The number of banks and credit unions offering the First-Time Home-Buyer Savings Account program is growing! Just this week the Oregon Bankers Association has identified three 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
NEW! 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