Unlock High-Yield Savings with Ohio's Homebuyer Plus Program

Discover the valuable opportunities available for Ohio residents aiming to save for a new home through the Ohio Homebuyer Plus Program.

Understanding the Ohio Homebuyer Plus Program

The Ohio Homebuyer Plus Program offers an attractive enhanced interest rate of 6.5%—although this rate may fluctuate. For some new account holders, there’s also an initial bonus of $500, adding an extra incentive to save.

Tax Advantages: One of the most significant benefits of this program is its tax advantages. The interest earned is exempt from state taxes, and contributions are deductible on state income taxes up to $5,000 per person annually, with a lifetime maximum deduction of $25,000 per person.

How to Participate

To participate in the Ohio Homebuyer Plus Program, potential savers should follow these steps:

Eligibility Check: Ensure you are a resident of Ohio with plans to purchase a primary residence within the state.
Bank Selection: Visit the Ohio Treasurer of State website to find a list of banks that participate in the program.
Account Setup: Contact a participating bank to set up your Ohio Homebuyer Plus account and start saving.

Comparison with Other Savings Options

Why Choose Ohio Homebuyer Plus? Unlike traditional savings accounts or even other high-yield options like CDs and money markets, the Ohio Homebuyer Plus Program offers unique tax benefits and potentially higher interest rates, making it especially advantageous for homebuyers in Ohio.

Potential Drawbacks: The primary limitation is that the funds must be used for purchasing a primary residence in Ohio, making it less flexible than other savings vehicles. The high interest rate is also not guaranteed and may decrease depending on economic conditions.

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Ideal Candidates for the Program

The Ohio Homebuyer Plus Program is best suited for:

First-time Homebuyers: Especially those who are certain they will purchase a home in Ohio in the near future.
Residents with Stable Long-term Plans: Individuals or families planning to stay in Ohio and invest in property there.
Tax-conscious Savers: Those looking to maximize their savings through tax deductions and benefits.

Closing Thoughts and Future Planning

Effective financial planning involves not just adapting to economic changes but also proactively managing your financial portfolio to secure a stable and prosperous future.

A Toast to Financial Freedom: “To achieving the financial goals we’ve set and realizing the dreams we’ve envisioned!”

Additional Resources: Consider exploring student loan forgiveness programs if you or someone in your family is managing student loan debt. These programs can significantly impact long-term financial planning and provide substantial relief.

Recipe of the Month

Tomatillo Salsa Verde

9 medium tomatillos
1 small yellow onion, cut into large chunks
1 to 2 serrano or jalapeño peppers
4 garlic cloves, unpeeled
2 tablespoons avocado oil, plus more for drizzling 2 tablespoons fresh lime juice
1⁄2 cup chopped fresh cilantro
11⁄4 teaspoons sea salt, plus more for sprinkling Tortilla chips, for serving (optional)

Steps:

Preheat the oven to 450°F and line a baking sheet with parchment paper.
Remove the husks from the tomatillos and rinse to remove the stickiness. Pat dry and place on the baking sheet with the onion and peppers. Drizzle with avocado oil, sprinkle with salt, and toss to coat. Wrap the garlic cloves in a piece of foil with a drizzle of oil and add to the baking sheet. Roast for 15 to 20 minutes, or until the tomatillos are juicy and browned.
Remove the garlic from the foil and peel it. Remove the stems from the peppers.
In a food processor, place the tomatillos, onion, peppers, garlic, avocado oil, lime juice, cilantro, and salt. Process until combined. If the salsa is too thick, add water, 1 tablespoon at a time, to reach your desired consistency. Season to taste and serve with tortilla chips or on top of tacos, nachos, etc!
Store leftover salsa in the fridge for up to 5 days.

*Serranos and jalapeños can vary widely in spice level. If you’re sensitive to spice, start with just 1, or even 1⁄2, pepper and add more to taste.

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What's in Season

Tomatoes of all kinds — heirloom, cherry tomatoes, romas, apples, cucumbers, summer squash, eggplant, green beans, figs, grapes, green chiles, poblanos, and jalapeños, tomatillos.

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September Gift Card Recipient: Mr. & Mrs. Kip Hager

Navigating Ohio’s Homebuyer Plus Program