GREAT NEWS! Starting January 1, 2025, saving for that first downpayment got a little easier.
With the passage of SB 1527 in 2024, people can establish a First-Time Homebuyers Savings Account (FTHBSA) at the bank or credit union of their choice.
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Money from the account can cover a down payment, closing costs, REALTOR® fees, appraisal costs, and more.
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Oregon residents who have not owned or purchased a home in 3 years are eligible.
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Participants can claim a subtraction on their Oregon tax return of up to the first $6,125 in contributions or earnings, or $12,245 for joint filers.
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PLUS, even if you are already a homeowner, you can set up an account and receive the tax benefits if the savings are going to someone who will be a first time homeowner. Funds must be used within 10 years.
To help better understand the programs, you can download flyers by the Department of Revenue in English and Spanish with more details, and read more about FTHBSAs at the Department of Revenue’s website.
FTHBSAs were created in the 2018 legislative session and Oregon REALTORS® Association took the lead and advocated for a set of rules around the accounts that included tax credits. Now, in 2025 it's finally being rolled out. We're thankful for the hard work they put in to benefit homeownership across the state.
Don't miss out on this opportunity to start getting your foot in the homeownership door. If you have any questions, we're always just a call/text/email away.
UNTIL NEXT TIME,
Amy, Kristine, Margo + Ben
