Oregon First-Time Buyers Savings Account

What it is it? / What’s the benefit?

The Oregon First-Time Buyers Savings Account allows Oregon residents to save money for first-time homeownership and may reduce Oregon tax liability.

Eligible individuals may deduct up to $5,000 (per person) from taxable income for deposits and earnings in a First-Time Buyer Savings Account each year. The deduction may be up to $10,000 for those filing jointly.

Who is eligible?

Any Oregon resident who has not owned or purchased a home individually or jointly in the three years prior to the date of their planned purchase of a home in Oregon.

What are the requirements?

An account can be opened anytime between January 1, 2019 and December 31, 2026. Money that is deposited into the First-time Home Buyers Savings Account needs to be used to purchase a single-family home within 10 years of initially opening the account.

If you qualify, you can set-up an account at any financial institution that offers a First-Time Buyers Savings Account in Oregon. Our friends at Willamette Valley Bank is one the few to currently offer this kind of account.