Earn 7.00% APY*
$100 minimum to open
$100,000 maximum contributed balance
Balance should be used to fund a down payment, earnest deposit, mortgage closing costs, or other expenses that are directly related to the purchase of an eligible home
Receive a $500 bonus with a new or existing checking account**
Up to $1,000 of loan fees waived if purchase is financed with The Apple Creek Banking Company***
Funds for purchase must be used within five years
Subject to State of Ohio approval
Frequently Asked Questions
Who is eligible to open an Ohio Homebuyer Plus account?
To qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an eligible accountholder must:
• Be an Ohio resident at least 18 years of age;
• Have a primary residence in the State of Ohio; and
• Only use the account proceeds toward the down payment or closing costs of a primary residence in Ohio.
Are there any income requirements to open an Ohio Homebuyer Plus 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.
Can a married couple open a joint Ohio Homebuyer Plus account?
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.
Is there a minimum amount that must be kept in my Ohio Homebuyer Plus account?
Accounts must maintain a minimum balance of at least $100.
Is there a maximum amount that I can save in my Ohio Homebuyer Plus account?
A Ohio Homebuyer Plus account cannot exceed a maximum contributed balance of $100,000.
How long can I save money through an Ohio Homebuyer Plus account?
Funds saved through an Ohio Homebuyer Plus account must be used within five years for the purchase of an eligible home.
Can I purchase a vacation home or income property with the savings in an Ohio Homebuyer Plus account?
No. Account proceeds must be used toward the down payment and/or closing costs associated with the purchase of a primary residence in Ohio.
I currently reside outside of Ohio, but plan to move there and purchase a home. Can I open an Ohio Homebuyer Plus account?
An applicant must be an Ohio resident at the time of application to open an Ohio Homebuyer Plus account.
Once I have an Ohio Homebuyer Plus account at one financial institution, can I transfer it to another if they offer better terms?
Accounts may be transferred between participating financial institutions at the discretion of the saver.
What if my circumstances change or I move out of state and do not purchase a primary residence in Ohio?
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.
Can my spouse and I both use our accounts to purchase a home?
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.
Can I use the funds to build a new home?
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.
Is there a limit to the size of the lot for the home?
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. Homestead is defined in Ohio Revised Code Section 323.151(A)(2) as, “The homestead shall include so much of the land surrounding it, not exceeding one acre, as is reasonably necessary for the use of the dwelling or unit as a home.”
What tax deductions am I eligible for as an Ohio Homebuyer Plus accountholder and/or account contributor?
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.
Can anyone other than me take a tax deduction for contributions made to my account?
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.
More Questions? Email Us
ohp@applecreekbank.com
*Minimum balance of $100 to receive Annual Percentage Yield (APY). Interest rate and annual percentage yield may change after 9/30/2024. Fees may reduce earnings.
**Eligibility:
Open an Ohio Homebuyer Plus Savings account with The Apple Creek Banking Co. Subject to State of Ohio approval.
Bonus Requirements:
1) You must maintain an Ohio Homebuyer Plus Savings account at The Apple Creek Banking Co. with a balance of at least $100.00 in the account for the initial 180 days.
2) You must maintain a separate checking account at The Apple Creek Banking Co. with at least three payroll direct deposits during the initial 180 days the Ohio Homebuyer Plus Savings account is open.
Bonus Payment:
The $500.00 bonus will be deposited to your checking account with The Apple Creek Banking Co. within 30 days after both requirements have been met. Both accounts must be open and in good standing at the time of bonus payment. Limit one $500.00 bonus per social security number. Bonus payout may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor.
***Eligibility:
Open an Ohio Homebuyer Plus Savings account with The Apple Creek Banking Co. Subject to State of Ohio approval. Finance
the purchase of your Ohio 1-4 family primary residence with The Apple Creek Banking Co. Not valid on home
refinances, construction, home equity loans or lines of credit. Not valid on non-primary residence properties.
Requirements:
1) You must have an Ohio Homebuyer Plus Savings account at The Apple Creek Banking Co. with a balance of at least
$100.00 in the account for a minimum of 120 days.
2) All loans subject to approval under applicable credit and underwriting guidelines.
Payment:
After both requirements have been met, you will receive up to $1,000.00 off your mortgage closing fees. Cannot be
combined with any other offers. One closing cost credit per purchase.