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Ohio Homebuyer Plus Savings Program

Start saving for your dream home today!

The Ohio Homebuyer Plus Savings program is a specialized, tax advantaged1 savings account for Ohio residents designed to help prospective homebuyers save for the purchase of a new home with above-market interest rates to grow their savings faster.

Visit your local branch to apply today!

Program Benefits

Enjoy these exclusive benefits when you open an Ohio Homebuyer Plus Savings Account at Premier Bank!

FAQs

  • To qualify for enhanced interest savings through 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
    • Only use the account proceeds toward the down payment or closing costs of a primary residence in Ohio.
  • No. Ohioans at any income level, who meet the necessary eligibility criteria, may open an enhanced interest savings account through the Ohio Homebuyer Plus program.
  • Eligible properties include a house, condo, unit in a multiple-unit dwelling, manufactured home or mobile home taxed as real property, or manufactured or mobile home subject to the manufactured home tax but taxed like real property. The home must be your primary residence after the closing of the home purchase and be physically located in the State of Ohio.
  • An ineligible home includes, but is not limited to, property types not expressly defined in the Participation Statement. Examples of ineligible Home types include, but are not limited to, recreational vehicles, house boats, campers, commercial real estate and land without an existing residential building included.
  • No. The account must be individually owned by the saver; joint account ownership is not allowed. Two individuals who are legally married are both eligible to open and fund individual accounts.
  • Accounts must maintain a minimum balance of at least $100.
  • An Ohio Homebuyer Plus account cannot exceed a maximum contributed balance of $100,000.
  • Funds saved through an Ohio Homebuyer Plus account must be used within five years for the purchase of an eligible home.
  • No. Account proceeds must be used toward the down payment and/or closing costs associated with the purchase of a primary residence in Ohio.
  • No. Any qualifying individual can open the account to save for a new home purchase.
  • An applicant must be an Ohio resident at the time of application to open an Ohio Homebuyer Plus account.
  • If an accountholder’s circumstances change or if they move out of state, they keep all money saved as well as the interest accrued in their account. Additionally, if the accountholder is no longer eligible, their Ohio Homebuyer Plus account will close and the enhanced interest earnings end. Funds not used for an eligible home purchase may result in State of Ohio tax reporting requirements and possible tax liabilities.1
  • Two individuals who are legally married are both eligible to open and fund individual accounts and use funds from those accounts for a down payment, closing costs or other eligible expenses associated with a new home purchase.
  • As stated in Ohio Revised Code Section 135.71(A), the program is designed to make available premium rate savings accounts for the accumulation of funds to pay for the down payment and closing costs associated with the purchase of a home. The funds may be used to purchase a pre-existing home or a newly built home that is ready to be occupied.

    However, the funds cannot be used to purchase vacant land for the intention of building a new home or to make payments on a construction loan. In both of those situations, there is no home ready to be occupied.
  • To meet the requirements for the Ohio Homebuyer Plus program, the “home” purchase must be “move-in ready” and qualify for the owner-occupied real property tax reduction. For the purposes of the Ohio Homebuyer Plus program, the property being purchased may be comprised of the home and several acres of land, however only one acre of land will receive the real property tax reduction pursuant to Ohio Revised Code Section 323.151.
  • Certain Ohio taxpayers may deduct the amount of contributions to an Ohio Homebuyer Plus account and the interest earned on that account when computing their Ohio adjusted gross income. Up to $5,000 of contributions per person can be deducted per account (or $10,000 per married couple), per tax year, up to a lifetime maximum deduction per contributor of $25,000 per account. See Ohio Revised Code Section 5747.85 for more information.
  • Yes. The state income tax deduction for account contributions may be claimed by the saver or a parent, spouse, sibling, stepparent, or grandparent of the saver. The contributor is responsible for retaining the related documentation. See Ohio Revised Code Section 5747.85(A)(3) for more information.
  • Eligible withdrawals are those used for down payment, eligible expenses, earnest deposit and closing costs (included in the closing disclosure statement) associated with the purchase of a home.
  • If you are ready to purchase a home before the end of the five years, you would withdraw the funds to cover the down payment and/or closing costs. Once you make the first withdrawal, you have 90 days to use the rest of the balance. Any funds remaining in your account after this period will be returned to the Saver. Funds not used for eligible withdrawals may result in State of Ohio tax reporting requirements and possible tax liabilities.
  • The value of the bonus may be reported on the appropriate Internal Revenue Service (IRS) form and may be considered taxable income to you.
  • If you do not purchase a Home within the allowed five (5) year period, this account will be closed. Any funds remaining in your account after this period will be returned to the Saver. The duration-limited account may be reported to the Ohio Department of Taxation. Funds not used for eligible withdrawals may result in State of Ohio tax reporting requirements and possible tax liabilities.

