ORS 316.797 First-time home buyer savings account; restrictions

An individual may create a first-time home buyer savings account with a financial institution to be used to pay or reimburse eligible costs related to the purchase of a single family residence by an account holder or qualified beneficiary.

An individual may jointly own a first-time home buyer savings account with another person if the joint account holders file a joint income tax return.

During any calendar year, an individual may be either:

The account holder of not more than one first-time home buyer savings account; or

The qualified beneficiary of not more than one first-time home buyer savings account.

Only cash may be contributed to a first-time home buyer savings account. Subject to the limitations of ORS 316.798 (4), persons other than the account holder may contribute funds to a first-time home buyer savings account. There is no limitation on the amount of contributions that may be made to or retained in a first-time home buyer savings account.

The account holder may not use funds held in a first-time home buyer savings account to pay expenses of administering the account, except that the financial institution that administers the account may deduct a service fee from the account.

An account holder may withdraw all or part of the funds from a first-time home buyer savings account and deposit the funds in a new first-time home buyer savings account held by a different financial institution or the same financial institution.