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Portland Conforming Loan Limits Increased for 2021

Sammamish Mortgage
November 25, 2016
Last updated:
February 26, 2021
In This Article

Home prices in the Portland metro area increased during 2020. According to the real estate information company Zillow, house values in the city rose by 7.6% over the past year. 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 2021 conforming loan limit for Portland and the rest of Oregon. For a single-family home purchase, the 2021 limit will be $548,250.

According to a recent press release from the Federal Housing Finance Agency (FHFA):

“..As a result of generally rising home values, the increase in the baseline loan limit, and the increase in the ceiling loan limit, the maximum conforming loan limit will be higher in 2021 in all but 18 counties or county equivalents in the U.S”.

Portland Conforming Loan Limits for 2021

Here are the revised Portland conforming loan limits for 2021:

  • One Unit: $548,250
  • Two Unit: $702,000
  • Three Unit: $848,500
  • Four Unit: $1,054,500

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.

Live Portland Mortgage Rates Jun, 15, Tue, 2021

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 $548,250. There are no “high-cost areas” in Oregon, at least when it comes to conforming loan limits.

According to Zillow, the median home price for Portland is $487,170 as of November 2020. 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.

Related: Buying a home in Portland, Oregon

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