First-time Home Buyer Savings Accounts

About the account

Oregon allows a subtraction for amounts you deposited during the tax year into a designated First-Time Home Buyer Savings Account, along with any earnings on your deposits.

You can create a first-time home buyer account by opening an account at any financial institution authorized to do business in Oregon and using Form OR-HOME to designate that account as your first-time home buyer account.

How to set up an account

Anyone planning to purchase a home in Oregon or who wants to save on behalf of someone else who is planning to purchase a home in Oregon can set up an account.

You can set up a first-time home buyer account at any financial institution you choose. The financial institution does not need to know that the account is a first-time home buyer account; you open the account like you would any other account. After you open the account, fill out Form OR-HOME to designate that account as your first-time home buyer account.

Keep Form OR-HOME with your account statements and any tax forms related to the account that you receive from the financial institution. We may ask for these items later.

How to use an account

You must use money deposited in the account to pay for qualifying costs of buying a single-family home within 10 years of opening the account. You can use the account to save for your own home purchase or for the home purchase of a qualified beneficiary. In addition, the individual purchasing the home can't have owned or purchased a residence in the three years prior to the date of their planned purchase.

What you can pay for

You or your beneficiary must use the funds in the account to pay costs associated with buying a home, such as:

Down payment
Title insurance and other closing costs
Realtor commissions
Appraisal and inspection fees
Loan origination fees

How much you can save

For 2026, account holders may subtract up $6,285 in contributions and earnings, or up to $12,570 for those filing a joint return. Account holders may subtract contributions and earnings for up to 10 years or until an aggregate total of $50,000, or $100,00 for joint filers, is reached. The maximum subtraction amount is also limited by federal adjusted gross income.