Portland Jumbo Loan Amount in 2022: Anything Above $647,200

Published:
April 3, 2018
Last updated:
December 1, 2021
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What is the conforming loan limit in Portland in 2022? Knowing this number is important when you decide to take out a mortgage. Read on to find out more.

With home prices rising steadily in Portland, Oregon, more and more home buyers are turning to jumbo loans to finance their purchase. But what’s considered a jumbo loan in Portland, in 2022? And how do they differ from “regular” mortgages. Here’s what home buyers and mortgage shoppers need to know.

Jumbo Loans in Portland, Oregon: 2022 Update

Quick fact: The conforming loan limit for Portland, Oregon is $647,200, for a single-family home. Anything above that amount would be considered a jumbo mortgage.

County1 Unit2 Unit3 Unit4 Unit
Multnomah $647,200$828,700$1,001,650$1,244,850

A conventional or “regular” mortgage loan can either be conforming or jumbo. It depends on the amount being borrowed. Here’s the difference between them:

  • A conforming loan in Portland is one that meets or “conforms” to the size limits used by Fannie Mae and Freddie Mac (the government-sponsored corporations that buy mortgages from lenders). Fannie and Freddie can only purchase loans up to a certain amount, and this is known as a conforming loan limit. These limits are established by the Federal Housing Finance Agency, which regulates Fannie and Freddie.
  • A jumbo loan in Portland is one that exceeds the conforming limits mentioned above. It is too big to be sold to Fannie or Freddie via the secondary mortgage market. For this reason, jumbo mortgage products can also be referred to as “non-conforming” loans.

In Portland, a jumbo loan is a conventional mortgage product that exceeds the conforming limit of $647,200. That’s the “magic number” or threshold that separates a conforming loan from a jumbo. This limit applies to all of Multnomah County, as well as the entire Portland metro area. In fact, all counties in the state share this limit in 2022.

Because there’s a larger amount being borrowed, the income requirements can be higher for jumbo loans. The most important thing is that the borrower has sufficient income to keep up with the monthly payments and repay the loan. This is measured using tax records, banks statements, and pay stubs.

Aside from that, the process for applying for a jumbo mortgage loan in Portland is very similar to the process for smaller conforming loans. Please contact us if you have questions about it.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans.

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How it Stacks Up to Home Prices

So we know that, in 2022, a jumbo loan in Portland is one that exceeds the conforming limit of $647,200. How does that number relate to the real estate market, and to home prices in particular?

According to Zillow, the median home price in Portland was around $557,948 as of November 2021. That’s quite a bit below the conforming loan limit for Portland, Oregon.

In theory, this would mean that home buyers in and around the city should have plenty of properties to choose from, without having to use a jumbo mortgage loan. But the reality is that inventory is very low right now within the Portland real estate market. It’s especially tight at the lower end of the pricing spectrum, where “starter homes” are bought and sold.

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Need a home loan?

If you’re in the market to buy a home in Portland, Oregon, Sammamish Mortgage is available to help. We offer a wide variety of mortgage programs and tools with flexible qualification criteria. We’ve been helping buyers obtain the mortgages they need in Oregon, Washington, Colorado, and Idaho since 1992, and we’d love to help you too. Please contact us today to get started.

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