Ohio Homebuyer Plus Savings Program Open for Applications
COLUMBUS, Ohio – Eligible Ohio residents can now open enhanced interest savings accounts at participating financial institutions as part of the Ohio Homebuyer Plus program.
The program is designed to encourage homeownership in the state.
“In today’s world, the path toward homeownership contains no shortage of new roadblocks and persistent challenges,” Ohio Treasurer Robert Sprague said. “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.”
Ohio Homebuyer Plus offers above-market interest rates to account holders who deposit money at participating banks or credit unions, a news release states. Additionally, individuals who open an account may also qualify for certain Ohio state income tax deductions.
“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.”
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 toward only 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 the program 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 Monday, 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 Inc.
Prospective homebuyers interested in learning more about the Ohio Homebuyer Plus program can visit HERE for more information.
Published by The Business Journal, Youngstown, Ohio.