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.
- Account features
- Oregon state tax benefits
- Eligible expenses
- Account terms
- Account disclosures
- Oregon First-Time Homebuyer Program FAQs
- 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
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
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.
- 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!
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
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.
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.