Understanding FHA Loan Limits in Oregon

The Federal Housing Administration (FHA) loan program offers several benefits for borrowers, including a down payment as low as 3.5%. But there are some size restrictions you should be aware of. Here’s an updated look at Oregon FHA loan limits for 2024. 97035

The FHA loan limits for Oregon have just been released for 2024. What is the new loan limit, and how will that impact your home buying process?

The Federal Housing Administration (FHA) backs mortgage loans with flexible credit and down payment requirements to promote affordable homeownership. FHA loans are a popular choice among first-time homebuyers and those with limited savings or less-than-perfect credit If you’re considering an FHA loan to buy a home in Oregon, it’s important to understand the loan limits in effect for 2024

FHA Loan Limits Vary by Location

The maximum FHA loan amount you can borrow depends on where you purchase your home. FHA loan limits are based on median home prices and vary at the county level. High-cost areas have higher limits, while lower-cost areas have lower limits.

In Oregon, FHA loan limits for 2024 range from a low of $498,257 in most counties up to $724,500 in Hood River County. The FHA ceiling in Oregon is $724,500 while the floor is $498,257.

How FHA Loan Limits Are Calculated

Every year, the Federal Housing Finance Agency (FHFA) analyzes home prices nationally and sets maximum conventional loan limits. FHA loan limits are then calculated as a percentage of the FHFA limits. There are two key FHA loan limits:

Floor – The lowest FHA loan limit set at 65% of the conforming limit. This is $498,257 in 2024.
Ceiling – The highest FHA loan limit set at 150% of the conforming limit. This is $1,149,825 in 2024.

FHA loan limits cannot fall outside the floor and ceiling. For high-cost counties like Hood River, the FHA loan limit is set between the floor and ceiling based on median home values.

FHA Loan Limit by County in Oregon

Here are the 2024 FHA loan limits for single-family homes in each Oregon county:

County	FHA Loan Limit
Baker	$498,257
Benton	$598,000
Clackamas	$679,650
Clatsop	$529,000
Columbia	$679,650
Coos	$498,257
Crook	$498,257
Curry	$498,257
Deschutes	$690,000
Douglas	$498,257
Gilliam	$498,257
Grant	$498,257
Harney	$498,257
Hood River	$724,500
Jackson	$498,257
Jefferson	$498,257
Josephine	$498,257
Klamath	$498,257
Lake	$498,257
Lane	$498,257
Lincoln	$498,257
Linn	$498,257
Malheur	$498,257
Marion	$498,257
Morrow	$498,257
Multnomah	$679,650
Polk	$498,257
Sherman	$498,257
Tillamook	$498,257
Umatilla	$498,257
Union	$498,257
Wallowa	$498,257
Wasco	$498,257
Washington	$679,650
Wheeler	$498,257
Yamhill	$679,650

As you can see, Hood River County has the highest FHA loan limit in Oregon at $724,500. Most other counties have a limit of $498,257.

Loan Limits for Multifamily FHA Loans

FHA loans can also be used to purchase multifamily homes of 2-4 units. The FHA loan limits for multifamily properties are as follows:

2 units – $637,950
3 units – $771,125
4 units – $958,350

So in Hood River, you could potentially get an FHA loan for up to $1,393,300 for a 4-unit property.

Qualifying for an FHA Loan in Oregon

While FHA loans are more flexible than conventional mortgages, you still need to meet the eligibility requirements:

Credit score – At least 580 for 3.5% down payment or 500 for 10% down
Down payment – Minimum 3.5% or 10%
Debt-to-income ratio – Typically below 43%
Occupancy – Must be your primary residence
Mortgage insurance – Required on all FHA loans

Work on boosting your credit score and saving up for a down payment and closing costs to improve your chances of getting approved. Shop around with a few lenders to compare offers.

Finding an FHA Lender in Oregon

There are numerous FHA lenders available in Oregon to choose from. Here are a few top options to consider:

SoFi – Online lender with low rates and fees. Offers a rate match guarantee.
Fairway Independent Mortgage – Local mortgage company with loan officers across Oregon.
Guild Mortgage – Regional lender based in Oregon with a full product lineup.
Umpqua Bank – Regional bank and lender with branches across Oregon.
CFPB – Federal agency lists all FHA approved lenders.

Shopping around and comparing mortgage offers will help you find the best FHA loan for your situation in Oregon. Pay attention to interest rates, fees, discounts, and lender reputation.

The Bottom Line

FHA loans allow you to buy a home with a low down payment and flexible credit. Make sure you understand the FHA loan limits based on the county where you plan to buy. Getting pre-approved and comparing mortgage offers from multiple lenders will help you secure a great FHA loan in Oregon.

Oregon FHA Loan Limits in 2024

Oregon FHA loan limits are established by the Department of Housing and Urban Development (HUD) and are based on median home prices. HUD reconsiders the limits every year and sometimes revises them. Below, you will find the 2024 FHA loan limits for all counties in Oregon. They range from $498,257 to $724,500 depending on the county.

Note: In the table below, “1-family” refers to a single-family home or condo. “Two-family” refers to a duplex-style property with two residents, and so on.

