Ignite FB Tracking PixelFirst-Time Home-Buyer Savings Account Program is Growing! - Dave Hiller
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First-Time Home-Buyer Savings Account Program is Growing!

by Dave Hiller 08/12/2019

Tigard Home

Photo courtesy of Sunstone Photography

As previously reported on my blog, Oregon just this year enacted unique legislation into law which gives first time home buyers another tool to help them build savings to afford to purchase a home. Good news is that more and more financial institutions are making these accounts available to their customers. Here is additional information.

The number of banks and credit unions offering the First-Time Home-Buyer Savings Account program is growing! The Oregon Bankers Association has identified the new organizations offering the program, which brings the total up to five. The newest additions are First Federal Savings & Loan of McMinnville serving Yamhill County and Willamette Valley Bank serving all Oregon counties. These two join Heritage Grove Credit Union, Consolidated Community Credit Union and Pacific Northwest Federal Credit Union.

The program allows deposits into a special account to be tax deductible up to $5,000 a year for individual filers and $10,000 a year for joint filers, with a maximum contribution of $50,000 over 10 years; interest earned on the account also would be tax free. Funds in the account must be used for a down payment or other closing costs associated with the purchase of an existing home or construction of a new home, of any type, and could only be used by people who have never owned a home or who have not owned a home in the last three years.

For more information about the program, visits  https://oregonrealtors.org/act/first-time-homebuyer-savings-account. To learn about the legislation, read HB 4007 .  For further information, please visit the Department of Revenue FAQ’s.

PARTICIPATING BANKS/CREDIT UNIONS

NEW! First Federal Savings & Loan of McMinnville– Serving Yamhill county

Heritage Grove Credit Union- Serving Marion, Polk and Yamhill counties

NEW! Willamette Valley Bank- Serving all Oregon counties.

Consolidated Community Credit Union- Serving Multnomah, Clackamas and Washington counties

Pacific Northwest Federal Credit Union- Serving Clackamas, Columbia, Hood River, Multnomah, Washington and Yamhill counties

Source: Oregon Association of REALTORS®

About the Author
Author

Dave Hiller

SRS, GRI, SRES®

HOWNW.com Certified Specialist

Core, REALTORS®

License No. 201226626

Oregon Licensed Broker

Hi, I'm Dave Hiller and I'd love to assist you. Whether you're in the research phase at the beginning of your real estate search or you know exactly what you're looking for, you'll benefit from having a real estate professional by your side. I'd be honored to put my real estate experience to work for you.