Ohio Homebuyer Plus

Earn a Competitive Rate of 6.29% APY^**

A Savings Plan for Ohioans

Ohio Homebuyer Plus Logo

In conjunction with the Ohio Treasurer’s office, Croghan Colonial Bank is pleased to offer Ohio Homebuyer Plus to you. Ohio Homebuyer Plus offers specialized, tax-advantaged savings accounts to Ohioans to assist you in your homebuying journey. Whether you're an Ohio resident looking to purchase your first home, upsize, or downsize, you may benefit from this program. With this account, you will have access to above-market interest rates that will help you save and grow your money faster. Contact us or visit your local Croghan Colonial Bank office to get started.

Who is Eligible?

Participants Must:

Be an Ohio resident at least 18 years of age
Have a primary Ohio residence
Use account funds towards the down payment or closing cost of a primary residence in Ohio
Review the Ohio Homebuyer Plus Participation Statement prior to opening the account

Frequently Asked Questions

Q: Are there any income requirements for opening an Ohio Homebuyer Plus account?

A: No. Ohioans at any income level who meet the eligibility criteria may open an enhanced interest savings account through the Ohio Homebuyer Plus program.

Q: Can a married couple open a joint Ohio Homebuyer Plus account?

A: No. The account must be individually owned by the saver; joint account ownership is not allowed. Two legally married individuals are eligible to open and fund individual accounts.

Q: Is there a minimum amount that must be kept in my Ohio Homebuyer Plus account?

A: Accounts must maintain a minimum balance of at least $100.

Q: Is there a maximum amount that I can save in my Ohio Homebuyer Plus account?

A: A Ohio Homebuyer Plus account cannot exceed a maximum contributed balance of $100,000.

Q: How long can I save money through an Ohio Homebuyer Plus account?

A: Funds saved through an Ohio Homebuyer Plus account must be used within five years to purchase an eligible home.

Q: Can my spouse and I both use our accounts to purchase a home?

A: Two legally married individuals are 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.

Q: Can I use the funds to build a new home?

A: 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.

Q: Is there a limit to the size of the lot for the home?

A: 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.

Full List of FAQs

Features	Details
Minimum to Open	$100.00
Maximum Balance	$100,000.00
Maximum Duration	5 Years
Account Ownership	Individuals Only. Joint Ownership is not allowed.
Interest Paid	Yes
Digital Benefits Included	Online Banking Mobile Banking 24 months of eStatement retention

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HOW TO OPEN YOUR ACCOUNT

Ready to start your homebuying savings journey? Give us a call, complete a contact us form, or visit your local Croghan Colonial Bank office to get started!

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_{*APY = Annual Percentage Yield. Minimum Balance = the amount of principal in the account each day. Fees could reduce earnings on the account. Rates are subject to change without notice.}

_{**Annual Percentage Yield (APY) accurate as of 06/10/2024. Minimum opening deposit is $100.00. Minimum balance to earn APY is $0.01. This is a variable rate account. Additional fees, terms, and conditions apply. Account subject to deposit account approval.}

_{***Please consult a tax advisor regarding individual circumstances and potential federal tax implications, or the Internal Revenue Service.}

_{View more details on the Homebuyer Plus Page of the Ohio Treasurer website.}

Ohio Homebuyer Plus

Earn a Competitive Rate of 6.29% APY**

A Savings Plan for Ohioans

Who is Eligible?

Frequently Asked Questions

Quicklinks

Earn a Competitive Rate of 6.29% APY^**