Program Requirements

Ready to get started?

Participants are required to review and agree to the program Participation Statement and complete an application prior to opening an account.
  • Complete and print the Account Application and take to your local branch
  • Visit your local branch to complete the application with a banker

Have questions about the Ohio Homebuyer Plus Savings Program or ready to get started?

We’re here to help!

Find your local branch

Helpful Links

  • The Homebuying Process

    Learn 10 important steps in the homebuying process

    Learn More
  • Mortgage Closing Costs

    Buying a home? Learn about mortgage closing costs, what points are, and how these factor into your mortgage with Premier Bank's homebuying tips.

    Learn More
  • How Much Home Can I Afford

    How much home can I afford? Consider these six factors before you calculate your monthly mortgage budget before you buy a home in Ohio.

    Learn More
1Consult a tax advisor to discuss the tax advantages and any possible tax liabilities of an Ohio Homebuyer Plus Savings Account.

2Annual Percentage Yield (“APY”) is effective as of June 3, 2024 and is subject to change without notice. This is a variable interest rate account and the interest rate may change after account opening. The APYs are tiered as follows and apply to the entire balance of the account: 7.25% for daily balances up to $100,000.00 and 2.63% for daily balances $100,000.00 and above. Minimum balance to open account is $100.00. Account must maintain a $100.00 balance at all times. There is a maximum account contribution limit of $100,000.00 and account duration is limited to 5 years. Account is subject to all requirements, terms and conditions set forth in the Participation Statement found at: https://tos.ohio.gov/files/Pdfs/Ohio_Homebuyer_Plus_Partcipation_Agreement_English_050324.pdf.
Eligibility is limited to individuals 18 and over who are Ohio residents with a primary address in Ohio and a valid Social Security Number or Individual Taxpayer Identification Number. Account opening is subject to Premier Bank’s receipt of a completed application with signed certification for the Ohio Homebuyer Plus Savings program that is submitted to the Ohio Treasurer’s office for approval and Premier Bank’s approval. An application denial by the Ohio Treasurer’s office will result in the account being closed and funds being returned to the Saver. Account funds may only be used for eligible program home purchase costs. Activity restrictions apply. Individuals are limited to one Ohio Homebuyer Plus Savings account at any one time, except as allowed in the Ohio Homebuyer Plus Participation Statement. Account must be individually owned; joint account ownership is not permitted. For complete details, visit: https://tos.ohio.gov/homebuyerplus/ or contact your local Premier Bank office. Account availability is subject to change without notice.

3To earn the deposit match bonus up to $250.00, the Ohio Homebuyer Plus Savings Account must, 1) have been opened with the initial required deposit of at least $100.00, 2) have had no withdrawal transactions and maintained a minimum balance of $100.00 for 180 days following our receipt of eligibility approval from the Ohio Treasurer's office. The deposit match bonus will be equal to the lesser of the account balance 180 calendar days after eligibility approval from the Ohio Treasurer's office and $250.00. The deposit match bonus will be deposited into your Ohio Homebuyer Savings Account within 30 days after meeting bonus requirements. To receive the balance match bonus, your account must be in open status for the 30 days following meeting the qualifications. Offer valid only on first Homebuyer Plus savings account opened at Premier Bank. Not valid with any other offers. The value of the bonus may be reported on the appropriate Internal Revenue Service (IRS) form and may be considered taxable income to you. Please consult your tax adviser regarding your specific situation. Premier Bank reserves the right to change this offer at any time.

4Offer valid for Ohio Homebuyer Plus Savings account customers only. A credit of $500.00 will be applied at closing, and not before, towards eligible closing costs on a first-lien mortgage loan that is made for the purpose of purchasing an eligible primary residence in Ohio, and originated with Premier Bank within 5 years of account opening. The credit cannot exceed actual closing costs or maximum interested party contributions and cannot be used to fund any portion of the down payment or financial reserve requirement. The Ohio Homebuyers Plus Savings Account must be open for a minimum of 180 days to be eligible. Offer not valid if property being purchased was under contract with a previously accepted purchase offer at the time of account opening. Borrower and home must meet all eligibility requirements set forth in the Participation Statement, as well as Premier Bank’s standard underwriting guidelines. This is not an offer to extend credit. All loans are subject to credit application, review, and approval. Offer not valid on home equity loans or lines of credit. Cannot be combined with any other discount or offer. Fee waiver has no cash value. Offer limited to one $500 closing cost waiver per mortgage transaction and one per account. Premier Bank reserves the right to modify or terminate this offer at any time. Contact your local Premier Bank office for complete details.