Getting a conventional loan in Oregon: numbers, limits and rules
A conventional loan in Oregon is priced by Fannie Mae and Freddie Mac’s national rules, then shaped by local facts: a $500,000 median, property tax near 0.91%, escrow closings, and a baseline conforming limit of $832,750. Here are the numbers and the rules, in that order.
| Conforming limit (2026, one unit) | $832,750 baseline — all 36 counties, no FHFA high-cost area |
|---|---|
| Median home price (approx.) | $500,000 — statewide order of magnitude |
| 20% down on the median | $100,000 down, loan $400,000, about $2,528/month P&I at 6.5% |
| 5% down on the median | $25,000 down, loan $475,000, about $3,002/month P&I + about $297 PMI |
| PMI ends (5% down, scheduled payments) | request at 80% after about 10 years and 4 months, automatic at 78% after about 11 years and 3 months |
| Property tax (effective) | about 0.91% — roughly $4,550 a year on the median |
| Closing practice | Escrow closing state |
The Oregon conforming limit and where jumbo starts
Two numbers decide the question in Oregon: the 2026 conforming limit of $832,750 and the price you pay. Keep the loan at or under the limit — by price, by down payment, or with a conforming first plus a second lien — and you get Fannie/Freddie pricing and flexibility (3% down programs, automated underwriting, appraisal waivers). At the state median of $500,000, every scenario below is conforming. Every Oregon county is in the table below; see conforming loan limits and jumbo loans.
County-level loan limits in Oregon for 2026
For 2026 the FHFA county list shows a single tier in Oregon: all 36 counties at the $832,750 baseline for one unit, $1,066,250 for two units, $1,288,800 for three and $1,601,750 for four. Above those figures a loan is jumbo, whatever the county.
| County | 1 unit | 2 units | 3 units | 4 units |
|---|---|---|---|---|
| Baker County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Benton County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Clackamas County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Clatsop County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Columbia County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Coos County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Crook County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Curry County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Deschutes County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Douglas County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Gilliam County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Grant County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Harney County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Hood River County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Jackson County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Jefferson County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Josephine County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Klamath County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Lake County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Lane County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Lincoln County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Linn County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Malheur County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Marion County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Morrow County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Multnomah County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Polk County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Sherman County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Tillamook County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Umatilla County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Union County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Wallowa County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Wasco County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Washington County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Wheeler County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
| Yamhill County | $832,750 | $1,066,250 | $1,288,800 | $1,601,750 |
Source: FHFA, Conforming Loan Limit Values for 2026 (county list, mortgages acquired in calendar year 2026). Limits are for Fannie Mae and Freddie Mac loans; FHA and VA use their own county figures.
What a conventional loan costs on the Oregon median
The table assumes Oregon’s $500,000 median, a 6.5% rate chosen for illustration, typical PMI pricing by down payment (your credit score moves it), and the state’s 0.91% effective property tax. Add insurance and HOA dues to get a full payment.
| Down payment | Cash down | Loan | P&I | PMI (est.) | Property tax | Monthly total |
|---|---|---|---|---|---|---|
| 3% | $15,000 | $485,000 | $3,066 | $364 | $379 | $3,809 |
| 5% | $25,000 | $475,000 | $3,002 | $297 | $379 | $3,678 |
| 10% | $50,000 | $450,000 | $2,844 | $188 | $379 | $3,411 |
| 20% | $100,000 | $400,000 | $2,528 | — | $379 | $2,907 |
Below 20% down, the 3% and 5% programs (HomeReady, Home Possible, Conventional 97) have income or first-time conditions; see 3% down conventional loans.
Cancelling mortgage insurance: the dates
Federal rules, identical in Oregon: you may request cancellation at 80% of the original value and the servicer must cancel at 78%. On the scheduled amortization alone, the 5% down loan above reaches 80% after about 10 years and 4 months and 78% after about 11 years and 3 months; the 10% down loan, 80% after about 7 years and 11 months; the 3% down loan, 80% after about 11 years and 1 months. At roughly $297 a month on the 5% scenario, that is about $36,828 of PMI over the period — the strongest argument for extra principal payments or a value-based cancellation request once prices rise.
