-Buy a Home in Lane County
-What are the government loan limits in Lane County, OR?
-What parts of Lane county are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Lane County
-What is the median home price in Lane County, OR?
-How many people live in lane County?
-What are the major cities?
-How do I see FHA- and VA-Approved homes for sale?
-Is there a cost to have a real estate agent represent me?
-What closing costs do I need?
-How can I get assistance with closing costs?
-About Lane County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Lane County
Buy a Home in Lane County
Are you interested in buying a home in Lane County? This is a step by step guide to all the ins and outs of the homebuying process. For more detail about FHA loans, be sure to check out our complete guide. We also have an in-depth guide to VA loans and the USDA’s Rural Development home loan program.
For now, let’s look at the basic steps to buying a home – and what you’ll have to look out for in Lane County.
- Get in touch with a loan officer – give us a call at 877-432-5626 We can help you figure out what type of loan you might qualify for. Programs through the VA, USDA, and FHA allow you to buy a home with a small down payment – or no down payment at all. We will also check your credit and income to see how much of a loan you can qualify for. When we do this, we do a “soft pull” on your credit. This is different from an official credit inquiry and won’t hurt your credit score.
- Compare loan offers. Either call us or fill out the form on this page.
- Give your Loan Officer the information they need to find you a loan For a purchase loan or cash-out refinance:
- Your ID
- Previous two years of W2s
- Most recent 30 days paystubs
- Most recent 60 days bank statements
- Landlord and HR/Payroll Department contact info
For a refinance loan, you will also need information on the loan you want to refinance.
- Compare Loan offers Compare the interest rates and APRS – but keep in mind that the fixed- and adjustable-rate mortgages are apples and oranges. Use the Loan Estimate to compare the true costs of each loan, both month-to-month and over the life of the mortgage.
- Find a home Get connected with a FedHome Loan Centers Real Estate Agent. Once you meet with them to talk about your wants and needs, you can sign up for the property search feed. This will give you alerts about homes for sale in Lane County. Now you’re ready to preview properties and start touring homes.
- Make an offer and negotiate the terms of the sale
- Get the necessary and recommended inspections Required Inspections:
- Termite Inspection
- Well or septic inspections, if applicable
- We can help you check if your home is in one of the Lane County flood hazard areas.
Home Inspection, Roof Inspection, Sewer Inspection
- Get the home appraised Construction loans require a construction appraisal and permit approval
- Lock in your interest rate Pro Tip: Wait until the appraisal to lock in your loan rates. If it turns out you need to make repairs, it can push the closing back. Then you run the risk of losing that rate or having to pay an extension fee.
- Close the deal and get packing! You’re ready to go!
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What are the Loan Limits for Lane County?
- FHA Loan Limit $331,760 (Single family residence) / $424,800 (Duplex) / $513,450 (Triplex) / $638,100 (Fourplex)
- USDA Loan Limit $265,400
- VA Home Loan Limit $0 down up to $3,000,000 / 2 open VA loans at one time $510,400 *(Call 877-432-5626 for details).
What Parts of Lane County are eligible for USDA Loans?
- Most of Lane County is eligible for a USDA Rural Development home loan.
- Eligible Zip Codes: 97412, 97413, 97419, 97424, 97426, 97430, 97431, 97434, 97437, 97438, 97439, 97448, 97451, 97452, 97453, 97454, 97455, 97461, 97463, 97480, 97487, 97488, 97489, 97490, 97492, 97493.
Do I need Flood Insurance?
- The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
- In Lane County, most flood hazard areas are in low elevation areas around the Siuslaw River, the Willamette River, and the McKenzie River. In addition, several other creeks within the county also see minimal flooding. However, the Siuslaw, the Willamette, and the McKenzie are more significant due to how close they are to major cities in the county.
How do I learn about Property Taxes in Lane County?
- Michael C Cowles is the Lane county tax assessor. His office can be reached at 125 East 8th Avenue Eugene, Oregon 97401. In addition, his office can also be reached by calling (541) 682-4321.
- The state of Oregon offers businesses that invest and hire in enterprise zones the option to be exempt from property taxes for at least three years. In addition, the Oregon Investment Advantage program encourages new businesses that are starting as well as the ones who are relocating to the state with various incentives. For example, the program offers income tax subtraction and elimination of state income liability for new businesses for many years.
What is the Median Home Price in Lane County?
As of March 31st, 2020, the median home value for Lane County is $329,273. In addition, the median household income for residents of the county is $49,958.
How many people live in Lane County?
As of 2019, Lane County’s population is 382,067 which saw an increase of about 8% in the last decade. Moreover, demographically speaking, 81% of the population is White, with 9% Hispanic, and 4% Mixed Race.
What are the major cities?
The county has twelve cities, including the city of Eugene which serves as the county seat. Other major cities in the county are Coburg, Cottage Grove, Creswell, Dunes City, Florence, Junction City, Lowell, Oakridge, Veneta, Springfield, and Westir.
How do I see FHA- and VA-Approved homes for sale?
Is there a cost to have a real estate agent represent me?
The seller must pay real estate professionals’ commission, not the buyer. This means that, as a homebuyer, there is no cost to have a real estate agent represent you. In fact, it’s a good idea to get your own agent in order to have someone in your corner during the negotiation process. For more information about real estate agents, click here.
What closing costs do I need?
For FHA loans, closing costs can end up being 3-4% of the loan amount. These costs include origination fees from the lender, any discount points purchased for a better interest rate, and pre-paid items like insurance and taxes.
Can I get assistance with closing costs?
There are several ways to reduce the amount you have to pay at closing. One way is to get down payment assistance. The FHA’s Within Reach program provides grants to help low- and middle-income families with their down payment.
About Lane County
Established in 1851, the county was named after General Joseph Lane, the first governor of Oregon. Moreover, the county seat was incorporated into the county in 1853 after a vote decided that it would be placed in the city of Eugene, which was named after an early pioneer of the area Eugene Skinner.
Today, Lane county covers 4,620 square miles and has an economy whose leading industries are high technology, recreation, vehicle manufacturing, and tourism. Moreover, the biggest employment industries in the county are healthcare, retail trade, and educational services. Hence, the most common occupations for residents of the county are office support, management, and sales.
The county is offering Business Growth Loans to attract new businesses as well as growing businesses. The main goal of this loan is to increase the amount of small business jobs within the county. Moreover, the loan amount depends on the availability of funds and the amount of jobs created.
In addition to its growing economy, the county is also served by 15 school districts which together make up 112 schools ranging from K to 12th grade. In addition, there are higher education institutions like the University of Oregon, Lane Community College, and Northwest Christian University.
Finally, the county is also home to several museums like the Jordan Schnitzer Museum of Art, the Oregon Air and Space Museum, and the Lane County History Museum. In addition, the county is also host to several annual events like the Oregon Festival of American Music, the Oregon Bach Festival, and the Lane County Fair.
How much of a loan can I qualify for, based on my income?
|Monthly Income||Purchase Price|
Purchase Price subject to credit and income evaluation.
Approved Condos in Lane County
|Condo ID /|
|HIGHLANDS CONDOMINIUM||S006055 001||440 STONEWOOD DR|
EUGENE, OR 97405
|LANE||HRAP||ALL 128 UNITS IN PROJECT. .||Exists||Recorded/|
|WEST SLOPE CONDOMINIUMS||S013873 001||939 PRESCOTT LN|
SPRINGFIELD, OR 97477
|LANE||HRAP||4 BUILDINGS CONTAINING ALL 16 UNITS IN PROJECT.||Exists||Recorded/|
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