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Oregon FHA Loans

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2020 Oregon FHA Loan Requirements.

Oregon FHA Loans | Requirements | Loan Limits | Apply

Our goal is to provide you with all of the information and tools you need in order to determine if a FHA loan is right for you. On this page, you can view the 2020 Oregon FHA loan guidelines, view loan limits by county, and calculate your monthly payment.  These guidelines include the FHA requirements related to credit history, income, employment, and the type of property you want to purchase.  After reading the loan requirements and loan limits, you can use our detailed FHA calculator, which will allow you to see what your monthly payment, mortgage insurance, and monthly escrow will be.

Oregon FHA Loan Requirements

Keep in mind that each application is looked at individually, and FHA loans have a considerable amount of leniency in what is required for an approval. There are some concrete loan requirements set out by the FHA though, which dictates what loans they will insure. The following information is written in the context of buying a home with a FHA loan. If you already have a FHA loan, or if you wish to refinance into a FHA loan, please click here to learn about FHA refinancing.

The mandatory Oregon FHA loan requirements for a home purchase are as follows:

  • Primary Residence – You must occupy the home that you intend to purchase and have it be your primary residence. The FHA does not insure investment properties. Multifamily homes are allowed, which can have up to 4 units, but you must occupy at least one of them for it to be eligible for a FHA loan in Oregon.
  • Credit Score – A credit score of 580 or higher is needed for FHA loans.  This includes first time home buyer mortgages, repeat buyer loans, and any FHA refinance program.
  • Job History – Proof of employment for 2 years is required. It is ok if you have changed jobs, but you need to show consistency of income.
  • Income Documentation – Pay stubs and tax returns are required to show employment income, as well as bank statements, including your checking or savings accounts.
  • DTI Ratio – Your monthly debts, including your new mortgage payment, must not exceed 43% of your bring home income.  What you want to do is calculate all of your current monthly debts (do not include anything that does not show on your credit report – only those that appear on a credit report are counted).  Then, take the total of your current debts, plus what your expected new mortgage payment, and get a total.  Let’s say your current monthly debts are $750 and your new mortgage payment will be $1,000/month.  Your total monthly debts would be $1,750.  Compare this amount to your monthly income to calculate your DTI ratio.  Your monthly debts compared to your monthly income shall not exceed 43% for you to qualify for a FHA loan.

You can calculate your new FHA payment below. Not sure what your FHA interest rate will be?  We can provide you with a free consultation and rate quote.[fhacalc]

  • Price of Home – Enter the price of the home you want to buy. If you do not have a home in mind yet, just add in a number in the range you expect to want to buy a home for.
  • Mortgage – The second field titled “mortgage”, is by default on a 30 year fixed loan schedule.  This is the most common loan repayment schedule selected for FHA loans.  You can change it to 20 years, 15 years, or 10 years if you want a shorter loan amortization.
  • Interest Rate – The interest rate a borrower receives depends on their credit, income, and other qualifying factors.  To get an actual rate quote, you will need to speak with a licensed loan officer.  You can call 1-800-731-3560 to get prequalified and receive a rate quote.
  • Down Payment – FHA loans require a 3.5% down payment.  If you would like to put more down, add in more into the down payment field.  Please note that not everyone will qualify for a 3.5% down payment, and of course, not all applicants are approved for a loan at all.  The 3.5% is the amount that many FHA loan applicants will be allowed as a minimum down payment.
  • Property Taxes – Add the annual taxes for the home you want to buy.  To find out how much the annual property taxes are, check with the county assessor.  You can also ask a real estate agent to help you find out what the exact annual property taxes are for a home you are interested in.
  • Annual Insurance – The amount that the annual homeowners insurance will cost depends on the property you intend to buy, your homeowners insurance claim history (if you have owned a home before, and had to make a claim), and the specific homeowners insurance company that you select to insure your home.
  • Down Payment – This is the percentage that is calculated based upon the home purchase price and the down payment amount.

