Unlock owning your dream home faster with the Ohio Homebuyer Plus Savings Program and CME FCU

In conjunction with the Ohio Treasurer's office, CME FCU is pleased to offer Ohio Homebuyer Plus to our customers.

Ohio Homebuyer Plus makes specialized, tax-advantaged savings accounts available to Ohioans to assist them on their homebuying journey. Individuals who open an account through this program will have access to above-market interest rates that will help them to save and grow their money faster. Alongside research of home loans, mortgage rates, and closing costs, the Ohio Homebuyer Plus program should be considered by those interested in down payment savings plan options.

Who Can Benefit from Ohio Homebuyer Plus:

  • First-time homebuyers looking to save for a down payment efficiently.

  • Those who want access to above-market interest rates while saving for a home in Ohio.

  • Anyone looking for guidance and support as they watch the housing market and consider purchasing a home.

For more information about the Ohio Homebuyer Plus program, please visit ohiotreasurer.gov/homebuyerplus.

Please note: Individuals are required to review the Ohio Homebuyer Plus participation statement prior to opening an account through the program. You can review the participation statement here.

Contact Us to Apply
Ohio Homebuyer Plus Savings Account Logo

Frequently Asked Questions

  • It’s a collaboration between the State Treasurer’s Office and participating financial institutions to help Ohioans achieve the dream of home ownership. It is a specialized, tax-advantaged savings account with above-market interest rates. It can also work alongside other down payment assistance or first-time home buyer loan options.

    • The accountholder must:

      • Be a resident of the state of Ohio

      • Be at least 18 years of age

      • Have a primary residence in Ohio

      • Use the account proceeds toward the down payment or closing costs of a home purchase in Ohio

  • Several types of real estate are eligible under this savings program: a house, condo, unit in a multiple-unit dwelling, manufactured home or mobile home in select cases. The home being purchased must be in the state of Ohio. Recreational vehicles, house boats, campers, commercial real estate and land without an existing residential building are ineligible.

  • Qualifying individuals can visit a participating bank or credit union to apply, like CME FCU. Applicants must review, understand, and adhere to the Participation Statement, most importantly agreeing to the terms of use: using the money only to help pay for a home.

  • Applying is simple. To begin, review the Ohio Homebuyer Plus participation statement to confirm eligibility. Then, contact CME FCU to start your application. Our team can walk you through the process, help you set up your down payment savings plan, and answer questions about Ohio Homebuyer Plus eligibility, mortgage rates today, or how to get pre-approved for a mortgage.

  • $500 Is the minimum amount, $100,000 is the maximum amount.

  • The funds must be used within 5 years, and a minimum balance of $500 must be maintained.

  • This program will pay above market interest rates compared to traditional savings products.

  • The account holder can make a one time, or interval deposits and contributions from others is acceptable as well.

  • Yes. Each individual social security number – that meets qualifying criteria – can open an account.

  • Yes, contributions made by the homebuyer, family members, or others may be tax deductible from the contributor’s Ohio income tax.

  • No. Any qualifying individual can open the account to save for a new home purchase.

  • Yes. You can make withdrawals, including interest earned for qualified purchases. Refer to the Ohio Homebuyer Plus Participation Statement here.

  • You can withdraw your funds or will be required to do so if you move out of state. Or, you can move your funds to another participating financial institution.

  • Your funds will be moved to another account at the financial institution holding the account. For example, at CME FCU, funds will be moved into the accountholder’s Primary Savings.

  • Yes, after one year of time has elapsed.

  • CME FCU offers access to work with our certified financial counselors, including home buyer assistance. We can also help you get pre-approved for a mortgage or get a quote for a home loan. Learn more about our certified financial counselors here.

  • CME FCU’s mortgage team will gladly assist you by reviewing the options, including how much home you can afford, and helping you understand which terms fit your needs.

OHIO HOMEBUYER PLUS REQUIREMENTS

Be an Ohio resident at least 18 years of age

Have their primary residence located in the State of Ohio

Only use account proceeds toward the down payment or closing costs of a home purchased in Ohio, with the home becoming their new primary residence

*APY = Annual Percentage Yield. This is a variable-rate account. Rates are subject to change after account opening. $500 minimum to open the account. There is a maximum contribution limit of $100,000. Account duration is limited to 5 years, or 12 months once the maximum $100,000 is met. Please consult a tax advisor regarding individual circumstances and potential federal tax implications, or the Internal Revenue Service.