New Homebuyer Savings Program to Launch in Ohio

Struggling to come up with that 20% down payment? 💸🏠 Well, there's good news for Ohio residents looking to save big for their new home.

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Through the Ohio Homebuyer Plus Savings Program, those who qualify can set up a tax-advantaged savings account at increased interest rates. Sounds like a pretty sweet deal! 🥳

Here’s Five Fast Facts on the new program:

1. 🏡 Perk Alert - Participating banks and credit unions will offer above-market interest rates to those who set up these special savings accounts. Another perk: account holders may also qualify for certain state income tax deductions.
   
   
2. 🗒️ Wish List - The money accrued in the savings accounts can be used for a down payment on a home and to pay for closing costs.

3. ✅ Highly Qualified - To qualify, you must be an Ohio resident, be at least 18 years old, and have a primary residence in the state.
   
   
4. 🔍 The Fine Print - Savings accounts through the Ohio Homebuyer Plus Program must be used within five years. Account holders must also maintain a minimum balance of at least $100 and cannot exceed a maximum balance of $100,000.
   
   
5. 🔜 More To Come - Details about where people can open accounts will be available when the program launches in January 2024.

🔥Bottom line: This new program is super-promising for homebuyers in the Buckeye State. Saving for a home is tough these days. Extra help in the form of competitive interest rates could get you the keys to your dream home sooner! 

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