Conventional Loan Benefits on the Oregon Coast
Second Homes & Vacations
Only conventional financing covers coastal vacation homes and investment properties — FHA requires primary residence.
PMI Cancels at 20%
Conventional PMI cancels automatically when you reach 80% LTV — no lifetime mortgage insurance.
Coastal Appraisal Knowledge
I know what Oregon Coast lenders and appraisers need — fewer delays and surprises at closing.
Higher Loan Limits
Conforming loan limits exceed FHA in Oregon coastal counties — more flexibility on price.
As Low as 3% Down
Conventional 97 programs for primary residence purchases. Second homes typically require 10–15% down.
Flexible Terms
10, 15, 20, and 30-year terms — matched to your primary residence or investment property goals.
Conventional Loan Requirements in Oregon
- ✓Credit Score: 620+ minimum; 740+ for most favorable rates
- ✓Down Payment: 3–5% primary; 10–25% second home or investment
- ✓DTI: Up to 45–50% with strong compensating factors
- ✓Employment: 2-year history preferred; self-employed with 2 years of tax returns
- ✓Property: Primary residence, second/vacation home, or investment property
- ✓PMI: Required with less than 20% down on primary residence; cancels at 80% LTV
Coastal Conventional Loan FAQ
Can I use conventional to buy an Oregon Coast vacation home?
Yes — conventional is the primary financing path for vacation and second homes on the Oregon Coast. You'll typically need 10–25% down and a slightly higher rate than a primary residence. I'll show you exactly what a coastal second home purchase looks like with conventional financing.
What credit score do I need?
620 is the typical minimum, but rates improve significantly as your score rises. Borrowers with 740+ get the best pricing. For second homes and investment properties, a higher score helps even more.
Are there flood insurance requirements for coastal conventional loans?
If the property is in a FEMA-designated flood zone, flood insurance is required regardless of loan type. I'll review the flood zone status for any property you're considering and help you estimate the full insurance picture before you make an offer.
How is a second home loan different from a primary residence loan?
Second home loans typically require 10–25% down, have slightly higher interest rates, and require that the property be at least a reasonable distance from your primary residence. The property cannot be rented full-time. I'll walk you through exactly what applies to your situation.
Other Loan Programs
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Takes 2 minutes · No credit pull · No obligation