Ohio Homebuyer Plus program open for applications

Ohio Treasurer’s Office helps Ohioans purchase homes

By Sheri Trusty, Seneca County Media Relations Coordinator

Ohio Treasurer Robert Sprague hosted a Zoom meeting on Feb. 28 to share information that may revolutionize the way Ohioans save money to purchase a home. Sprague discussed the new Ohio Homebuyer Plus savings program which allows eligible Ohio residents to open enhanced interest savings accounts designated to saving money for a down payment. Applications for the program are now being accepted.

Sprague was joined on the call by banking and real estate professionals from around the state who discussed the barriers to homeownership and the benefits of Ohio Homebuyer Plus. Sprague said that prospective homeowners must earn 50% more money post-COVID to purchase a home. His office talked with Ohioans to identify the obstacles they face as they work toward homeownership.

“The biggest barrier was the 20% down payment,” Sprague said. “Money is tighter, and interest rates have increased.”

The Ohio Homebuyer Plus program stemmed from Sprague’s desire to help Ohioans realize their dream of homeownership.

“If people buy houses in Ohio, they are invested in Ohio,” Sprague said.

Prospective Ohio Homebuyer Plus participants apply for the program through local participating banks or credit unions. Once approved, the account earns added, variable interest to help the account holder earn money toward the purchase of a home. Ohio Homebuyer Plus account holders may qualify for Ohio state income tax deductions.

“We will enhance that interest rate…to help you grow interest quickly,” Sprague said.

To be eligible for the Ohio Homebuyer Plus program, participants must be an Ohio resident and at least 18 years old. Account proceeds can only be used for the down payment or closing costs of a primary residence purchased in Ohio.

Ohio Homebuyer Plus accounts can be opened with as little as $100 and cannot exceed $100,000. The funds must be utilized within five years of opening the account.

The Ohio Treasurer’s Office is compiling a list of participating banks and credit unions. That list will soon be available on the Ohio Treasurer’s website.

Seneca County Commissioner Bill Frankart joined the Ohio Homebuyer Plus Zoom call hosted by Sprague. The commissioner was impressed by the opportunities it opens for Ohioans.

“The Ohio Homebuyer Plus program is an excellent way for people to get a savings enhancement for a home purchase,” he said. “I can really see young adults who get right into the work force utilizing this opportunity. I encourage our vast local banks to get involved with this program.”

For more information on the Ohio Homebuyer Plus program, visit www.tos.ohio.gov/homebuyerplus.