Internet Explorer 11 is outdated. For improved security and optimized performance we highly recommend upgrading your browser. ChromeFirefoxEdge

Ohio Homebuyer Plus 

Ohio Homebuyer Plus makes specialized, tax-advantaged savings accounts available to Ohioans to assist them on their homebuying journey. First Federal Community Bank will help you grow your money faster at 6.75% APY*. Ohio Homebuyer Plus Program participants will receive up to a $1500.00** closing cost credit when you purchase your home with a mortgage from First Federal Community Bank.

First Federal Community Bank prides itself on its team of skilled mortgage professionals who provide tailored service to walk clients through every step of the mortgage process. Offering a diverse selection of mortgage products and ensuring constant communication, they aim to make the experience effortless and worry-free. Experience firsthand why First Federal Community Bank is the preferred choice for many seeking mortgage solutions.

Open your Ohio Homebuyer Plus savings account today to start saving for a new home!

For more information about the Ohio Homebuyer Plus program, please visit


Account Highlights  

- Earn 6.75% APY*
- $100.00 minimum to open
- $100,000.00 maximum balance
- Account must be used within five years
- Balance should be used to fund a down payment or mortgage closing costs
- Receive up to a $1500.00** for closing costs

Ohio Homebuyer Plus Savings Account Participant Requirements:

- Review the Ohio Homebuyer Plus Participation Statement from the Ohio Treasurer’s Office here
- Be an Ohio resident at least 18 years of age
- Have your primary residence located in the State of Ohio
- Only use the high interest savings account proceeds toward the down payment or closing costs of a home purchased in Ohio, with the home becoming your new primary residence

Program FAQs 

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.

What types of properties qualify?
Homes eligible under this savings program include:
A single-family home.
Condo Unit in a multi-unit dwelling.
Manufactured or mobile homes (taxed as real property)
A Home must be the saver’s primary residence after the closing of the home purchase and be located in the State of Ohio.

Can I purchase a vacation home or income property with the savings in the 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.

What types of properties do not qualify?
An ineligible home includes, but are not limited to, recreational vehicles, house boats, campers, commercial real estate, and land without an existing residential building included (bare land).

I currently reside outside of Ohio, but plan to move there and purchase a home. Can I open an Ohio Homebuyer Plus account?
No. An applicant must be an Ohio resident at the time of application to open an Ohio Homebuyer Plus account.

What is the minimum deposit required to open the account?
The minimum opening deposit and balance is $100.00.

What is the maximum amount I can contribute to the account?
An Ohio Homebuyer Plus account cannot exceed a maximum contributed balance of $100,000.00.

Who can contribute to the account?
The account holder can make a one-time deposit or multiple deposits over the five-year period. Contributions will also be accepted from others, including a spouse, parent, sibling, stepparent, or grandparent.

Are there any income requirements to open an Ohio Homebuyer Plus account?
No. Ohioans at any income level, who meet the necessary eligibility requirements, may open an enhanced interest savings account through this program.

Do I have to be a first-time homebuyer to qualify?
No. Anyone meeting the eligibility criteria planning to purchase a home within the five-year period can open an Ohio Homebuyer Plus account.

How long can I keep the account open?
Funds must be used within five years. If funds have not been used within that time, First Federal Community Bank will convert the account to a Simple Savings account. The enhanced interest rates will end, and the terms of the account will be those described in the account disclosure.

To maintain eligibility, a minimum balance of $100.00 must be maintained. Three years after account opening, the minimum balance becomes $500.00. Any accounts with less than $500.00 at that time will no longer be eligible for the Ohio Homebuyer Plus program and the account will be converted to a Simple Savings.

Can a married couple open a joint Ohio Homebuyer Plus account?
No. Ohio Homebuyer Plus accounts must be individually owned by the saver. Two individuals who are married or currently reside at the same address can each open an account under their social security number.

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. If the accountholder is no longer eligible, their Ohio Homebuyer Plus account will be closed. Funds not used for an eligible home purchase may result in State of Ohio tax reporting requirements and possible tax liabilities.

Can I access the money during the five years?
If you are ready to purchase a home before the end of the five years, you would withdraw the funds to cover the down payment and/or closing costs. Once you make the first withdrawal, you have 90 days to use the rest of the balance. Should a Saver’s Account have a small outstanding balance, currently defined as an amount equal to or less than one hundred dollars ($100.00), remaining in their Account after the purchase of a Home, the Financial Institution will close the Account and either 1) return the funds to the Saver or 2) deposit the funds into a new non-Ohio Homebuyer Plus Account registered in the name of the Saver. Funds not used for Eligible Withdrawals may result in State of Ohio tax reporting requirements and possible tax liabilities.

Are there tax advantages to this program?
Certain Ohio income tax taxpayers may claim the tax deduction for contributions. We highly recommend talking to a certified tax professional when considering taking advantage of any tax deductions.



*APY = Annual Percentage Yield.  $100.00 opening deposit required. Customers must maintain a minimum balance of at least $100.00. Maximum deposit allowable of $100,000. Account cannot be held jointly. Two individuals who are legally married are both eligible to open and fund individual Accounts, must be a resident of the State of Ohio with primary address being in Ohio. Applicant must be at least 18 years of age. Funds must be used within five years of account opening. Customers shall hold not more than one Ohio Homebuyer Savings Program account at any one time except as allowed in the Ohio Homebuyer Savings Plus Participation Statement. Fees may reduce earnings.
**$1500.00 Closing Credit Offer Disclaimer: Offer valid for Ohio Homebuyer Plus Savings Account customers only; account must be open for a minimum of 90 days to qualify. Offer valid for home purchases only; purchase must be primary residence in Ohio. Home refinances not eligible for offer. Not valid on home equity loans or lines of credit. All loans subject to approval based upon creditworthiness, qualifications, and collateral conditions. Cannot be combined with any other offers. One closing cost credit per customer, per loan. Offers subject to credit and underwriting guidelines. First Federal Community Bank reserves the right to modify or eliminate these offers at any time. Equal Housing Opportunity. NMLS #419803.


Quicklinks Include

Go to Top