Who is eligible to open an Ohio Homebuyer Plus account?
To qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an eligible account holder 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.

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 Homebuyer 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 prohibited. 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.

Is there a maximum amount that I can save in my Ohio Homebuyer Plus account?
An Ohio Homebuyer Plus account cannot exceed a maximum contribution balance of $100,000.

How long can I save money through an Ohio Homebuyer Plus account?
Funds saved through an Ohio Homebuyer Plus account must be used within five years for the purchase of an eligible home. Funds that are not used after 5-years are converted to a PBC Statement Savings Account.

Can I purchase a vacation home or income property with the savings in an Ohio Homebuyer Plus account?
No. Account proceeds must be used toward the down payment and/or closing costs associated with the purchase of a primary residence in Ohio.

I currently reside outside of Ohio, but plan to move there and purchase a home. Can I open an Ohio Homebuyer Plus account?
An applicant must be an Ohio resident at the time of application to open an Ohio Homebuyer Plus account.

Once I have an Ohio Homebuyer Plus account at one financial institution, can I transfer it to another if they offer better terms?
Accounts may be transferred between participating financial institutions at the discretion of the saver.

What if my circumstances change or I move out of the state and do not purchase a primary residence in Ohio?
If an account holder’s circumstances change or if they move out state, they keep all money saved as well as the interest accrued in their account. Additionally, if the account holder 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.

Can my spouse and I both use our accounts to purchase a home?
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.

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 those situations, there is no home 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 homestead and manufactured or mobile homes taxed as real property qualify for the owner-occupied property tax reduction. A primary residence can sit on any size lot (1/4 acre, 5 acres, 10 acres, to 100 acres). 

What tax deductions am I eligible for as an Ohio Homebuyer Plus account holder 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, up to 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.

How long will the bank offer this account?
Participating Financial Institutions are limited to 1,000 accounts.  Monies are expected to run out before year end of 2024.