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Ohio Homebuyer Plus FAQs

Save Smarter, Buy Sooner


Fast-track your homebuying journey with Civista Bank and the Ohio Homebuyer Plus Savings Plan. Discover the benefits of opening your Ohio Homebuyer Plus Saving Account at Civista Bank.

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Learn more about this savings program like eligibility, potential tax benefits, and how Civista can help you reach your homeownership goals sooner with these Frequently Asked Questions below.




Frequently Asked Questions

Ohio Homebuyer Plus offers specialized, tax-advantaged savings accounts for Ohioans to use 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 accountholder must:

Civista Arrow  Be an Ohio resident at least 18 years of age;

Civista Arrow  Have a primary residence located in Ohio;

Civista Arrow  Only use the account proceeds toward the down payment or closing costs of a primary residence in Ohio; and

Civista Arrow  Review the Ohio Homebuyer Plus Participation Statement prior to opening the account

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

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

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

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

Funds saved through an Ohio Homebuyer Plus account must be used within five years for the purchase of an eligible home.

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

An applicant must be an Ohio resident at the time of application to open an Ohio Homebuyer Plus account.

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

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.

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.

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.

Certain Ohio taxpayers may deduct the amount of contributions to an Ohio Homebuyer Plus account and the interest earned on that account when computing their Ohio adjusted gross income. Up to $5,000 of contributions per person can be deducted per account (or $10,000 per married couple), per tax year, up to a lifetime maximum deduction per contributor of $25,000 per account. See Ohio Revised Code Section 5747.85 for more information.

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.














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Consult your tax advisor.

View more details on the Homebuyer Plus page(Opens in a new Window) of the Ohio Treasurer website.