The Ohio Homebuyer Plus Plan is a unique homebuyer program supported by the Ohio Treasurer’s office that provides tax-advantaged savings accounts for Ohioans to use on their homebuying journey.
By opening an Ohio Homebuyer Plus savings account at Monroe Federal, participants gain access to above-market interest rates and may qualify for certain Ohio state income tax deductions³. With an Ohio Homebuyer Plus savings account through Monroe Federal, you can earn up to 6.5%.
To learn more about the Ohio Homebuyer Plus Plan, click below.
Learn MoreResidency and age: Participants must be Ohio residents aged 18 or older at the time of account opening.
Deposit range: Deposit between $100 and $100,000 into a designated account.
Account limit: Only one Homebuyer account can be open per individual across all financial institutions.
Use of funds: Funds must be utilized within five (5) years toward the down payment or closing costs of a home purchased in Ohio, with the home becoming the account owner's primary residence.
Review requirement: Individuals are required to review the Ohio Homebuyer Plus participation statement before opening an account through the program.
• Anyone looking to purchase a home in the next five years in Ohio.
• Recent graduates. It's a great gift for kids or grandkids!
• Realtors (Tell your clients about the account. Every little bit helps toward closing costs and down payment).
• Renters who dream of owning a home.
• Empty nesters who will be looking to down-size soon.
• You!
1 Annual Percentage Yield (“APY”) is effective as of July 15, 2024 and is subject to change without notice. This is a variable interest rate account and the interest rate may change after account opening. The APY is based on blended tiered rates that will earn separate rates for each tier in the account: Balances up to $25,000.00 will earn 6.50% APY and balances from $25,000.01 to $100,000.00 will earn an APY of 6.50% to 3.86%.
2 Account opening is subject to receipt of a completed application, signed certification of the Ohio Homebuyer Plus Participation Statement and approval from the Ohio Treasurer’s office. Account is subject to all requirements, terms and conditions set forth in the Participation Statement found at https://tos.ohio.gov/homebuyerplus/. Activity restrictions apply. Monroe Federal reserves the right to change or discontinue this program at any time without notice.
3 Consult a tax advisor to discuss the tax advantages and any possible tax liabilities of an Ohio Homebuyer Plus Savings Account.
