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Ohio Homebuyer Plus Program

Take advantage of this high-yield savings account to help save for your home's down payment

If actually being able to buy that dream home seems too good to be true, this might be for you! The Ohio Homebuyer Plus savings program was designed to put more Ohioans in new homes… and Heartland Bank can get you started!

What is the Ohio Homebuyer Plus Program?

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.

Account Highlights:

Only $100 minimum to open ^[2]
Up to $1,000 closing cost credit ^[3]
To learn more, read the Participation Statement here

What are the Ohio Homebuyer Plus Program qualifications?

Be a resident of the State of Ohio
Be at least 18 years of age
Have a primary residence in the State of Ohio
Only use the account proceeds toward the down payment or closing costs of a home purchase in Ohio

Ready to get started or have questions? Visit or contact a local branch near you.

Saving for a New Home? Our high-yield savings account can help! Ohio Homebuyer Plus

If I have an Ohio Homebuyer Plus account at another financial institution, can I transfer it to Heartland Bank?

Accounts may be transferred between participating financial institutions at the discretion of the saver.

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.

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.

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 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.

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.

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.

Where can I open an Ohio Homebuyer Plus account?

An Ohio Homebuyer Plus savings account can be opened through Heartland Bank or any participating financial institution.

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.

Am I allowed to have more than one Ohio Homebuyer Plus account?

No. Only one Ohio Homebuyer Plus account is permitted per individual.

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 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.

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.

I currently reside outside of Ohio, but plan to move to Ohio 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.

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.

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.

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.

^{[2] To receive the up-to $500 matching bonus, a total of at least $100 must remain in the account for 90 days following account opening. At the end of the 90 days, you will be eligible for a matching deposit of up to $500, based on the amount in the account on the 90th day. Deposit will be made into your Homebuyer Plus account within 10 business days after the requirements have been met. Account must be in good standing at time of payout. Match example: An account with $300 meeting the requirements will receive a matching deposit of $300. An account with a balance greater than $500 meeting the requirements will receive the maximum matching bonus of $500. Limit one bonus per social security number. Offer valid on first Homebuyer Plus account opened at Heartland Bank. Bonus payout may be taxable as interest income and reported on IRS Form 1099-INT. Consult your tax advisor. Heartland Bank reserves the right to change or discontinue this offer at any time. Available for a limited time.}

^{[3] A credit of up to $1000 will be applied - at closing and not before - towards eligible closing costs on a first position mortgage originated at Heartland Bank for a new home purchase. Offer valid for Ohio Homebuyer Plus (OHP) Savings Account customers only. To receive the up-to $1000 credit, the following conditions must be met: 1) OHP savings account must be open for a minimum of 90 days and must carry a balance of at least $100; 2) Borrower must open a Heartland Bank checking account with auto-deduct at or before loan closing. $25 minimum deposit required to open a Heartland Checking account . The credit cannot exceed actual closing cost available or maximum interested party contributions and cannot be used to fund any portion of the down payment or financial reserve requirements. OHP account must be open at Heartland Bank at the time of mortgage origination to be eligible for the closing cost credit. One OHP closing cost credit per mortgage loan. One OHP lifetime closing cost credit per household, future newly opened OHP accounts are not eligible for the closing cost credit. The credit has no cash value, unused funds will be forfeited. Subject to creditworthiness and eligibility. We reserve the right to change or discontinue this offer at any time. Available for a limited time.}

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