Start saving for your dream home today!
Ohio Homebuyer Plus offers specialized, tax-advantaged savings accounts for Ohioans to use 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.
Benefits
Whether you are a first-time homebuyer or an existing homeowner considering a change, this program is for you.
- Contribute up to $100,000 into the account
- Continue saving for up to 5 years in this account
- Use the balance towards a down payment on your home and/or mortgage closing costs
- Deduct up to $25,0002 on your State of Ohio taxes
- Deposits are federally insured by the FDIC
Requirements
- Participants must be Ohio residents aged 18 or older at the time of account opening.
- Minimum opening deposit and balance of $100
- Accounts are individually owned. Only one account can be opened per individual across all participating financial institutions.
- Funds must be utilized within 5 years for the purchase of a primary residence in the State of Ohio.
Individuals are required to review the Ohio Homebuyer Plus participation statement before opening an account through the program.
| Balance | API1 |
|---|---|
| 0-$10,000 | 6.00% |
| $10,000.01 - $25,000 | 5.50% |
| $25,000.01 and up | 4.00% |
Ready to start saving?
Save $1,000 on Closing Costs3
Ohio Homebuyer Savings account holders are eligible for a $1,000 credit towards qualifying mortgage closing costs when they finance their home with Buckeye State Mortgage.
*Account opened and held only as and individually-owned account. Joint accounts not permitted.
1 APY = Annual Percentage Yield. This is a variable rate account. Your interest rate is subject to change . $100 minimum to open the account. There is a maximum contribution limit of $100,000. Account duration is limited to 5 years.
2 Individual tax deduction limited to $5,000 per year on State of Ohio tax return. Additional tax deduction may apply if filing jointly. Consult a tax advisor regarding individual circumstances and potential federal tax implications, or the Internal Revenue Service.
3 A credit of up to $1,000 will be applied toward eligible closing costs at closing and not before, on a first position mortgage originated with Buckeye State Mortgage. Home Equity lines of credit are not eligible for offer. Offer valid for Ohio Homebuyer Savings account members only. The credit cannot exceed the actual closing costs assessed. One closing cost credit per mortgage loan. The credit has no cash value; unused funds will be forfeited. Loan is subject to credit approval. Buckeye State Bank reserves the right to modify or terminate this offer at any time.