7.50% APY* Ohio Homebuyer Plus Savings Program

No. Ohioans at any income level who meet the eligibility requirements may open an account through the Ohio Homebuyer Plus program.

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.

No. Account proceeds must be used toward the down payment and/or closing costs associated with the purchase of a primary residence in Ohio.

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 of those situations, there is no home ready to be occupied.

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.

No. The account must be individually owned by the saver; joint ownership is not allowed. However, two people can open their own accounts and fund them separately.

No. The program only allows for one Ohio Homebuyer Plus account per Ohio resident. 

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 homesteads and manufactured or mobile homes taxed as real property qualify for the owner-occupied property tax reduction.

Accounts may be transferred between participating financial institutions at the discretion of the saver.

If an accountholder's circumstances change or if they move out of state, they keep all of the money saved as well as the interest accrued in their account. Additionally, if the accountholder is no longer eligible, their Ohio Homebuyer Plus account will close and the enhanced earnings end.

Funds not used for an eligible home purchase may result in State of Ohio tax reporting requirements and possible tax liabilities.

No. The Ohio Homebuyer Plus account holder has full access and responsibility in using the funds in the account for qualified expenses per the program's agreement and is responsible for retaining appropriate documentation to substantiate the use of the account funds.

FCBank is obligated to submit to the Ohio Treasurer's office monthly reports of any Homebuyer Plus Savings account changes and/or transactions completed on them.

FCBank cannot offer tax advice. Please consult a competent tax advisor for questions pertaining to tax information. 

The funds cannot be used other than for a downpayment on a home or approved closing costs.  If you use the funds for another purpose, you should consult with a tax professional regarding any implications.  

Given program requirements from the State of Ohio, the account will need to be closed.  Should this occur, you would need to consult with a tax professional regarding any implications.