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 |
