured home without a foundation

  • An FHA-insured product known as the 203(k) loan is often used to fund major repairs and renovations 


Requirements for an FHA Title 1 Loan

There are few HUD-specific hurdles to clear to get an FHA Title 1 loan. Specific requirements include:

  • The house must have been built and occupied for at least 90 days

  • You need to own the home or have a long-term lease

  • Loan proceeds must be verified as used for specifically intended property improvements

  • An annual FHA mortgage insurance premium of $1 per $100 of the amount of the loan will be charged or built into your interest rate

  • You must have a debt-to-income ratio of 45% or less

There are no minimum credit score or income requirements set by HUD. You don’t even have to have equity in the home.

It’s always a good idea to shop more than one lender, just to be sure you’re getting the best deal possible.

The interest rate and additional terms are determined by the lender you use. That’s one reason it’s always a good idea to shop more than one lender, just to be sure you’re getting the best deal possible.


The homestead exemption allows low-income senior citizens and permanently and totally disabled Ohioans, to reduce their property tax bills, by shielding some of the market value of their homes from taxation. The exemption, which takes the form of a credit on property tax bills, allows qualifying homeowners to exempt up to $25,000 of the market value of their homes from all local property taxes. For example, through the homestead exemption, a home with a market value of $100,000 is billed as if it is worth $75,000.

The exact amount of savings varies from location to location. But overall, across Ohio, qualified homeowners saved an average of about $495 per taxpayer during the 2015 tax year. The tax exemption is limited to the homestead, which Ohio law defines as an owner’s dwelling and up to one acre of land. The value of the exemption may not exceed the value of the homestead.

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