Oregon Jumbo Loan Info

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What is a jumbo loan in Oregon?

Jumbo loans are mortgages that exceed the conforming county loan limit of $510,400.00 for a home in Oregon...

Conforming loan limits are established by the Federal Housing Finance Agency (FHFA). The FHFA establishes the legal loan limits for mortgage loans that can be purchased by Fannie Mae & Freddie Mac; two government-sponsored companies providing liquidity, stability and affordability to the mortgage market. Jumbo loans are available for condominiums (condos), planned unit developments (PUDs), single family residences (SFRs) and 2-4 unit investment properties in Oregon.

What is the conforming loan limit for mortgages in Oregon?

$510,400.00 is the conforming loan limit for a single-family residence in Oregon...

The 2020 conforming loan limits are now $510,400.00 for a single-family residence, $653,550.00 for a duplex, $789,950.00 for a triplex and $981,700.00 for a fourplex in Oregon.

2020 FHFA county loan limits for all Oregon counties as of 11/26/2019 through 12/31/2020 for Baker, Benton (Corvallis & Philomath), Clackamas (Clackamas, Happy Valley, Lake Oswego & West Linn, ), Clatsop (Cannon Beach & Seaside), Columbia, Coos (Bandon & Coos Bay), Crook (Powell Butte & Prineville), Curry (Brookings, Gold Beach & Port Orford), Deschutes (Bend, Black Butte, Redmond & Sisters), Douglas (Roseburg), Gilliam, Grant (John Day), Harney, Hood River (Hood River, Mosier & Parkdale), Jackson (Ashland, Medford, Phoenix & Talent), Jefferson, Josephine (Grants Pass), Klamath (Klamath Falls), Lake, Lane (Cottage Grove, Eugene, Florence, Junction City & Springfield), Lincoln (Lincoln City, Newport, Waldport & Yachats), Linn (Albany & Corvallis), Malheur, Marion (Keizer, Salem & Woodburn), Morrow, Multnomah (Gresham, Portland & Troutdale), Polk (Monmouth, West Salem), Sherman, Tillamook (Manzanita, Pacific City & Tillamook), Umatilla (Pendleton), Union, Wallowa, Wasco (The Dalles), Washington (Beaverton, Forest Grove & Hillsboro), Wheeler, Yamhill County (Dundee, Dayton, McMinnville, Newberg, Sheridan & Yamhill).

What if I want to borrow more?

Jumbo loans are non-conforming mortgage loans that allow you to borrow more than conforming loan limits allow...

Jumbo loans are portfolio mortgage loans; underwritten to a specific bank, lending institution, or investor’s guidelines. Portfolio loans, address the needs of borrowers, properties, and loan sizes that do not conform to Agency or Government loan standards. As home values in Oregon climb so does the need for higher mortgage loan amounts. When the need for mortgage financing exceeds conforming loan limits, jumbo loans allow you to borrower more for a home purchaser or mortgage refinance. Jumbo loans are most popular in the Portland, Eugene, Bend and Southern Oregon markets.

Who has the best jumbo mortgage rates in Oregon?

Mortgage brokers and lenders who compete for your business offer the best rates and terms. Portland based Lumen Mortgage offers a full spectrum of jumbo mortgage loans, ensuring our customers have access to some of the best jumbo rates in the nation...

Great rates and fast, efficient service from a local Oregon lender. Lumen Mortgage is Oregon's premier jumbo loan resource. Headquartered in Portland's Pearl District we lend throughout Oregon & California.

To learn more about the best jumbo mortgage rates for a home purchase or mortgage refinance in Oregon, contact Lumen Mortgage today!

oregon jumbo loan options

PURCHASE REFINANCE

Jumbo Purchase Loans

Buying a home in Oregon? Jumbo loans are available for buyers purchasing 1 to 4-unit homes. Property types include: single family residences (SFR), 2-4 units, condominiums, townhomes and PUDs. Occupancy types include: owner-occupied (primary residences), second homes (vacation homes) and non-owner occupied (investment properties).

