Ohio Homebuyer Plus: Save for a Home with CME FCU
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Saving for a Home in Ohio Just Got Easier: Ohio Homebuyer Plus + CME
For many Ohioans, homeownership feels like a dream that may never be achieved. Home prices continue to climb, the housing market shifts constantly, and the average down payment on a house can feel overwhelming. Yet owning a home remains a key milestone for stability and financial health. If you’ve ever asked yourself, “How can I possibly afford a home?” you’re not alone. That’s where Ohio Homebuyer Plus comes in.
Ohio Homebuyer Plus was introduced by the Ohio Treasurer’s Office in 2024 to make the path to homeownership more attainable. It’s designed to reward Ohioans who are saving for a home by offering:
Higher interest rates than a typical savings account. This means more dollars earned at a faster pace to build your down payment.
Tax benefits on your annual Ohio income taxes so you can put more of your income toward your goal of homeownership.
A five-year savings window to grow your funds over time.
Think of it as a specialized savings account with one clear purpose: to help you get the keys to your first (or next) home.
| Benefits from Ohio Homebuyer Plus | This program helps a wide range of Ohio residents: |
|---|---|
| First-time homebuyers seeking a structured plan to build a down payment. | Check Mark |
| Families preparing to move into a larger home. | Check Mark |
| Individuals seeking tax-advantaged growth for their savings. | Check Mark |
| Ohio residents exploring home loans, mortgage rates, and down payment assistance programs. | Check Mark |
| Anyone who wants a focused way to save for a home in Ohio. | Check Mark |
By rewarding disciplined saving, the program gives both new buyers and experienced homeowners a clear path to achieve their real estate goals.
Tips to Maximize Your Savings
When it comes to financial planning, discipline can be a challenge. We all like to enjoy the money we earn, so difficulty in saving money is understandable. With that in mind, the following tips can help supercharge your savings without spoiling your fun.
1) Set up automatic deposits. This builds discipline into your savings plan right from the start, ensuring your funds grow steadily over time.
2) Establish a budget with your savings goal in mind. Set spending limits that align with your priorities and adopt a system to track how you spend.
3) Explore first-time homebuyer loan options or other down payment assistance programs for added support.
4) Educate yourself on the various aspects of homeownership. Keep an eye on the housing market. Become familiar with mortgage rates, closing costs, and real estate in general. Meet with a CME FCU loan officer early to review home loan options so you’re ready when it’s time to make an offer.
Using these strategies, you can enter the housing market prepared and confident. CME FCU supports members at every stage, from opening an account to closing day.
Answers to Your Questions
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Any Ohio resident age 18+ planning to buy a home in the state.
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Only for a down payment or closing costs.
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No. Current homeowners planning a move can participate too.
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You can apply by opening an account through a participating financial institution. At CME Federal Credit Union, the process is simple: Meet with a team member, review the state’s required participation statement, and set up your account.
Next Steps for Your Next Home
Homeownership may feel intimidating, but programs like Ohio Homebuyer Plus help make it possible. With higher interest rates, tax advantages, and a clear focus on helping Ohioans achieve homeownership, this program provides a practical solution for today’s challenging market. If you plan to purchase a home in the next five years, consider opening an account with CME FCU. We’ll guide you through every step, provide insight on home loans and mortgage rates, and celebrate when you unlock the door to your new home.
