» Upcoming Holiday Closures: Oregonians branches and Member Service Center will be closed Monday 5/27 in observance of Memorial Day.

First-Time Homebuyer Savings

From saving to owning

Saving for your first home purchase comes with all kinds of financial benefits. Our First-Time Homebuyer Savings Account gives you the financial leg up you need to purchase your first home in Oregon. When you're ready to purchase your home, our Mortgages make your homeownership dreams possible. From saving to owning, we've got you covered.


Jump to:

Earn 1.01% APY* on your savings

✓ You save money for your new home
✓ We pay you 1.00% APY* on your savings
✓ Oregon gives you tax benefits on your savings
open Now

Account details

  • Earn 1.01% APY* on deposits
  • No monthly fees
  • Oregon tax advantages for qualified savers
  • NCUA insured up to $250,000
  • $150 early account closure fee if closed within 180 days
Eligible expenses

Your savings can be used to purchase a single-family home in Oregon within ten years of the account opening date. Funds may be used for:

  • Down payment
  • Closing costs
  • REALTOR® fees
  • Appraisal costs
  • Loan origination fees
State of Oregon tax advantages

You may deduct up to $5,000 from Oregon taxable income each year for deposits and earnings, for up to 10 years. Joint filers may deduct up to $10,000. A $50,000 maximum deduction over 10 years will be allowed. Consult your tax advisor with questions or for more details.


Account terms
  • You must be an Oregon resident who hasn't owned a home in at least three years
  • You must open the account on or before December 31, 2026
  • You can make a maximum annual account deposit of $5,000 for single tax filers and $10,000 for joint tax filers
  • You must use the funds within 10 years of opening the account

Your account will be opened as a Single or Joint First-Time Homebuyer Savings Account. In order to open a Joint account, both individuals must be on the account. Your account can be converted from a Single to a Joint, or vice versa, once per calendar year.


Let's plan together

Down payment requirements, Private Mortgage Insurance (PMI), taxes... buying your first home may seem daunting, but it doesn't have to be. At Oregonians, you have a team of financial experts at your fingertips and we're here to help you. Together, we can come up with a financial plan to get you on track for your new home purchase. Just reach out and we'll lead the way!


Program FAQs

Oregonians Credit Union does not provide tax advice - please consult a tax professional. For more information and details on this program, visit the Oregon Department of Revenue's website


Oregon residents who do not own a home.
Yes. If you don't purchase a home in Oregon, you don't qualify for the tax subtraction and will be required to add back any amounts you subtracted on previous tax returns.
Yes, so long as you subtract no more than $5,000 per year for single tax filers and $10,000 per year for joint tax filers.
No. You can only have one account and cannot have a First-Time Homebuyer Savings Account at multiple financial institutions.
Yes. You must first close your First-Time Homebuyer Savings Account at the other financial institution and you cannot have two accounts opened at the same time. You will not need to report the transfer as income and you will not incur penalties as long as the funds are transferred within 60 days.
As long as your spouse is also on your Oregonians membership, your account may be converted to a Joint First-Time Homebuyer Savings Account.
Yes, but they will not be able to claim a subtraction for funds contributed to your account. In addition, you won't be able to claim a subtraction for contributions you don't personally make.


Have questions? Give us a call or text us at 503.239.5336.


Not a member yet?

Start experiencing the Oregonians difference.

The First-Time Homebuyer Savings Account law was passed by Oregon Legislature under House Bill 4007.  For more information on this program, the Oregon Department of Revenue's FAQs here.


*APY = Annual Percentage Yield.


ACCOUNT DISCLOSURES: Current homeowners are not eligible. Must be an Oregon resident who has not purchased a home within three years of the planned home purchase date. Limit of one First‐Time Home Buyer Savings Account per member. Joint members may combine contributions with primary toward a single home purchase. No more than $5,000 for single tax filers and $10,000 for joint tax filers may be deposited into account each year. Deposits can be made up to 10 years after the account is opened, or until the account holder(s) purchase a house, whatever comes first. The deductible contribution limits are set by the Oregon Department of Revenue and are subject to change by the Oregon Department of Revenue. Contributions will be limited to the Oregon Department of Revenue deductible limits.


The Credit Union is not responsible or liable for: (a) Determining or ensuring that an account satisfies the requirement to be a First‐Time Home Buyer Savings account; (b) Determining or ensuring that the funds in a First‐Time Home Buyer Savings account are used for eligible costs; or (c) Reporting or remitting taxes or penalties related to the use of a First‐time Home Buyer Savings account. Please consult your tax advisor or the Oregon Department of Revenue for the complete rules governing the Oregon First‐Time Home Buyer Savings Program and any potential tax benefits.