Sign Up For News And Updates

Your Contact Information
First Name:
Last Name:
E-mail Address:
Sign up for the following:

Your Address
Address:
City:
State:
ZIP:
Mobile Phone:
Learn more about opt-in
By checking this box, you agree to receive email and text message updates from us. By checking this box, I consent to receive event and news updates via email and SMS. Unsubscribe anytime via provided links. Your information is safe with us and used solely for providing our News and updates. Standard Msg & Data rates may apply.
Banner Image

Ohio Homebuyer Plus

The Ohio Homebuyer Plus Savings Account creates specialized, tax-advantaged savings accounts to assist Ohioans on their homebuying journey.Ohio Home Buyers 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 7.25%APY* on up to $100,000 with an Ohio Homebuyer Plus Savings Account.
  • Up to $400 match**
  • $800 credit towards your closing costs***

Ohio 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

*Accounts connected with the Ohio Homebuyer Plus must be used within five years, maintain a minimum balance of at least $100, and cannot exceed a maximum balance of $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

Elevate your experience with additional benefits! Receive up to a $400 match after 6 months. PLUS when you finance your mortgage with BSB through this program, we will gift you an $800 credit towards your closing costs.

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.

FAQs: 

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 July1, 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.

**To earn the deposit match bonus up to $400.00, 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 the $400.00. 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 Belmont Savings 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. Belmont Savings Bank reserves the right to change this offer at any time. Offer valid for Ohio Homebuyer Plus Savings account customers only.

***A credit of $800.00 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 Belmont Savings 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 down payment or financial reserve requirement. The Ohio Homebuyer 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 Ohio Homebuyer Plus Participation Statement, as well as Belmont Savings 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 offer. Fee waiver has no cash value. Offer limited to one $800.00 closing cost waiver per mortgage transaction and one per account. Belmont Savings Bank reserves the right to modify or terminate this offer at any time. Contact your local Belmont Savings Bank office for complete details.