First-Time Homebuyer Savings

From saving to owning

Saving for your first home purchase now comes with benefits. Open our Oregon First-Time Homebuyer Savings Account to get the leg up you need to purchase your first home. From saving to owning, we've got you covered.


Now earn 2.5% APY*

✓ You save money for your new home
✓ We pay you 2.5% APY* on your savings
✓ Oregon gives you tax benefits on your savings
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  • Earn 2.5% 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

Tax advantages

Account holder may deduct up to $5,000 from Oregon taxable income each year for deposits and earning, for up to 10 years. Joint filers may deduct up to $10,000. $50,000 maximum deduction over 10 years.

Eligible expenses

Funds must be used to purchase a single-family home in Oregon within ten years of the account open date. Funds may be used for:

  • Down payment
  • Closing costs
  • REALTOR® fees
  • Appraisal costs
  • Loan origination fees


  • Must be an Oregon resident who has not owned a home in at least 3 years
  • Account must be opened before December 31, 2026
  • Maximum annual account deposit of $5,000 for single tax filers and $10,000 for joint tax filers

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.

OPEN A homebuyer savings ACCOUNT

Click here for the First-Time Homebuyer Savings Account Agreement.

Oregon First-Time Homebuyer Savings 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.

Who can open a First-Time Homebuyer Savings Account?
Oregon residents who do not own a home.


Does my home purchase have to be in Oregon?
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.


Is the interest I earn on this account tax deductible?
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.


If my partner and I have a joint account and we files taxes jointly, will we both need to be on the mortgage when the home is purchased?


Can I have more than one First-Time Homebuyer Savings Account if they are with different financial institutions?
No. You can only have one account and cannot have a First-Time Homebuyer Savings Account at multiple financial institutions.


Can I transfer my First-Time Homebuyer Savings Account from another financial institution to Oregonians?
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.


What if I have a Single First-Time Homebuyer Savings Account and I got married and want to add my spouse? 
As long as your spouse is also on your Oregonians membership, your account may be converted to a Joint First-Time Homebuyer Savings Account. 


Can someone who is not on my First-Time Homebuyer Savings Account make a contribution?
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.

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. 2.50% promotional rate expires 3/31/2021, market rate will be paid after.

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.