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VA loan limits in Oregon have been eliminated giving eligible borrowers more buying power when it comes to the prices of homes they intend to buy.
The maximum VA loan amount for Oregon is a thing of the past thanks to a rule that was recently passed. VA loan limits tend to increase every year in response to rising home prices in Oregon. As prices increase, loan limit amounts tend to rise as well in order to make it easier for buyers to finance their home purchases. But VA limit amounts are now not a concern for most eligible veterans, giving them more flexibility with their home purchases and mortgages.
In years past, VA loan limit amounts were aligned with home prices throughout Oregon. The amounts typically corresponded with conforming loan limit amounts established by the Federal Housing Finance Agency (FHFA).
But in June 2019, the Blue Water Navy Vietnam Veterans Act of 2019 was passed, effectively eliminating VA loan limits. This rule allows eligible veterans to borrow more money to finance their home purchase without having to make a down payment.
Having said that, veterans and active-duty members will still have to prove that they can meet minimum credit requirements and make a sufficient income to afford the minimum mortgage payments if they want to purchase a more expensive house with no money down.
Further, they must not already have more than one active VA loan in the works or have defaulted on a VA mortgage in the past in order to be eligible for a no down payment option on a loan amount that traditionally exceeded loan limits.
The maximum VA amount for Oregon (shown above) pertains to borrowers who wish to avoid making a down payment. As it states on the Department of Veterans Affairs website: “The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment.”
Oregon home buyers who need to borrow more than the limit are usually required to make a down payment for 25% of the difference. That’s the general rule that applies in most scenarios. Please contact us if you would like to know how much you might qualify to borrow, when using a VA loan.
Under previous rules, veteran borrowers who qualified for a jumbo VA loan would still be able to borrow over the loan limit for that year in their respective county, but they would have to make a down payment of 25% of the loan amount over the limit.
But thanks to the new law, these down payment requirements are gone.
Check out our mortgage loan limit tool for conventional, FHA, and VA loans.
The VA loan limit has been eliminated, and that’s good news for borrowers who are thinking about using this program. But there are other benefits to using a VA loan. Here are the top three.
Are you ready to apply for a VA loan in Oregon to finance a home purchase? If so, Sammamish Mortgage is ready to help! We have been supplying all sorts of mortgage programs to borrowers in Washington State, as well as all of the Pacific Northwest region, including Colorado, Idaho, and Oregon. We are a family-run business local to Bellevue, Washington and strive to help borrowers realize their dreams of owning a home. Contact us today if you have questions about applying for a mortgage.
Are you thinking of buying a home in Washington state using a VA loan? Read on to find out more and to check out our loan limits tool.
VA loans are highly beneficial to veterans who qualify, mainly because of the option to put no money down. Read on to find out more and to check out our loan limits tool.