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Portland Conforming Loan Limits Increased for 2021

Sammamish Mortgage
Published:
November 25, 2016
Last updated:
June 28, 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% during that year.

As a result of rising home values, federal housing officials announced at the end of 2020 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 is $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.

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

Live Portland Mortgage Sep, 23, Thu, 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 $536,921 as of June 2021. 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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