If you’ve ever dreamed of owning a home, you know how exciting (and overwhelming!) the process can feel. Between saving for a down payment, researching neighborhoods, finding the right house, covering closing costs, and everything in between, there’s a LOT that goes into home ownership! That’s why I was so intrigued when I learned about the Ohio Homebuyer Plus Savings Account (OHB+) offered by First Federal Lakewood. It’s a unique program designed to make saving for a home a little bit easier, and it’s available exclusively to Ohio residents.
So what is OHB+ exactly? The Ohio Homebuyer Plus Savings Account is a special program backed by the state of Ohio that helps you set aside money for one of life’s biggest milestones: buying a home. With this account, not only do you get above-market interest rates (meaning your money grows faster than it would in a standard savings account), but you may also qualify for Ohio state income tax deductions. It’s a win-win! Your savings build faster, and you get tax advantages at the same time.
Here’s why I love the OHB+ program:
- It’s simple to open an account. You only need $500 to get started!
- It’s flexible. You don’t have to be a first-time buyer! In fact, anyone saving to buy a primary residence in Ohio within the next five years can qualify.
- It’s local. With First Federal Lakewood, your savings are managed by a team who knows our communities, our neighborhoods, and the Ohio housing market.
Then, when the time comes to buy your home, you’re already set up to transition from saving for a house to securing a mortgage! The local experts at First Federal Lakewood know the process inside and out and will help guide you through the entire homebuying journey.
Best of all, this program is super accessible. To be eligible, you must be an Ohio resident age 18 or older, plan to use the money for a down payment or closing costs on a primary residence here in Ohio within five years, and keep your account balance under $100,000. That’s it!
For families like ours, having a clear, goal-focused account like OHB+ can make such a difference. It keeps your home-focused savings separate and comes with the ability to track and manage your OHB+ account online or through mobile banking. Plus, when you need a real person, the team at First Federal Lakewood is there for you by phone, chat, email, or in-branch! Whether you’re saving for your very first home or planning for the next chapter, an OHB+ account is a powerful tool to turn your dream home into a reality.
You may have seen me talk about some of First Federal Lakewood’s other programs and tools in the past. To me, they’re about so much more than banking! They’re about strengthening local communities, and this OHB+ program is a perfect example of how they continue to support Ohio families.
If your 5-year plan includes buying your first or next home here in Ohio, an OHB+ account could be the perfect first step. The Ohio Homebuyer Plus Savings Account was designed to put homeownership within reach — not just someday, but soon! Take advantage of a powerful savings solution backed by the State of Ohio and supported by the local team at First Federal Lakewood by opening an OHB+ account today!
For more information, visit: ffl.bank/save
