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Lincoln County, Oregon FHA, VA, and USDA Loan Information

Table of Contents

-How to Purchase a Home in Lincoln County
-What are the government loan limits in Lincoln County, OR?
-What parts of Lincoln County are eligible for USDA loans?
-Do I need flood insurance?
-How do I learn about Property Taxes in Lincoln County
-What is the median home price in Lincoln County, OR?
-How many people live in Lincoln 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 Lincoln County
-How much of a loan can I qualify for, based on my income?
-Approved Condominium Projects in Lincoln County

How to Purchase a Home in Lincoln County

Are you interested in buying a home in Lincoln 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 Lincoln County.

  1. 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.
  2. Compare loan offers. Either call us or fill out the form on this page.
  3. 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.
  4. 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.
  5. 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 Lincoln County. Now you’re ready to preview properties and start touring homes.
  6. Make an offer and negotiate the terms of the sale
  7. 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 Lincoln County flood hazard areas.
      Recommended Inspections:
      Home Inspection, Roof Inspection, Sewer Inspection
  8. Get the home appraised Construction loans require a construction appraisal and permit approval
  9. 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.
  10. Close the deal and get packing! You’re ready to go!


What are the Loan Limits for Lincoln 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 Lincoln County are eligible for USDA Loans?

  • All of Lincoln County is eligible for a USDA Rural Development home loan.
  • Eligible Zip Codes: 97341, 97343, 97357, 97364, 97365, 97366, 97367, 97368, 97369, 97376, 97380, 97388, 97390, 97391, 97394, 97498.

Do I need Flood Insurance?

  • The FHA, USDA, and VA all require flood insurance in Special Flood Hazard Areas.
  • In Lincoln county, low elevation areas around the Yaquina River are prone to flooding. Areas around the Siletz river and its connecting creeks are also considered to be flood hazard areas. Other significant flood hazard areas in the county include Devils Lake, Mint Creek, and Alsea River.

How do I learn about Property Taxes in Lincoln County?

  • Joe Davidson is the Lincoln county tax assessor. His office is located at 225 West Olive Street, Room 207 Newport, Oregon 97365 and can be reached by calling (541) 265-4102.
  • 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. The Oregon Investment Advantage program encourages new businesses to start and relocating to the state with various programs. 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 Lincoln County?

As of August 31st, 2020, the median home value for Lincoln County is $317,254. In addition, the median household income for residents of the county is $46,061.

How many people live in Lincoln County?

As of 2019, Lincoln County’s population is 49,962 which has seen an increase of about 8% within the last decade. Moreover, demographically speaking, 82% of the population is White, with 9% Hispanic, and 3% American Indian.

What are the major cities?

The county has seven cities, including the city of Newport which serves as the county seat. The other cities in the county are Depoe Bay, Lincoln City, Siletz, Toledo, Waldport, and Yachats.

How do I see FHA- and VA-Approved homes for sale?

You can view all of the properties available for sale in Lincoln County through the Multiple Listing Service. You can also see approved condos at the bottom of this page.

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 Lincoln County

Established in 1893 by the Oregon Legislature, the county was named after Abraham Lincoln, the 16th president of the United States. The county seat was originally in the town of Toledo which was incorporated in 1896. However, the county seat was eventually moved to Newport in 1954 even though Toledo is still the industrial hub of the county.

Today, the county’s economy depends on its tourism, government, forestry, and retail industries. However, the county’s biggest employment industries are accommodation, retail trade, and healthcare. Hence, the most common occupations are office support, sales, and food preparation.

In addition to its existing economy, the Lincoln County Community and Economic Development Fund awards grants to qualifying businesses. The purpose of the grant is to create and retain more jobs with the final decision being made by the Board of Commissioners.

When it comes to education, the county is served by the Lincoln County School District which has a total of 18 schools ranging from kindergarten to 12th grade. Higher education opportunities are provided by Oregon Coast Community College. Furthermore, most students get degrees in liberal arts, registered nursing, and marine biology.

Finally, there are several cultural and artistic institutions like the Lincoln County Historical Museum, the Yaquina Arts center, and the Newport Performing and Visual Arts Centers. In addition, recreational areas like Yaquina Bay State Park and Lighthouse, Beverly Beach State Park, and the Oregon Coast Aquarium are also available for people who want to enjoy something outside of work and school.  

How much of a loan can I qualify for, based in my income?

Monthly Income Purchase Price
$2,628.90 $195,175.91
$2,832.00 $210,254.55
$3,181.50 $236,202.27
$3,612.00 $268,163.64
$3,985.50 $295,893.18
$4,361.10 $323,778.64
$4,971.90 $369,125.91
$5,761.50 $427,747.73
$6,892.20 $520,625.00
$5,199.60 $368,791.82
$5,743.80 $408,815.91
$6,249.90 $450,287.73
$6,998.10 $501,960.45
$9,776.70 $725,845.91
$5,568.00 $413,381.82
$6,574.80 $488,129.09
$7,569.60 $561,985.45
$5,141.40 $381,710.00
$6,345.30 $471,090.45
$7,639.80 $567,197.27
$8,360.10 $620,674.09
$9,260.70 $687,536.82
$10,095.30 $749,499.55
$12,165.00 $903,159.09
$13,929.60 $1,034,167.27
$17,511.00 $1,300,059.09
$18,406.80 $1,366,506.06

Purchase Price subject to credit and income evaluation. 

Approved Condos in Lincoln County

Condo ID /
of Project


Find Your Future Home in Lincoln County

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