Make Home Ownership a Reality

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

· us 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.