Ohio Homebuyer Plus | Ohio Credit Union Savings

If you can dream it, we can help you achieve it

Looking to buy a new home within the next five years? 7 17 Credit Union is partnering with the state of Ohio for a unique program to give you a financial boost and help you get one step closer to unlocking the home of your dreams!

In conjunction with the Ohio Treasurer’s Office, 7 17 is proud to offer the Ohio Homebuyer Plus program to our Ohio members.

Members opening the Ohio Homebuyer Plus savings account will:

Earn up to 7.17% APY*
Receive $717 off closing costs**

What is Ohio Homebuyer Plus and how can it help me?

Ohio Homebuyer Plus allows residents to create special tax-advantaged savings accounts that pay higher dividend rates to help prospective home buyers save and grow money faster for their dream home. Money paid into the account by the homebuyer, their family members, or others may qualify for some state income-tax deductions.*** The program is open to Ohio residents of any income level.

What are the requirements for Ohio Homebuyer Plus?

Ohio resident at least 18 years of age
Primary residence located in the state of Ohio
Only use the account proceeds toward the down payment or closing costs of a home purchased in Ohio, with the home becoming their primary residence

Accounts must be used within five years, maintain a minimum balance of at least $100, and cannot exceed a maximum balance of $100,000.

Still have questions? Contact 7 17 Credit Union today to learn more about Ohio Homebuyers Plus or visit the Ohio Treasurer’s website.

Questions? Learn More

FAQ

Highlights about Ohio Homebuyer Plus:

7 17 Credit Union membership is required
Your Ohio Homebuyer Plus Savings Account is not a primary account
Joint account ownership is not allowed; two individuals who are legally married are both eligible to open and fund individual accounts
Ohioans at any income level who meet the necessary eligibility criteria may open Ohio Homebuyer Plus Savings Account
Account can remain open for 5 years from opening date
Funds cannot be used to purchase vacant land for the intention of building a new home or to make payments on a construction loan
The home being purchased must be classified as residential real property, homesteads, manufactured or mobile homes taxed as real property

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DISCLOSURES:

*Annual Percentage Yield (“APY”) of 7.17% is effective August 1, 2024. Rates are variable and subject to change without notice. Minimum balance to open and maintain account and earn dividends is $100.00 and the maximum balance is $100,000.00. Offer subject to change or cancellation at any time and requires 7 17 Credit Union (“7 17”) membership and a Primary Savings Account. After five (5) years, any unused funds in the account will automatically transfer to your Primary Savings. Accountholder is subject to all requirements, terms and conditions set forth in the Participation Statement.

**Offer valid for Ohio Homebuyer Plus Savings Account members only. A credit of $717.00 will be applied at the time of closing towards eligible closing costs on a first mortgage loan that is made for the purpose of purchasing an eligible primary residence in Ohio and originated with 7 17 Credit Union within five years of account opening. The $717 credit cannot exceed actual closing costs. All loans are subject to credit application, review, and approval. Offer not valid on home equity loans or lines of credit. Cannot be combined with any other offer or discount; there is no cash value. Offer limited to one per member and subject to change or cancellation at any time. Consult a 7 17 Service Charge schedule for applicable fees. Visit a branch or call 800-775-7741 for complete details.

***Consult a tax advisor regarding your tax situation related to Ohio Homebuyer Plus Savings Account.