The Oregon closing: costs and who runs it
Oregon closings are conducted by escrow agents licensed by the Oregon Real Estate Agency under ORS chapter 696, almost always inside a title company; attorneys are absent from the typical transaction. Oregon is a dry-funding state: documents are signed, the deed of trust is recorded, and only then does the lender release funds, so a day can pass between signing and keys. Escrow fees are usually split between buyer and seller, and each side pays for its own title policy by custom.
Oregon charges no mortgage or intangible tax, and article IX, section 15 of the state constitution, adopted in 2012, bars new real estate transfer taxes, leaving only Washington County’s pre-existing $1 per $1,000 transfer tax on deeds. A deed of trust is recorded at the county clerk for a flat fee plus per-page charges and a state housing surcharge. Refinances owe recording fees only. Oregon’s constitution bans new real estate transfer taxes; only Washington County levies a grandfathered tax of $1 per $1,000 (0.1%). Recording fees apply statewide.
Oregon closings run through escrow companies; buyer closing costs of about 2% to 3% cover escrow, lender’s title policy, lender fees and prepaids, and sellers customarily pay the owner’s title policy.
Oregon rules that touch a conventional loan
Prepayment. Oregon has no general statute barring prepayment penalties on residential loans, so the federal qualified-mortgage limits do most of the work and penalties are uncommon on agency loans. On a conforming loan the question is moot — the agencies do not accept penalties — but check a portfolio or jumbo note.
Spouses and title. Oregon is not a community property state; only the borrowing spouse’s debts and income are underwritten, and the non-borrowing spouse signs nothing unless on title.
Homestead. ORS 18.395 exempts $40,000 of equity for a single owner and $50,000 for joint owners from judgment creditors, small figures in Portland’s market and unchanged for years.
The complete state layer — licensing, predatory-lending limits, disclosures, foreclosure — is on mortgage laws in Oregon.
Frequently asked questions
What is the conforming loan limit in Oregon for 2026?
The FHFA baseline of $832,750 applies statewide — none of Oregon’s 36 counties qualifies as high-cost in 2026. With 20% down you can buy up to about $1,040,938 and stay conforming; two- to four-unit homes have higher limits ($1,066,250, $1,288,800, $1,601,750).
When can I cancel PMI on a conventional loan in Oregon?
Under the federal Homeowners Protection Act you may request cancellation when the balance reaches 80% of the original value and the servicer must cancel automatically at 78%. On a $500,000 Oregon home bought with 5% down at an illustrative 6.5%, scheduled payments reach 80% after about 10 years and 4 months and 78% after about 11 years and 3 months; extra principal or a new appraisal showing appreciation can move the date up.
Does Oregon add anything to a conventional loan’s closing costs?
Oregon charges no mortgage or intangible tax, and article IX, section 15 of the state constitution, adopted in 2012, bars new real estate transfer taxes, leaving only Washington County’s pre-existing $1 per $1,000 transfer tax on deeds. Oregon’s constitution bans new real estate transfer taxes; only Washington County levies a grandfathered tax of $1 per $1,000 (0.1%). Oregon closings run through escrow companies; buyer closing costs of about 2% to 3% cover escrow, lender’s title policy, lender fees and prepaids, and sellers customarily pay the owner’s title policy.
Official sources for Oregon
- Oregon Housing and Community Services (OHCS): the state housing finance agency (first-time buyer loans, down payment assistance)
- Oregon Division of Financial Regulation: where to check a state license or file a complaint
- NMLS Consumer Access: check any lender’s or loan officer’s license
- FHFA conforming loan limit files: the county limits shown on this page
Links checked September 22, 2026. Researched and edited by Clément Lacaille (Tech-Bharat); how we research.
Sources
Related: Financing a duplex, triplex or fourplex: down payment, rental income and the rules that change, Assumable mortgages: taking over a seller’s low rate, and what it really costs, How to compare mortgage offers: reading the Loan Estimate line by line, Renovation loans: HomeStyle, CHOICERenovation and FHA 203(k) compared. First home in Oregon: programs and assistance. Hub: Conventional loan.