First-time Homebuyer Savings account
When you open a First-time Homebuyer Savings (FTHB) account with Oregon State Credit Union, you could unlock a powerful tax benefit courtesy of the State of Oregon. See disclosures, rates and fees.
- You could subtract up to $5,000 from your Oregon taxable income for deposits and earnings each year for a maximum of 10 years. Couples filing jointly could subtract up to $10,000. This subtraction reduces your state taxable income. It does not affect your federal income taxes.
The First-time Home Buyers Savings account can be set up at any of our branches and must be opened before December 31, 2026. There's never been a better time to save for your first home.
Features of the First-time Homebuyer Savings account
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If you have not owned or purchased a single-family home in the last three years, you're eligible
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Learn more about regulatory details here at the Department of Revenue limits and conditions section
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No monthly fees
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Federally insured by NCUA up to $250,000
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Offers State of Oregon tax advantages for qualified savers
- Funds must be used within 10 years of account opening for loan-related costs, including:
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Down payment
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Closing costs
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Realtor fees
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Appraisal costs
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Loan origination fees: See First-time Homebuyer Loan details here
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Account | Minimum balance to earn dividends* | Dividend rate | Annual Percentage Yield (APY) |
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First-time Homebuyer Savings account | $100.00 | 1.00% | 1.00% |
Minimum balance to open a First-time Homebuyer Savings account is $5.00. | |||
* Minimum balance that must be maintained each day to earn dividends. | |||
First-time Homebuyer Savings account disclosureLimit of one First-time Homebuyer Savings account per member. A First-time Homebuyer Savings account can be opened anytime until December 31, 2026. Deposits can be made up to 10 years after the account is opened, or until the account holder(s) purchase a house, whichever comes first. If funds are not used to buy a house, a 5 percent penalty may be imposed by the Oregon Department of Revenue, and other tax consequences would apply. The deductible contribution limits and penalties are set by the Oregon Department of Revenue and are subject to change by the Oregon Department of Revenue. The Credit Union is not responsible or liable for the following:
It is the member’s responsibility to know if he/she qualifies for tax advantages of a First-time Homebuyer Savings account. The member should refer to a tax professional for specific tax implications. For more information and detailed requirements, visit the Oregon Department of Revenue website First-time Home Buyer Savings section. On or before January 31st of each year, Oregon State Credit Union will provide the account holder a certificate containing the date the account was created, the name of the accountholder(s), the amount of funds contributed to the account during the tax year, the amount of the funds withdrawn from the account during the tax year and any other information required by the Oregon Department of Revenue. First-time Homebuyer Savings account Truth in Savings disclosureThis disclosure includes Truth in Savings information and certain transaction information regarding your Oregon State Credit Union First-time Homebuyer Savings account. Terms and conditions set forth in the Oregon State Credit Union Membership and Account Agreement, Electronic Fund Transfer Agreement and Disclosure, and Account Rate and Fee Schedule also apply to the First-time Homebuyer Savings account. Rate information The Dividend Rate and Annual Percentage Yield may change monthly as determined by the Board of Directors. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. Accounts closed prior to crediting dividends will not receive accrued dividends. The dividend rate and Annual Percentage Yield are set forth in the Rates and Fees page. Nature of dividends Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period. The Dividend Rate and Annual Percentage Yield set forth in the Account Rate and Fee Schedule are the prospective rates that the Credit Union anticipates paying for the dividend period. The dividend period begins on the first calendar day of the month and ends on the last calendar day of the month. Dividends begin to accrue on cash and noncash (e.g., checks) deposits on the business day you make the deposit to your account. If you close your account before accrued dividends are credited, accrued dividends will not be paid. Dividends are compounded and credited monthly. Balance information Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day. The average daily balance is determined by adding the full amount of principal in the account for each day of the period and dividing that figure by the number of days in the period. There is a $5 minimum opening balance required on First-time Homebuyer Savings accounts. Transaction limitations It is the member’s responsibility to know if he/she qualifies for an Oregon First-time Homebuyer Saving account and to use the funds for qualified homeownership expenses. The member should refer to the Oregon Department of Revenue additional details or a tax professional for specific tax implications. |