Home buyers purchasing a single-family home or condo in the state of Oregon should refer to the 1-family FHA loan limits shown below:

County Name	1 Unit	2 Units	3 Units	4 Units
BAKER	$498,257	$637,950	$771,125	$958,350
BENTON	$598,000	$765,550	$925,350	$1,150,000
CLACKAMAS	$679,650	$870,050	$1,051,700	$1,307,050
CLATSOP	$529,000	$677,200	$818,600	$1,017,300
COLUMBIA	$679,650	$870,050	$1,051,700	$1,307,050
COOS	$498,257	$637,950	$771,125	$958,350
CROOK	$498,257	$637,950	$771,125	$958,350
CURRY	$498,257	$637,950	$771,125	$958,350
DESCHUTES	$690,000	$883,300	$1,067,750	$1,326,950
DOUGLAS	$498,257	$637,950	$771,125	$958,350
GILLIAM	$498,257	$637,950	$771,125	$958,350
GRANT	$498,257	$637,950	$771,125	$958,350
HARNEY	$498,257	$637,950	$771,125	$958,350
HOOD RIVER	$724,500	$927,500	$1,121,150	$1,393,300
JACKSON	$498,257	$637,950	$771,125	$958,350
JEFFERSON	$498,257	$637,950	$771,125	$958,350
JOSEPHINE	$498,257	$637,950	$771,125	$958,350
KLAMATH	$498,257	$637,950	$771,125	$958,350
LAKE	$498,257	$637,950	$771,125	$958,350
LANE	$498,257	$637,950	$771,125	$958,350
LINCOLN	$498,257	$637,950	$771,125	$958,350
LINN	$498,257	$637,950	$771,125	$958,350
MALHEUR	$498,257	$637,950	$771,125	$958,350
MARION	$498,257	$637,950	$771,125	$958,350
MORROW	$498,257	$637,950	$771,125	$958,350
MULTNOMAH	$679,650	$870,050	$1,051,700	$1,307,050
POLK	$498,257	$637,950	$771,125	$958,350
SHERMAN	$498,257	$637,950	$771,125	$958,350
TILLAMOOK	$498,257	$637,950	$771,125	$958,350
UMATILLA	$498,257	$637,950	$771,125	$958,350
UNION	$498,257	$637,950	$771,125	$958,350
WALLOWA	$498,257	$637,950	$771,125	$958,350
WASCO	$498,257	$637,950	$771,125	$958,350
WASHINGTON	$679,650	$870,050	$1,051,700	$1,307,050
WHEELER	$498,257	$637,950	$771,125	$958,350
YAMHILL	$679,650	$870,050	$1,051,700	$1,307,050

Other FHA Mortgage Requirements

In addition to the Oregon FHA loan limits shown above, there are some other requirements you should know about:

Borrowers must make a down payment of at least 3.5% of the purchase price or appraised value.
The loan-to-value (LTV) ratio cannot exceed 96.5% in most cases.
Borrowers must have a credit score of 580 or higher for the 3.5% down payment option.
Down payment funds can be gifted from a family member or other approved donor.
Ideally, the borrower should have a combined debt-to-income (DTI) ratio no higher than 43%. But there are some exceptions to this general rule.
The home must pass an appraisal conducted by an FHA-approved appraiser.
Condos must be on HUD’s approved condominium list.

This is a basic overview of Oregon FHA loan requirements. If you’d like to know if you’re eligible for this program, please contact our staff.

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

2024 FHA Loan Limits Explained

FAQ

Is there a limit to how many FHA loans can you have?

While there’s no limit to how many FHA mortgages you can get during your lifetime, you can generally only have one FHA loan at a time because you can only have one primary residence. This restriction helps keep the loan program – and its lenient requirements – from being used to purchase investment properties.

What is the maximum mortgage loan limit for FHA?

For many single-family homebuyers in California, the FHA loan limit is $498,257, but in more expensive areas like Los Angeles, Orange, Santa Cruz and San Francisco counties, you could borrow as much as $1,149,825.

What is the DTI limit for FHA in 2024?

The FHA-recommended limit is a DTI ratio of 43%. However, even if you have a higher DTI ratio, lenders can still consider you if you have considerable cash reserves and a high income.

What if the loan amount exceeds the max FHA allowed?

The FHA has a maximum loan amount that it will insure, which is known as the FHA Lending Limit. If you are looking to buy a house that exceeds this limit, you are required to pay the difference as your down payment.

Can I get an FHA loan in Oregon?

To qualify for an FHA loan in Oregon, your home loan must be below the local FHA loan limits in your area. For 2024, the maximum loan limit in Oregon is $498,257 for a single-family home and $1,393,300 for a four-plex. Limits varies by county. The minimum loan limit is $5,000. Loan limits vary by county and home size.

How much is an FHA loan in Oregon?

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. How are FHA loan limits determined? How are FHA loan limits determined?

What is the maximum loan limit in Oregon?

For 2024, the maximum loan limit in Oregon is $498,257 for a single-family home and $1,393,300 for a four-plex. Limits varies by county. The minimum loan limit is $5,000. Loan limits vary by county and home size. In addition to loan limits, to qualify for an FHA loan you must live in the home as your primary residence.

Where can I find conforming loan limits in Oregon?

Bankrate compiled the conforming loan limits data from Federal Housing Finance Agency and the FHA loan limits from the U.S. Department of Housing and Urban Development (HUD). Find Oregon mortgage rates View the current FHA and conforming loan limits for all counties in Oregon. Each Oregon county loan limit is displayed.