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Ohio Homebuyer Plus

The Ohio Homebuyer Plus Savings Account creates specialized, tax-advantaged savings accounts 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 $25,000 with an Ohio Homebuyer Plus Savings Account.

Ohio Homebuyer PlusOhio Homebuyer Plus Program Requirements:

  • must be an Ohio resident at least 18 years of age
  • must have a primary residence in Ohio
  • only use the account proceeds toward the down payment, eligible expenses, or closing costs of the purchase of a primary residence in Ohio

*Effective April 1, 2025: Accounts opened on or after this date connected with the Ohio Homebuyer Plus and have reached the maximum balance must use their account balance for the purchase of a home within twelve (12) calendar months (Account balance maximum duration). Savers who have reached the account balance maximum and do not use their account balance within twelve (12) calendar months may have their participation in the program terminated at the sole discretion of the Treasurer’s office. Savers who open an account on or before March 31, 2025, are not subject to the account balance maximum duration and must use their account balance within five (5) years from the time the account was opened. 

ACCOUNT BALANCE
For accounts opened on or before March 31, 2025: The account balance minimum has been determined by the Treasurer’s office to be $100. Account contributors must initially fund the Saver’s Account with, and Saver must maintain, at least $100 to retain an account.
For accounts opened on or after April 1, 2025: The account balance minimum has been determined by the Treasurer’s office to be $500. Account contributors must initially fund the Saver’s Account with, and Saver must maintain, at least $500 to retain an account. 

The account maximum balance is $100,000.

Questions? Learn more

How to start the process

  1. Review participation statement for the program before the account is opened.
  2. Complete the application:
    • Complete the online application- mail/email the completed form to us, and one of our team members will follow up to schedule a time to open your account
    • OR download the application and Email Us
    • OR bring the completed application to one of our locations

To learn more about the Ohio Homebuyer Plus Program, visit Ohio Homebuyer Plus.

If you would like someone to reach out to you directly, you can complete our contact us form, and someone will be in touch to answer any questions, and start the process for you.

 

Frequently Asked Questions

Who is eligible to open an Ohio Homebuyer Plus account?

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; and
- Only use the account proceeds toward the down payment or closing costs of a primary residence in Ohio.

 

Where can I open an Ohio Homebuyer Plus account?

An Ohio Homebuyer Plus Savings Account can be opened through any BSB location or @www.bsb.bank.

There's currently no participating financial intsitution near my home. Can I still open an Ohio Homebuyer Plus account?

Yes! Ohio Homebuyer Plus is a statewide program available to residents throughout the State of Ohio.

Are there any income requirements to open an Ohio Homebuyer Plus account?

No. Ohioans at any income level, who meet the necessary eligibility criteria, may open an enhanced interest savings account through the Ohio Homebuyers Plus program.

Can a married couple open a joint Ohio Homebuyer Plus account?

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.

Is there a minimum amount that must be kept in my Ohio Homebuyer Plus account?

Accounts must maintain a minimum balance of at least $100.

Can I use the funds to build a new home?

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.

Is there a limit to the size of the lot for the home?

The home being purchased must be classified as residential real property and must qualify for the owner-occupied property tax reduction provided by Ohio Revised Code Section 323.152(B). Only homesteads and manufactured or mobile homes taxed as real property qualify for the owner-occupied property tax reduction. Homestead is defined in Ohio Revised Code Section 323.151(A)(2) as, "The homestead shall include so much of the land surrounding it, not exceeding one acre, as is reasonably necessary for the use of the dwelling or unit as a home."

What tax deductions am I eligible for as an Ohio Homebuyer Plus accountholder and/or account contributor?

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, upto a lifetime maximum deduction per contributor of $25,000 per account. See Ohio Revised Code Section 5747.85 for more information.

Can anyone other than me take a tax deduction for contributions made to my account?

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.

www.ohiotreasurer.gov/homebuyerplus

*APY = Annual Percentage Yield is effective as of December 2, 2024. This is a variable rate account. Rates are subject to change after account opening and without notice. Account must maintain a $100 balance to at all times to earn the APY. Maximum account contribution of $100,000 and account duration is limited to 5 years. Ohio Homebuyer Plus Program Requirements:  Participant must have their current primary residence located in the State of Ohio; Participants must be at least 18 years of age; Account proceeds must be used toward the down payment or closing costs of a home purchased in the State of Ohio, with the home becoming the new primary residence of the participant; Participants must review and agree to the terms of the program before the account is opened.

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