Ohio Homebuyer Plus: A Savings Plan for Ohioans

Ohio Homebuyer Plus Savings Account

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The Ohio Homebuyer Plus creates a specialized, tax-advantaged savings account to assist Ohioans on their homebuying journey. Individuals who open an account will have access to above-market interest rates and may also qualify for certain Ohio state income tax deductions.

Earn 6.00% APY* on up to $100,000 with a Ohio Homebuyer Plus account.

Step 1.  Review Statement

Ohio Homebuyer Plus Program Requirements

be a resident of the State of Ohio
be at least 18 years of age
only use the account proceeds towards the down payment or closing costs of a home purchase in Ohio
participants must review and agree to the terms of the program before the account is opened, which can be found here


First State Bank Ohio Homebuyer Plus Benefits
  • Earn 6.00% APY*
    • $500 minimum deposit to open
    • $100,000 maximum balance
  • Account must be used within five years
    • Balance should be used to fund a down payment or mortgage closing costs 
Ohio Homebuyer Plus: A Savings Plan for Ohioans
How to start the process today
Follow these convenient steps: 
 
1. Review participation statement for the program before the account is opened, which can be found here
 
2. Complete the application in a variety of ways:
  • Fill out the digital application and a customer service representative will follow up to schedule a time to open your account
  • Or download the application here and submit through the mobile app, by emailing ohp@fsb4me.com or by bringing it in to your local banking center location
If you would like someone to reach out to you directly, you can also submit the form below and someone will be in touch to answer questions and start the process for you.

To learn more about the Ohio Homebuyer Plus Savings Account, visit ohio.gov/homebuyerplus
Fill out the form below and a customer service representative will reach out as soon as possible.  


Ohio Homebuyer Plus FAQs

The minimum opening deposit and balance is $500.
Maximum account balance of $100,000, excluding interest paid.

To qualify for 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 in Ohio
  • Account must be individually owned

Homes eligible under this savings program include:

  • A single-family home;
  • Condo
  • Unit in a multi-unit dwelling;
  • Manufactured or mobile homes (taxed as real property)

A home must be the saver’s primary residence after the closing of the home purchase and be located in the State of Ohio.

Contributions can be made by account holder, as well as third-parties such as family members or employers.  

An ineligible home includes, but are not limited to, recreational vehicles, house boats, campers, commercial real estate, and land without an existing residential building included (bare land).
No.

Funds must be used within five years. If funds have not been used within that time, First State Bank will close the account.

Account will be closed within 90 days after the applicant makes any withdrawal.
No, anyone that meets the qualifications of the Ohio Homebuyer Plus requirements can open an account. 

*APY = Annual Percentage Yield. APY accurate as of 5/6/2024. Rates may change at anytime after account is opened. Minimum to open account is $500.00, and you must maintain a minimum balance of $500.00 to obtain the APY disclosed. Interest will be compounded daily and credited back to the account. If you close your account before interest is credited, you will receive the accrued interest.

Requirements to Open and Maintain the Account
Applicant must meet the following criteria: 1) Complete an Ohio Homebuyer Plus Account Application and be approved by the Ohio Treasurer’s Office, 2) be 18 years of age or older, 3) be a resident of the State of Ohio and continue to maintain Ohio residency during the life of the account, 4) be a U.S. citizen or an individual residing in the U.S. with a valid SSN or ITIN, 5) not hold more than one (1) Ohio Homebuyer Plus Account at any one time, except as allowed by the Ohio Homebuyer Plus Participation Statement.

Additional Information About This Account

  • Maximum account balance of $100,000.00, excluding interest paid
  • Maximum account period of 5 consecutive years, applicant can reapply to open a new account 1 year after account is closed.
  • Account will be closed within 90 days after the applicant makes any withdrawal.
  • Account must be individually owned by a consumer.
  • Accounts may not have ownership by an LLC, LLP, trust, guardian, on behalf of, co-signers or anyone other than the applicant approved by the Ohio Treasurer's Office.
  • No ATM or Debit Card.
  • Online banking available with transfer-in capabilities only.
  • No Mobile Deposit Capabilities 
  • Monthly statements provided at the end of each month.
  • E-Statements are available.