At a glance: Conforming loan limits for Portland, Oregon have been increased for 2017, to keep pace with rising house prices in the metro area. The revised 2017 loan limit for a single-family home purchase in Portland is $424,100.
Home prices in the Portland metro area rose steadily during 2016. According to the real estate information company Zillow, house values in the city rose by a whopping 19.2% from November 2015 to November 2016. That was one of the biggest year-over-year gains of any city in the country.
As a result of rising home values, federal housing officials announced recently that they would raise the 2017 conforming loan limit for Portland and the rest of Oregon. For a single-family home purchase, the 2017 limit will be $424,100, an increase of more than $7,000 over the 2016 cap.
According to a November 23 press release from the Federal Housing Finance Agency (FHFA): “In most of the country [including Oregon], the 2017 maximum loan limit for one-unit properties will be $424,100, an increase from $417,000. This will be the first increase in the baseline loan limit since 2006.”
Portland Conforming Loan Limits for 2017
Here are the revised Portland conforming loan limits for 2017:
- One Unit: $424,100
- Two Unit: $543,000
- Three Unit: $656,350
- Four Unit: $815,650
In this context, a “one-unit” property is a single-family home. “Two-unit” refers to a duplex-style property with two separate residents, and so on. These loan limits apply to all counties in Oregon.
Anything above these amounts is considered a jumbo mortgage loan. Jumbo mortgages generally require larger down payments, higher credit scores, etc.
Rising Home Prices Bring Higher Limits
Conforming loan limits are established at the county level. And in some states, they vary from one county to the next. Oregon is different. Homes are relatively affordable across the state of Oregon, so all counties have the baseline loan limit of $424,100. There are no “high-cost areas” in Oregon, at least when it comes to conforming loan limits.
According to the Regional Multiple Listing Service (RMLS), which covers the entire state, the median home price for Portland was $345,000 in October of 2016. That’s well below the single-family conforming loan limit for Portland. This means that home buyers in and around the city should have plenty of properties to choose from, without venturing into “jumbo” mortgage territory.
Get a Mortgage Rate Quote Today
Do you plan to buy a home in Portland, Oregon? Do you need financing to make it happen? We can help. Sammamish Mortgage has been serving home buyers across the Pacific Northwest for more than 20 years. Our family-owned company offers a variety of loan products, including both FHA and conventional. We can help you choose the best financing method for your particular needs.
Please contact us today for a mortgage rate quote, or to get pre-approved for a loan.