After submitting information into these fields, it will calculate how much the FHA mortgage payment will be based upon what is inputted.  The next set of data presented on the right side and shows under the total monthly payment is as follows:

  • FHA Base Loan Amount -This is the amount of your loan after subtracting your down payment from the total, but prior to adding in the FHA upfront mortgage insurance premium (UPMIP).
  • FHA Upfront MIP – All FHA loans require a 1.75% upfront mortgage insurance premium to be paid. This is calculated from the base loan amount. This 1.75% is the same for any borrower and on any type of FHA loan. It does not vary from one FHA lender to another.
  • FHA Total Loan Amount – This is the combined total of your FHA base loan amount (after subtracting the down payment), along with the FHA UPMIP. You have the option to pay the FHA UPMIP amount out of pocket, or you can wrap it into the loan amount.  Most decide to include it in the loan amount, so we have it automatically added on the calculator.
  • Principle and Interest – This is the amount of your mortgage payment before adding mortgage insurance, and property taxes, and property insurance.
  • FHA MIP – This is the monthly mortgage insurance premiums required on all FHA loans.   The amount depends on the type of loan, how many years the repayment schedule is (such as 15 years or 30 years), and the loan-to-value (LTV) ratio.  A 15 year loan with a LTV less than 90%, the monthly MIP will be 0.45%.  A 15 year loan with a LTV greater than 90%, the monthly MIP will be 0.70%.  For a 30 year loan with a LTV less than 95% the monthly MIP is 0.80%.  For a 30 year loan with a LTV greater than 95%, the monthly MIP is 0.85%.
  • Monthly Escrow – This is how much your property taxes and property insurance is after taking the annual amounts and dividing them by 12 monthly payments.

Would you like to receive more information or apply for a FHA loan?

2020 Oregon FHA Loan Limits

The 2020 FHA loan limits in Oregon have been increased for all counties. The numbers below represent the maximum amount that you can borrow using an FHA loan in your county. It does not mean that anyone who applies can receive this amount of funding. It is the “ceiling” amount that an FHA-insured loan can be issued for in the specific county.

The most influential determinants of how much you personally can borrow is based upon your debt-to-income ratio and credit. The lower your total amount of debts, specifically those with monthly payments, is what is ultimately looked at versus how much total income you make.

County Single Family (1 Unit) 2 Units 3 Units 4 Units
BAKER COUNTY $331,760 $424,800 $513,450 $638,100
BENTON COUNTY $402,500 $515,250 $622,850 $774,050
CLACKAMAS COUNTY $491,050 $628,600 $759,850 $944,350
CLATSOP COUNTY $345,000 $441,650 $533,850 $663,450
COLUMBIA COUNTY $491,050 $628,600 $759,850 $944,350
COOS COUNTY $331,760 $424,800 $513,450 $638,100
CROOK COUNTY $331,760 $424,800 $513,450 $638,100
CURRY COUNTY $327,750 $419,550 $507,150 $630,300
DESCHUTES COUNTY $431,250 $552,050 $667,350 $829,350
DOUGLAS COUNTY $331,760 $424,800 $513,450 $638,100
GILLIAM COUNTY $331,760 $424,800 $513,450 $638,100
GRANT COUNTY $331,760 $424,800 $513,450 $638,100
HARNEY COUNTY $331,760 $424,800 $513,450 $638,100
HOOD RIVER COUNTY $477,250 $610,950 $738,500 $917,800
JACKSON COUNTY $333,500 $426,950 $516,050 $641,350
JEFFERSON COUNTY $331,760 $424,800 $513,450 $638,100
JOSEPHINE COUNTY $331,760 $424,800 $513,450 $638,100
KLAMATH COUNTY $331,760 $424,800 $513,450 $638,100
LAKE COUNTY $331,760 $424,800 $513,450 $638,100
LANE COUNTY $331,760 $424,800 $513,450 $638,100
LINCOLN COUNTY $331,760 $424,800 $513,450 $638,100
LINN COUNTY $331,760 $424,800 $513,450 $638,100
MALHEUR COUNTY $331,760 $424,800 $513,450 $638,100
MARION COUNTY $342,700 $438,700 $530,300 $659,050
MARROW COUNTY $331,760 $424,800 $513,450 $638,100
MULTNOMAH COUNTY $491,050 $628,600 $759,850 $944,350
POLK COUNTY $342,700 $438,700 $530,300 $659,050
SHERMAN COUNTY $331,760 $424,800 $513,450 $638,100
TILLAMOOK COUNTY $331,760 $424,800 $513,450 $638,100
UMATILLA COUNTY $331,760 $424,800 $513,450 $638,100
UNION COUNTY $331,760 $424,800 $513,450 $638,100
WALLOWAH COUNTY $331,760 $424,800 $513,450 $638,100
WASCO COUNTY $331,760 $424,800 $513,450 $638,100
WASHINGTON COUNTY $491,050 $628,600 $759,850 $944,350
WHEELER COUNTY $331,760 $424,800 $513,450 $638,100
YAMHILL COUNTY $491,050 $628,600 $759,850 $944,350

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