Oregon Jumbo Purchase Matrix
Property Use	Primary Residence	Second Home	Investment
Maximum Loan-to-Value (LTV)
Single Family Residence, PUD & Condo	90%	90%	80%
2-Units	85%	80%	80%
3-4-Units	80%	80%	80%

Assumptions: 30-year fixed term, 740+ FICO, Loan amount<$1,500,000.00, for a property located in Portland, Eugene or Bend. Terms and conditions apply. Not commitment to lend.

Jumbo Refinance Loans

Refinancing a home in Oregon? Jumbo loans are available for homeowners refinancing 1 to 4-unit homes. Property types include: single family residences (SFR), 2-4 units, condominiums, townhomes and PUDs. Occupancy types include: owner-occupied (primary residences), second homes (vacation homes) and non-owner occupied (investment properties).

Oregon Jumbo Refinane Matrix
Property Use	Primary Residence	Second Home	Investment
Maximum Loan-to-Value (LTV)
Single Family Residence, PUD & Condo	85%	80%	80%
2-Units	80%	80%	80%
3-4-Units	80%	80%	80%

Assumptions: 30-year fixed term, 740+ FICO, rate & term refinance. Loan amount<$1,500,000.00 for a property located in Portland, Eugene or Bend. Terms and conditions apply.

2020 Conforming loan limits for all Oregon counties

Single-Family
$510,400

Duplex
$653,550

Triplex
$789,950

Fourplex
$981,700

To learn more about the best mortgages available for a home purchase or refinance in Oregon, select your desired loan type or call one of our mortgage experts today. We are available 7 days a week for fast mortgage pre-approvals, live rate quotes and answers to all your mortgage loan questions.

Oregon JUMBO LOAN FAQ's

Are jumbo rates higher in Oregon?

Depending on your qualifications, the term of the loan and the lender you choose, jumbo mortgage rates and terms may be better, or have lower costs than similar conforming loan options for homes in Oregon.

Do jumbo loans require private mortgage insurance?

Jumbo mortgage loans offered by Portland's Lumen Mortgage do not require private mortgage insurance (PMI) regardless of loan-to-value.

Is there a maximum jumbo limit?

Lumen Mortgage offers jumbo loans with no maximum loan limit for homes in Oregon. Terms and conditions apply. To learn more about jumbo loan options, please contact us.

What jumbo loans terms are available?

Jumbo mortgage loans are available in fixed and adjustable rate mortgage terms. These terms are available for purchase or refinance loan purposes. "Adjustable rate mortgage" means your payment may change in the future.

Is there a cash-out limit for jumbo refinances?

Lumen Mortgage offers jumbo loans with unlimited cash-out. Terms and conditions do apply. To learn more about jumbo loan options, please contact us.

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"Not only were the fees much lower than the broker I had originally planned to work with but the level of service was phenomenal. My real estate agent and the title company we worked with both praised Lumen for the thorough and efficient work they did. This was my first purchase in the US and David took the time to explain every step in the process and review every document with me personally. I could not have been happier and it is my pleasure to recommend them to anyone looking for a mortgage"

Charlotte W - Portland, Oregon

"Our loan officer was incredible. They stayed in constant contact with us during the entirety of the process. They dealt with every underwriting contingency in a timely manner and, despite all, closed on our original close date. Couldn't have done it without them. Literally. I hope to never buy a house again, but when I do, I'll be getting financing through Lumen. Awesome service!

Curt H - Portland, Oregon

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Kasey C - Corvallis, Oregon

"My loan experience with this company was excellent. I plan on using them for my future loan needs and would recommend Lumen Mortgage for women that are looking to work with qualified and respectful staff."

Chris C - Eugene, ORegon

"My experience with David and his team at Lumen Mortgage could not have been better or gone smoother. It is my pleasure to recommend them to anyone looking for a mortgage"

Charlotte W

"Our loan officer was incredible. They stayed in constant contact with us during the entirety of the process. I hope to never buy a house again, but when I do, I'll be getting financing through Lumen. Awesome service!

Curt H

"Great experience working with Lumen Mortgage. Extremely knowledgeable and professional. I would highly recommend!"

