What is a jumbo loan in Oregon?
Oregon jumbo loans are home loans that exceed conforming loan limits.
Conforming loan limits are established by the Federal Housing Finance Agency (FHFA). The FHFA establishes the legal loan limits for home loans which 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 in Oregon?
$484,350.00 is the conforming loan limit for a single-family-residence in Oregon.
$620,200.00 is the two-unit loan limit, $749,650.00 is the three-unit loan limit and $931,600.00 is the four-unit loan limit for Oregon mortgage loans that can be sold to Fannie Mae or Freddie Mac. County loan limits apply to all Oregon counties as of 2019 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 provide financing options for borrowers who want to borrow more than conforming loan limits allow.
Home values in Oregon continue to climb and this is most apparent in the Portland, Bend and Eugene markets. 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.
Who has the best jumbo mortgage rates in Oregon?
Mortgage lenders who compete for your business offer the best rates and terms. Lumen Mortgage offers a full spectrum of jumbo mortgages, ensuring our customers have access to some of the best jumbo rates in the nation.
A jumbo lender; Lumen Mortgage is headquartered in Portland's Pearl District. We offer a full spectrum of jumbo loans for home purchase and refinance in Oregon.