Portland Conforming Loan Limits Increased for 2024

November 25, 2016
Last updated:
November 30, 2023
In This Article

Home prices in the Portland metro area decreased during 2023. According to the real estate information company Zillow, house values in the city went down by 3.5% during that year.

Despite decreasing home values, federal housing officials announced at the end of 2023 that they would raise the 2024 conforming loan limit for Portland and the rest of Oregon. For a single-family home purchase, the 2024 limit is $766,550.

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 Fannie Mae and Freddie Mac (the Enterprises) will acquire in 2024. In most of the United States, the 2024 CLL value for one-unit properties will be $766,550, an increase of $40,350 from 2023.”

Portland Conforming Loan Limits for 2024

Here are the revised Portland conforming loan limits for 2024:

  • One Unit: $766,550
  • Two Unit: $981,500  
  • Three Unit: $1,186,350
  • Four Unit: $1,474,400

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 2024 conforming loan limits for Oregon.

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Rising Home Prices Bring Higher Limits

Home prices in Portland skyrocketed a couple of years ago. But since then, prices have plateaued and even dipped a little. Even still, home prices in Portland remain strong.

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 $766,550. 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 $523,622 as of November 2023. 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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Will you need mortgage financing to buy a home in Portland? 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.

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