Ohio Homebuyer Plus Savings Program Now Open for Applications
Prospective homebuyers may open an account at participating financial institutions
COLUMBUS – Ohio Treasurer Robert Sprague has announced the official launch of Ohio Homebuyer Plus, a new savings program designed to encourage homeownership in the Buckeye State. Beginning today, eligible Ohio residents can open enhanced interest savings accounts at participating financial institutions.
“In today’s world, the path toward homeownership contains no shortage of new roadblocks and persistent challenges,” said Treasurer Sprague. “From rising purchase costs to some of the highest mortgage rates in two decades, prospective buyers could use some added support. Ohio Homebuyer Plus does just that by offering an enhanced interest rate to help Ohioans save and grow their money more quickly. Through this exciting new program, we hope to help more Ohioans achieve their dream of homeownership.”
Following the same “linked deposit” model used for existing programs like Ag-LINK and Family Forward, Ohio Homebuyer Plus offers above-market interest rates to accountholders who deposit money at participating banks or credit unions. Additionally, individuals who open an account may also qualify for certain Ohio state income tax deductions.
To qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an eligible accountholder must:
- Be an Ohio resident at least 18 years of age;
- Have a primary residence in the State of Ohio; and
- Only use the account proceeds toward the down payment or closing costs of a primary residence purchased in Ohio.
Prospective homebuyers will work with a participating bank or credit union to apply for a savings account through Ohio Homebuyer Plus. Accounts connected with Ohio Homebuyer Plus must be used within five years, maintain a minimum balance of at least $100, and cannot exceed a maximum balance of $100,000.
As of today, the list of participating financial institutions include:
- The Community Bank
- Farmers & Merchants Bank
- KEMBA Financial Credit Union
- Pathways Financial Credit Union, Inc.
- Quest Federal Credit Union
- The Savings Bank
- Superior Credit Union
- Telhio Credit Union
More financial institutions will be added in the coming weeks. The list of participating financial institutions will then be updated on the Ohio Treasurer’s website on a go forward basis as financial institutions join the program.
“As REALTORS, we know that down payments are often a barrier to achieving homeownership,” said Ali Whitley, Ohio REALTORS 2024 President. “The Ohio Homebuyer Plus Program helps make owning a home more accessible to Ohioans by making it easier to save. We would like to thank Governor DeWine, Treasurer Sprague, and the Ohio General Assembly for their diligent work to create this program and bring more people closer to realizing the dream of owning a home.”
Prospective homebuyers interested in learning more about the Ohio Homebuyer Plus program should visit ohiotreasurer.gov/homebuyerplus for additional information.