Kasey C

Chris C

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Oregon Jumbo Loan Glossary

Conforming loans
A conforming loan is a mortgage that is equal to or less than the dollar amount established by the conforming-loan limit set by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae. 
Loan-to-Value (LTV)
Lenders use the loan-to-value ratio as a measure to compare the amount of your first mortgage with the appraised value of the property. The higher your down payment or equity, the lower your loan-to-value ratio.
Federal Home Finance Agency (FHFA)
The Federal Housing Finance Agency (FHFA) was established by the Housing and Economic Recovery Act of 2008 (HERA) and is responsible for the effective supervision, regulation, and housing mission oversight of Fannie Mae, Freddie Mac (the Enterprises) and the Federal Home Loan Bank System, which includes the 11 Federal Home Loan Banks (FHL Banks) and the Office of Finance. Since 2008, FHFA has also served as conservator of Fannie Mae and Freddie Mac.
Non-conforming loans
Non-conforming loans are considered “Portfolio loans”. Portfolio loans are mortgage loans underwritten to a specific bank, lending institution, or investor’s guidelines. Portfolio loans are often designed to address the needs of borrowers, properties, and loan sizes that do not conform to Conventional or Government loan standards.
Conventional loans
A conventional loan is any mortgage loan that is not insured or guaranteed by the government (such as under Federal Housing Administration, Department of Veterans Affairs, or Department of Agriculture loan programs). Conventional loans are categorized as conforming loans (underwritten to Fannie Mae or Freddie Mac guidelines) non-conforming loans (Portfolio loans).
Fannie Mae & Freddie Mac (Agency Financing)
Fannie Mae and Freddie Mac were created by Congress. They perform an important role in the nation’s housing finance system – to provide liquidity, stability and affordability to the mortgage market. They provide liquidity (ready access to funds on reasonable terms) to the thousands of banks, savings and loans, and mortgage companies that make loans to finance housing.

Fannie Mae and Freddie Mac buy mortgages from lenders and either hold these mortgages in their portfolios or package the loans into mortgage-backed securities (MBS) that may be sold. Lenders use the cash raised by selling mortgages to the Enterprises to engage in further lending. The Enterprises’ purchases help ensure that individuals and families that buy homes and investors that purchase apartment buildings and other multifamily dwellings have a continuous, stable supply of mortgage money.

By packaging mortgages into MBS and guaranteeing the timely payment of principal and interest on the underlying mortgages, Fannie Mae and Freddie Mac attract to the secondary mortgage market investors who might not otherwise invest in mortgages, thereby expanding the pool of funds available for housing. That makes the secondary mortgage market more liquid and helps lower the interest rates paid by homeowners and other mortgage borrowers.

Fannie Mae and Freddie Mac also can help stabilize mortgage markets and protect housing during extraordinary periods when stress or turmoil in the broader financial system threaten the economy. The Enterprises’ support for mortgage lending that finances affordable housing reduces the cost of such borrowing.

Fannie Mae was first chartered by the U.S. government in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country. Today it is a shareholder-owned company that operates under a congressional charter.
Adjustable-Rate Mortgage (ARM)
A mortgage that does not have a fixed interest rate is called an adjustable-rate mortgage. The rate changes during the life of the loan based on movements in an index rate, such as the rate for The London Inter-Bank Offered Rate (LIBOR) Index. Adjustable-Rate Mortgages usually indicate the minimum (floor) rate, the maximum rate, and the maximum, periodic adjustments of the loan. ARM loans may be fixed for a certain period and will begin adjusting once the fixed period has elapsed. The interest rate fluctuates over the life of the loan based on market conditions. When the index rate of an ARM loan increases, the mortgage rate (note rate) and payment (for principal and interest) increase as well.
Private Mortgage Insurance (PMI)
Private Mortgage Insurance, also called PMI, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Like other kinds of mortgage insurance, PMI protects the lender—not you—if you stop making payments on your loan. PMI is arranged by the lender and provided by private insurance companies. PMI is usually required when you have a conventional loan and make a down payment of less than 20 percent of the home’s purchase price. If you’re refinancing with a conventional loan and your equity is less than 20 percent of the value of your home, PMI is also usually required.

Oregon's Best Jumbo Mortgage Loan Resource

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by Lumen Mortgage

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