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.

Members: open your account today

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  • 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

  • If you have not owned or purchased a single-family home in the last three years, you're eligible

  • Learn more about regulatory details here at the Department of Revenue limits and conditions section

  • No monthly fees

  • Federally insured by NCUA up to $250,000

  • Offers State of Oregon tax advantages for qualified savers

  • Funds must be used within 10 years of account opening for loan-related costs, including:


Register for our complimentary webinar "Five first-time homebuyer myths" March 27, 2024 12:15 PM - 1:00 PM 



Insured by NCUA. Maximum deduction allowed is $5000 for individual tax filers and $10,000 for joint filers. Must meet eligibility and other requirements as set forth by the State of Oregon for this program. Deduction does not apply for federal taxes. Consult your tax advisor for personal tax advice. You must purchase a home in Oregon. If you do not purchase a home in Oregon, you will not qualify for the subtraction and will be required to add back any amounts you subtracted on previous tax returns. Account must be opened by December 31, 2026. If money is not used to purchase a home within 10 years of opening the account, you may be subject to tax and other penalties as determined by the State of Oregon.

Members: open your account today

Not a member? Start here

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