FHA Loan Limits in Oregon
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Backed by the Federal Housing Administration (FHA), FHA loans offer low down payments and have flexible credit score requirements, making them a viable option for homebuyers struggling to qualify for a conventional home loan. However, homebuyers should be aware that there are limits to how much they can borrow with an FHA loan. In most of Oregon, the FHA maximum loan amount for a single-family home is $472,030. In high-cost counties, that limit rises to match the housing market — up to $690,00 in the most expensive county in the state, Deschutes County.
Oregon FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sale price |
|---|---|---|---|---|---|
| BAKER | $472,030 | $604,400 | $730,525 | $907,900 | $211,000 |
| BENTON | $560,050 | $716,950 | $866,650 | $1,077,050 | $487,000 |
| CLACKAMAS | $672,750 | $861,250 | $1,041,050 | $1,293,750 | $585,000 |
| CLATSOP | $529,000 | $677,200 | $818,600 | $1,017,300 | $460,000 |
| COLUMBIA | $672,750 | $861,250 | $1,041,050 | $1,293,750 | $585,000 |
| COOS | $472,030 | $604,400 | $730,525 | $907,900 | $303,000 |
| CROOK | $472,030 | $604,400 | $730,525 | $907,900 | $355,000 |
| CURRY | $472,030 | $604,400 | $730,525 | $907,900 | $400,000 |
| DESCHUTES | $690,000 | $883,300 | $1,067,750 | $1,326,950 | $600,000 |
| DOUGLAS | $472,030 | $604,400 | $730,525 | $907,900 | $290,000 |
| GILLIAM | $472,030 | $604,400 | $730,525 | $907,900 | $171,000 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 | $175,000 |
| HARNEY | $472,030 | $604,400 | $730,525 | $907,900 | $150,000 |
| HOOD RIVER | $671,600 | $859,750 | $1,039,250 | $1,291,550 | $584,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $401,000 |
| JEFFERSON | $472,030 | $604,400 | $730,525 | $907,900 | $344,000 |
| JOSEPHINE | $472,030 | $604,400 | $730,525 | $907,900 | $375,000 |
| KLAMATH | $472,030 | $604,400 | $730,525 | $907,900 | $230,000 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 | $142,000 |
| LANE | $481,850 | $616,850 | $745,650 | $926,650 | $419,000 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 | $379,000 |
| LINN | $472,030 | $604,400 | $730,525 | $907,900 | $355,000 |
| MALHEUR | $472,030 | $604,400 | $730,525 | $907,900 | $350,000 |
| MARION | $483,000 | $618,300 | $747,400 | $928,850 | $420,000 |
| MORROW | $472,030 | $604,400 | $730,525 | $907,900 | $280,000 |
| MULTNOMAH | $672,750 | $861,250 | $1,041,050 | $1,293,750 | $585,000 |
| POLK | $483,000 | $618,300 | $747,400 | $928,850 | $420,000 |
| SHERMAN | $472,030 | $604,400 | $730,525 | $907,900 | $200,000 |
| TILLAMOOK | $472,030 | $604,400 | $730,525 | $907,900 | $355,000 |
| UMATILLA | $472,030 | $604,400 | $730,525 | $907,900 | $280,000 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 | $235,000 |
| WALLOWA | $472,030 | $604,400 | $730,525 | $907,900 | $280,000 |
| WASCO | $472,030 | $604,400 | $730,525 | $907,900 | $330,000 |
| WASHINGTON | $672,750 | $861,250 | $1,041,050 | $1,293,750 | $585,000 |
| WHEELER | $472,030 | $604,400 | $730,525 | $907,900 | $93,000 |
| YAMHILL | $672,750 | $861,250 | $1,041,050 | $1,293,750 | $585,000 |
How are FHA loan limits determined?
When you apply for an FHA loan, there will be a limit to how much you can borrow to purchase a home. This limit is set by the U.S. Department of Housing and Urban Development (HUD), and is based on the conforming loan limit determined by the Federal Housing Finance Agency (FHFA).
Each year, the FHFA reviews the median cost of homes in each county in the US over the previous year. This data is used to set a national conforming loan limit, which HUD then uses to calculate the year’s FHA loan limits. The FHA loan limits range from 65% of the conforming loan limit — also called the “floor” — up to 150%, called the “ceiling.” The ceiling only applies in some higher cost counties.
The FHA floor is $472,030 ; the ceiling is $1,089,300.
How to qualify for an FHA loan in Oregon
As with any home loan, an Oregon FHA loan has requirements that you must meet to qualify:
Down payment of 3.5%. A down payment of only 3.5% is required if your credit score is at least a 580.
Credit score of at least 500. If your credit score falls between 500 and 579, you may still qualify for an FHA loan, but a 10% down payment is required.
Debt-to-income (DTI) ratio of 43% or less. A DTI ratio compares your debt to your gross income. Lenders want to see a DTI that doesn’t exceed 43% because it shows that a borrower is likely able to successfully manage the debt they are carrying.
Home appraisal. A special FHA home appraisal is required for all homes purchased using an FHA loan. It determines the value of the home and whether or not it meets FHA guidelines around quality and safety.
Mortgage insurance. Two kind of mortgage insurance are required when you take out an FHA loan: an upfront mortgage insurance premium (UFMIP) and an annual mortgage insurance premium (MIP). Homebuyers can expect UFMIP to equal 1.75% of the loan amount and be added to the mortgage loan amount. The MIP will typically range between 0.15% and 0.75%, which is evenly divided into 12 monthly installments that are added to the monthly mortgage payments.
Primary residence. You must live in the home you purchase with an FHA loan for at least one year after buying it.
Buying a multifamily property with an FHA loan
FHA loans can be used to purchase multifamily properties with up to four units. As long as the owner plans to occupy one of the units for at least a year, they can reap all of the benefits of an FHA loan, including the ability to put as little as 3.5% down.
FHA lenders in Oregon
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Lower | 4 stars | 580 |
| Rocket Mortgage | 5 stars | 580 |
| PennyMac | 4.5 stars | 580 |
| AmeriSave | 3.5 stars | 600 |