Portland Conforming Loan Limits Increased for 2023

Published:
November 25, 2016
Last updated:
December 1, 2022
In This Article

Home prices in the Portland metro area increased during 2023. According to the real estate information company Zillow, house values in the city rose by 3.2% during that year.

As a result of rising home values, federal housing officials announced at the end of 2022 that they would raise the 2023 conforming loan limit for Portland and the rest of Oregon. For a single-family home purchase, the 2023 limit is $726,200.

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

“The Federal Housing Finance Agency (FHFA) today announced the conforming loan limit values (CLLs) for mortgages to be acquired by Fannie Mae and Freddie Mac (the Enterprises) in 2023. In most of the United States, the 2023 CLL value for one-unit properties will be $726,200, an increase of $79,000 from $647,200 in 2022.​”

Portland Conforming Loan Limits for 2023

Here are the revised Portland conforming loan limits for 2023:

  • One Unit: $726,200
  • Two Unit: $929,850  
  • Three Unit: $1,123,900
  • Four Unit: $1,396,800

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.

Check out our mortgage loan limit tool for conventional, FHA, and VA loans, as well as the 2023 conforming loan limits for Oregon.

Live Portland Mortgage

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 $726,200. 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 $567,842 as of November 2022. 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

Get an Instant Mortgage Rate Quote Today

Need a Home Loan?

Will you need mortgage financing to buy a home in Seattle? We can help. At Sammamish Mortgage, we offer a wide variety of mortgage programs and tools with flexible qualification criteria, including our Diamond Homebuyer ProgramCash Buyer Program, and Bridge Loans. We have been serving the entire state since 1992, as well as the broader Pacific Northwest region that includes Washington, Oregon, Colorado, and Idaho. Please contact us today with any financing-related questions you have.

Other Blogs You May Like
Maximum FHA Loan Amount for Denver, Colorado: 2023 Update
December 2, 2022
4 min read
Maximum FHA Loan Amount for Denver, Colorado: 2023 Update
In 2023, the maximum FHA loan size for Denver, Colorado and the surrounding metro area is $787,750....
FHA Loan Limit in Boise Jumps to $586,500 in 2023
December 2, 2022
3 min read
FHA Loan Limit in Boise Jumps to $586,500 in 2023
FHA loan limits have increased for 2023 in Boise and the rest of the nation. Read on to find out...
Show 130 more posts
from this category

Connect with America’s Lending Experts today!

Whether you’re buying a home or ready to refinance, our professionals can help.

Compare Mortgage Rates in Your Area Instantly

No Obligation and transparency 24/7. Instantly compare live rates and costs from our network of lenders across the country. Real-time accurate rates and closing costs for a variety of loan programs custom to your specific situation.