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Oregon’s Maximum VA Loan Amount Is Eliminated

Sammamish Mortgage
December 4, 2017
Last updated:
June 22, 2021
In This Article

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.

Max VA Loan Amount for Oregon: Update

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.

Borrowing More by Making a Down Payment

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.

Live Oregon Mortgage Jul, 31, Sat, 2021

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.

Three Big Benefits of Oregon 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.

  1. No down payment. Eligible borrowers who use a VA loan to buy a house in Oregon can do so without making a down payment. This is a huge advantage for home buyers, particularly first-time buyers who don’t have a lot of money saved up for a down payment.
  2. No mortgage insurance. With a conventional or “regular” home loan, borrowers who make a small down payment usually have to pay for mortgage insurance. This is an added cost that can increase the size of your monthly payments. But with a VA loan, most borrowers can qualify for 100% financing without mortgage insurance.
  3. Flexible qualification criteria. VA loans tend to have a comparatively low default and foreclosure rate, when compared to other mortgage programs. This, combined with the government backing, allows lenders to be fairly flexible with their qualification criteria. In short, the VA loan program is one of the easiest mortgage options to qualify for these days.

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Want to Apply For a VA Loan in Oregon?

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.

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