Finance
What is the Oregon conforming loan limit for single-family homes in most counties, and what happens when a loan exceeds this limit?
A$417,000; it becomes a subprime loan
BVaries by year/county; it becomes a jumbo loan requiring stricter qualification✓ Correct
C$1,000,000; it becomes an FHA loan
D$500,000; it must be VA-guaranteed
Explanation
Conforming loan limits are set annually by the FHFA and vary by county (higher-cost counties have higher limits). When a loan exceeds the conforming limit, it becomes a 'jumbo' loan, which typically requires higher credit scores, larger down payments, and more stringent underwriting than conventional conforming loans.
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