For some Ohioans, the dream of home ownership has been just
that - a dream. Low inventory, high interest rates, and rising prices have
created roadblocks for prospective buyers. According to the Ohio Realtors
Association, the average sales price of a home across Ohio in January reached
$254,943, a 7.4% increase from the $237,467 mark posted in January 2023. Around
the state, 10 of the 15 markets tracked experienced an increase in average sale
price for the month compared to January 2023.
Fortunately, the Ohio Treasurer's Office has partnered with
trusted financial institutions around the state and introduced a new program
designed to turn more Ohioans into homeowners.
Ohio Homebuyer Plus was introduced in January 2024 and is a
savings program designed to encourage homeownership across the Buckeye State.
Ohioans 18 years and older can open enhanced interest savings accounts at participating
financial institutions.
In collaboration between the offices of Ohio Governor Mike
DeWine and the Treasurer of State's office, Ohio Homebuyer Plus 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.
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
·
use only the account proceeds toward the down
payment or closing costs of a home purchase in Ohio.
Accounts connected with 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.
Prospective homebuyers work with a participating bank or credit union to apply
for a savings account through Ohio Homebuyer Plus. Contributions by the
homebuyer or certain family members may be tax deductible from the
contributor's Ohio income tax. Prospective homebuyers taking advantage of this
program at Telhio Credit Union will grow their savings faster with a 7.75% APY*
on their Ohio Homebuyer Plus Savings Account.
In addition, Ohio Homebuyer Plus accountholders securing a mortgage through
Telhio Credit Union will receive a $1500 closing cost credit when the home
purchase is made. **
Telhio Credit Union has a team of experienced mortgage
professionals who provide personalized services to guide members through the
mortgage process, offering a range of products and transparent correspondence
to ensure the experience is smooth and stress-free.
To open an account, visit https://www.telhio.org/homebuyer-plus
and for a list of frequently asked questions, visit https://tos.ohio.gov/homebuyerplus.
*APY = Annual Percentage Yield. ** Restrictions apply.
