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State wants to help new home buyers save

Thursday, March 14, 2019

Potential homeowners can consider using an Oregon First-time Homebuyers Savings Account to help save for a new home and possibly reduce their taxes.

In 2018, the Oregon Legislature passed House Bill 4007, which allows Oregonians to deduct up to $5,000 ($10,000 if filing jointly) per year from their taxable income for deposits and earnings in a FTHSA.

Eligible Oregon residents are those who haven’t purchased or owned a single-family home, either individually or jointly, in the three years prior to the date of their planned purchase of a home in Oregon.

Accounts can be set up through any financial institution that offers FTHSAs in Oregon through Dec. 31, 2026.

Funds in a FTHSA can be used for: down payments, closing costs, real estate agent fees, appraisals and loan-origination fees.

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