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 new 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!