Ohio Homebuyer Plus Savings Program

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Start Saving for a Down Payment Today

Buying a house in Central Ohio has become increasingly challenging in the last three years. The average median sale price of homes sold in Ohio has increased 20% since December 2020*, and the median days on the market dropped by 29%. That means the Ohio housing market is turning over faster and selling for significantly higher selling prices, which can make it challenging to find and pay for your new home.

One of the biggest barriers to buying a new home is the cash required to begin the process. These costs include a down payment of 3 to 20%, mortgage closing costs, pre-payment of taxes, inspections and more.  The Ohio Homebuyer Plus Savings program makes the process of saving for a new home purchase more accessible and achievable even faster.

Whether you are buying your first home, or are selling an existing home with equity, a down payment is still the largest chunk of the expense needed to buy a home. The sooner you start saving for the down payment, the better. You’ll be able to act quickly when you find a home that checks all your boxes, giving you a competitive advantage over other buyers who may not have all of their finances figured out.

Saving money is just one of the aspects of preparing for a new home purchase. The rate of return you receive on your savings is also important. You need an aggressive savings program that combines your contributions with a high interest rate (Annual Percentage Yield), working together to grow your savings balance quickly. The Ohio Homebuyer Plus Savings gives you access to above-market interest rates with a higher rate of return, compared to traditional savings and money market accounts. While traditional savings account and high-yield savings accounts are great for other dreams, the Ohio Homebuyer Plus Savings Account is the best option for homebuyers in Ohio.

Grow Your Savings Faster

The Ohio Homebuyer Plus Savings program was created as a collaboration between the Ohio Treasurer’s office and participating banks and credit unions to create a special, tax-advantaged savings account that provides higher returns  to help Ohioans achieve their homeownership dreams.  The only requirement is that you are 18 or older, you purchase a primary residence in Ohio within five years, and you can contribute as little as $100 to get started.

KEMBA Can Help You Get Started

KEMBA is an Ohio Homebuyer Plus financial institution that can help you set up an account and start saving for your future. If you would like to know more, schedule an appointment or visit one of our 12 Central Ohio credit union branches. You can also talk to a member of our dedicated member service team at 614.235.2395 and select Option 4.

 APY = Annual Percentage Yield. This is a variable rate account. Rates are subject to change after account opening. $100 minimum to open the account. There is a maximum contribution limit of $100,000. Account duration is limited to 5 years.


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