Understanding Homebuyer Plus: A Complete Guide
What you need to know to take advantage of this new specialized, tax-advantaged savings accounts to assist Ohioans on their homebuying journey.
Ohio Homebuyer Plus Accounts: What is it?
January 2024 was a momentous time for Ohioans. The Ohio Treasurer’s Office in conjunction with the Ohio Governer established specialized, tax-advantaged savings accounts for Ohio Homebuyers. These savings accounts will have access to above-market interest rates and may qualify Ohioans state income tax deductions! All in conjunction in buying a home!!! Another plus, this is NOT ONLY for first time homebuyer!!! This for any Ohio Homebuyer whether their very first home or their second, third, or fourth new home.
Ohio Homebuyer Plus Requirements
Ohioans must:
Be a resident of the State of Ohio.
Be at least 18 years of age.
Claim primary residence in the State of Ohio.
Account proceeds must only be used for the down payment or closing costs of an Ohio home.
Use accounts within five years of establishing.
Maintain a minimum balance of at least $100 and cannot exceed a maximum balance of $100,000.
The Inner Workings of Ohio Homebuyer Plus
Work with a participating bank or credit union to apply for the Ohio Homebuyer Plus savings account.
Once approved, the Ohio Treasurer makes a deposit at a below-market rate with your chosen bank or credit union.
The bank or credit union uses the interest that the Ohio Treasurer’s deposit to provide you with the enhanced interest rate earned on the Ohio Homebuyer Plus account.
Contributions to the Ohio Homebuyer Plus account by the homebuyer or certain family members may be tax deductible for the contributor’s Ohio income tax.
How to Get Started
Participating Financial Institutions as of February 2024 can be found HERE.
Ohio Treasurer, Robert Sprague, website that has the most current and up-to-date information.
Please consider taking advantage of this! It sounds like a great thing to enhance your downpayment and/or closing costs!!!!