This page shows the 2017 conforming loan limits for Oregon. These limits apply to conventional mortgage loans, meaning those that are not insured or guaranteed by the government. We have a separate page for FHA loan limits in Oregon.
Note: Federal housing officials recently announced they would increase Oregon conforming loan limits for 2017, in response to rising home values across the state. This table below has been fully updated and shows the revised / increased limits for 2017.
Conforming Loan Limits for Oregon 2017
The table below shows conforming loan limits for the state of Oregon. These limits apply to conventional mortgage loans in all counties of the state, including Multnomah County and the entire Portland metro area.
In this table, a “one-unit” property is a single-family home with one resident. “Two-unit” refers to a duplex-style property with two separate residents, and so on. Oregon home buyers who are purchasing a single-family home or condo should refer to the first column.
How These Limits Are Set
Conforming loan limits are established by the Federal Housing Finance Agency (FHFA) and are based on median home prices. These limits vary by county. In some states, different counties have different limits, to reflect differences in home values. In Oregon, however, all counties have the same conforming loan limit: $424,100 for a single-family home.
The Housing and Economic Recovery Act of 2008 (HERA) requires the FHFA to monitor home prices across the United States, and to adjust the baseline loan limit as needed to reflect changes in national home values. This can also be done at the county level. So, when home prices in a particular county rise significantly from one year to the next, FHFA officials may increase that county’s loan limits to keep pace with house values.
Conforming limits are usually set at 115% of the median home price for each area, though they can exceed this level in some high-cost areas.
Will They Go Up in 2017?
In most counties across Oregon, median home prices are still below the corresponding loan limit for the county. So the current caps might be carried over from 2016 to 2017 with no changes.
But in a few areas, such as Lake Oswego and the Portland metro area, home prices have risen above the conforming loan limits for conventional mortgages. As a result, we could see higher limits in 2017 for Multnomah County, Clackamas County, and a few other areas.
But this is speculation. We will know more by the end of November 2016, as that’s typically when the FHFA announces revised limits for the following year.
Apply for a Loan Today
Do you plan to buy a home in Oregon in 2017? Will you need a mortgage loan to help finance your purchase? We can help. Sammamish Mortgage has proudly served the Pacific Northwest for more than 20 years. We are a family-owned mortgage company offering highly competitive rates and great service.
We can help you get pre-approved for a loan, before you start shopping for a home. This will allow you to narrow down the market based on price, making the entire process more efficient.