First-time Homebuyer Savings Account - earn 2.00% APY on deposits up to $20,000! - CCCU
Wednesday, February 6 CCCU
Earn 2.00% APY on deposits up to $20,000!
Want a little help buying your first home in Oregon? Our first time buyer savings account makes saving easy with great dividends and a state tax break. Purchase through CCCU for the best rates and a free appraisal.
Buying a home is expensive. No matter where you’re at in the process of saving, our First Time Buyer Savings Account can help you get tax benefits that make that purchase a little easier. Learn more about the benefits below.
Did you just start saving or already have a house in mind?
Here at CCCU, we’re committed to helping people achieve their goals. Buying a home is an achievement that many hope to accomplish, but bridging the gap between that desire and achievement seemed to be stalling when it came to down payments. With our First Time Buyers Savings Account, we’ll be helping those who want to build their lives in Portland with the help of this savings option.
How you can benefit
First time home buyers can use our savings account to save on taxes when buying their homes. The member receives an Oregon state tax deduction equal to the deposits up to $5,000 for a single filer and $10,000 for joint filers per year. The maximum aggregate tax deduction for both single and joint filers is $50,000 over the life of the account.
To receive this full benefit the account holder’s income must be less than $104,000 single or $149,000 for joint. The deduction is a sliding scale that phases out at $131,000 for a single filer and $187,000 for joint filers.
Tax subtraction and free appraisal
Depositors who are Oregon residents and have not owned a home in the last three years qualify to receive an Oregon state tax subtraction up to $5,000 for a single filer, and $10,000 for joint filers per year. Plus, close your home loan through CCCU and get a FREE appraisal valued up to $700!
Solve the down payment problem
You can contact our Member Advisors to start saving today at firstname.lastname@example.org
, or call 503.797.7561 to ask questions or start the pre-approval and application process.
You can contact our loan team at email@example.com
or call 503.963.6666 to ask questions or to start the pre-approval process.
Consolidated Community Credit Union is federally insured by the NCUA. Consult your tax advisor and see the credit union for further details.