5 Best Jumbo Loans in Oregon


Jumbo mortgage loans in Oregon offer convenient financing for larger home purchases.

Key Terms

  • Jumbo home loans are a type of mortgage that offer Oregonians much higher limits than conventional loans.
  • Borrowers can sometimes find jumbo loans in Oregon with less than 20% down payments.
  • Borrowers can finance a larger or more expensive property via a single loan.

Oregon is located in the pacific northwest of the United States. Oregon is well known around the world for its amazing natural features like Multnomah Falls and the beautiful Pacific Ocean beaches. Oregon has a population of 4.2 million people in 2022. Because of its thriving culture and developing arts and entertainment industry in places like Portland, Oregon has something for everybody. 

Whether you live in a small town or a big city, home prices in Oregon are on the rise. According to the Oregon Association of Realtors, the median sales price of a home in Oregon is $289,900. While that number is well below the jumbo loan limit in Oregon, the state still has plenty of jumbo mortgage activity.

For the most recent year, the HDMA data places Oregon 19th in the country in terms of mortgage origination activity, with a total of $7.9 billion in jumbo mortgages originated. If you’re looking for a jumbo mortgage in Oregon to finance your dream home, you’ll be among good company.

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What is the jumbo loan limit in Oregon?

The jumbo loan limit in Oregon is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of Oregon. Any loan that is less than $647,200 is a conforming loan in the state of Oregon.

Oregon Jumbo Loan Limits (October 2022)

Oregon county-by-county jumbo loan, conforming loan and FHA loan limits.

Oregon
County
Oregon
Jumbo loan
(1-unit)
Oregon
Conforming
loan limit
(1-unit)
Oregon
FHA loan limit
(1-unit)
Baker$647,200+$647,200 $420,680
Benton$647,200+$647,200 $420,680
Clackamas$647,200+$647,200 $598,000
Clatsop$647,200+$647,200 $437,000
Columbia$647,200+$647,200 $598,000
Coos$647,200+$647,200 $420,680
Crook$647,200+$647,200 $420,680
Curry$647,200+$647,200 $420,680
Deschutes$647,200+$647,200 $569,250
Douglas$647,200+$647,200 $420,680
Gilliam$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Harney$647,200+$647,200 $420,680
Hood River$647,200+$647,200 $599,150
Jackson$647,200+$647,200 $420,680
Jefferson$647,200+$647,200 $420,680
Josephine$647,200+$647,200 $420,680
Klamath$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
Lane$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Linn$647,200+$647,200 $420,680
Malheur$647,200+$647,200 $420,680
Marion$647,200+$647,200 $420,680
Morrow$647,200+$647,200 $420,680
Multnomah$647,200+$647,200 $598,000
Polk$647,200+$647,200 $420,680
Sherman$647,200+$647,200 $420,680
Tillamook$647,200+$647,200 $420,680
Umatilla$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Wallowa$647,200+$647,200 $420,680
Wasco$647,200+$647,200 $420,680
Washington$647,200+$647,200 $598,000
Wheeler$647,200+$647,200 $420,680
Yamhill$647,200+$647,200 $598,000

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5 Top Oregon jumbo loan lenders

If you’re in the market for a home in Oregon, consider these jumbo mortgage loans that are available to state residents.

1. SoFI

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage rates and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive jumbo loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about their jumbo mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo loan rates. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about their jumbo loans, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 Adjustable Rate Mortgages
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

5. Keybank

Keybank has over $170 billion in assets and is the 24th largest bank in the United States. They operate throughout 39 states but can originate mortgages in nearly all 50, making them a popular choice among borrowers throughout the country. One of their key financial products is a jumbo mortgage loan.

We contacted Keybank to learn more about their jumbo loan mortgage and here are the key terms and highlights:

SilverKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.

GoldKey Mortgage

  • Loan amounts up to $3.5 million
  • 10% down up to $1.5 million
  • Fixed or variable rates available
  • No private mortgage insurance required
  • Available for 1-to-4 unit properties, including single-family homes, condos or planned unit developments.
  • Available for second homes and investment properties.

Jumbo Interest-Only Mortgages

  • Loan amounts up to $3.5 million
  • 30% down on mortgages up to $1.5 million for primary residences
  • 35% down on mortgages up to $2 million for second homes
  • No private mortgage insurance required
  • ARM-only options

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Why homebuyers get jumbo loans in Oregon

Homebuyers in Oregon are often faced with a difficult question: Should they purchase a more expensive home or budget for a home that is more affordable? Even if they can swing a more expensive home,  those purchases can be difficult to finance because of the gap between the FHA loan amount limit and the average home cost of a home in Oregon. The state, therefore, has allowed financial institutions to approve loans that are larger than traditional mortgages, but still financed away to create an affordable monthly payment for homebuyers. 

Jumbo loans can be considered riskier by lending institutions because they are not guaranteed by FHA. This means that the banks cannot be protected from losses if a loan is defaulted on. Because of this, you should be aware that only borrowers with great credit scores or large down payments are going to be eligible for a jumbo loan. If a bank makes a poor decision on who to lend to they could be on the hook for millions of dollars because of the size of these loans.  

Does an Oregon jumbo loan make sense for you?

The very first thing you’ll need to consider when you want to apply for a jumbo loan in Oregon is your financial situation. Because of the reasons mentioned above, you’ll have to make sure that your credit score is in great standing before you move forward. 

Because of the stricter requirements, you will often find great interest rates with these loans, too, even with a high credit score.  Oregonians who decide to move forward with a jumbo loan often feel that this is a reasonable price to pay for the convenience of financing a large home purchase with a single loan. 

Keep in mind that the Federal Housing Finance Agency (FHFA), which oversees Fannie Mae and Freddie Mac (the two government-sponsored home loan companies that buy most of the home mortgages made in the U.S. from lenders and resell them to private investors) sets the conforming loan limits.

To make sure that you are able to navigate this process quickly and efficiently and you don’t run into any roadblocks to financing the home of your dreams with a jumbo loan in Oregon, we have provided professional loan officers that have years of experience applying, qualifying, and underwriting jumbo loans in Oregon.

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

Find a Jumbo Loan Specialist

Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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