2 More Banks Participating in Ohio Homebuyer Program

COLUMBUS, Ohio – Two more financial institutions are now participating in Ohio Homebuyer Plus, a new savings program designed to encourage homeownership in the state.

With the addition of Home Loan Savings Bank and Richwood Banking Co., there are now 10 financial institutions that have partnered with the state treasurer’s office to bring the Ohio Homebuyer Plus program to prospective homebuyers.

The program offers above-market interest rates to account holders who deposit money at participating banks or credit unions. 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 account holder must:

• Be an Ohio resident at least 18 years old.
• Have a primary residence in the state.
• Use the account proceeds only toward the down payment or closing costs of a primary residence purchased in the state.

Prospective homebuyers will work with a participating bank or credit union to apply for a savings account through the program. 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.

Published by The Business Journal, Youngstown, Ohio.