Lincoln County, Oregon VA Home Loan Information

Table of Contents

• What is the VA Loan Limit?
• How to Apply for a VA Home Loan?
• What is the Median Home Price?
• What are the VA Appraisal Fees?
• Do I need Flood Insurance?
• How do I learn about Property Taxes?
• What is the Population?
• What are the major cities?
• About Lincoln County
• Veteran Information
• Apply for a VA Home Loan
• VA Approved Condos

FAQ

What is the VA Loan Limit?

2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).

How to Apply for a VA Home Loan?

This is a quick look at how to apply for a VA home loan in Lincoln County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Lincoln County. If you have any questions, you can call us at VA HLC and we’ll help you get started.

1. Get your Certificate of Eligibility (COE)
   • Give us a call at (877) 432-5626 and we’ll get your COE for you.
2. Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
3. Get pre-approved, to get pre-approved for a loan, you’ll need:
   • Previous two years of W2s
   • Most recent 30 days paystubs or LES (active duty)
   • Most recent 60 days bank statements
   • Landlord and HR/Payroll Department contact info
4. Find a home
   • We can help you check whether the home is in one of the Lincoln County flood zones
5. Get the necessary inspections
   • Termite inspection: required
   • Well or septic inspections needed, if applicable
6. Get the home appraised
   • We can help you find a VA-Certified appraiser in Lincoln County and schedule the process
   • Construction loan note: Construction permit/appraisal info
     1. Building permit
     2. Elevation certificate
7. Lock-in your interest rates
   • Pro tip: Wait until the appraisal to lock-in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
8. Close the deal and get packing!
   • You’re ready to go.

What is the Median Home Price?

As of March 31^st, 2020, the median home value for Lincoln County is $311,167. In addition, the median household income for residents of the county is $46,061.

How much are the VA Appraisal Fees?

• Single-Family: $775.
• Individual Condo: $825.
• Manufactured Homes: $825.
• 2-4 Unit Multi-Family: $950.
• Appraisal Turnaround Times: 15 days.

Do I need Flood Insurance?

• The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
• In Lincoln county, low elevation areas around the Yaquina River are prone to flooding. In addition, areas around the Siletz river and its connecting creeks are also considered to 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?

• Joe Davidson is the Lincoln county tax assessor. His office can be reached at 225 West Olive Street, Room 207 Newport, Oregon 97365. In addition, his office can also 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. In addition, 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 Population?

• The county’s population of 49,962 and has increased by 8% in the last decade. Demographically, the population is 82% White, 9% Hispanic, and 3% American Indian.
• Most county residents are between 18 and 65 years old, with 16% under 18 years old and 29% older than 65.
• In total, the county has about 21,110 households, at an average of two people per household.

What are the major cities?

The county has a total of seven cities including the city of Newport which served as the county seat. In addition, the six other cities in the county are Depoe Bay, Lincoln City, Siletz, Toledo, Waldport, and Yachats.

About Lincoln County

Lincoln County, Oregon was established in 1893 by the Oregon Legislature, the county was named after Abraham Lincoln, the 16^th president of the United States. In addition, the county seat was originally 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 in the county 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. Moreover, 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 12^th grade. In addition, 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. Moreover, 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. 

Veteran Information

The county is currently home to 5,536 veterans, and they all have access to:

• Lincoln County is home to six VFW post:
  • Post 4227 James (Pat) Brumbaugh Post – 268 Pioneer Mountain Loop, Toledo, OR 97391.
  • Post 732 Paul Washington Post – 145 SE Egbert St. Siletz, OR 97380.
  • Post 3156 Heceta Post – 250 NW John Street, Waldport, OR 97394.
• VA Medical Centers in Lincoln County
  • Newport Outreach VA Clinic – 1010 Southwest Coast Highway, Suite 203, Newport, OR 97365.
  • Lincoln City Clinic – 4422 NE Devils Lake Road, Suite 2, Lincoln City, OR 97367.
• County Veteran Assistance Information.
  • Lincoln County Veterans Resource Center
    1. Newport– 1231 SE Bay Blvd, Newport, OR 97365.
    2. Lincoln City – 4157 NW U.S. 101, STE 250 Lincoln City, OR 97367.

Apply for a VA Home Loan

• For more information about VA Home Loans and how to apply, click here.
• If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government guaranteed home loans available.  
• VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.

VA Approved Condos

Name (ID): BROOKVIEW CONDOS (000543) Address:  425 NW BROOK ST NEWPORT OR 97365 LINCOLN Status: Accepted Without Conditions Request Received Date: 05/28/2018 Review Completion Date: 06/11/2018	Name (ID): NORTH SHORE TERRACE (000482) Address:  CONDOS NEWPORT OR 97365 LINCOLN Status: Accepted Without Conditions Request Received Date: 07/18/2016 Review Completion Date: 07/27/2016
Name (ID): CAPTAIN JACK’S CONDOMINIUMS (000436) Address:  1933-1949 SW COAST AVENUE LINCOLN CITY OR 97367 LINCOLN Status: Accepted Without Conditions Request Received Date: 11/07/2012 Review Completion Date: 11/18/2012	Name (ID): PACIFIC MOBILE ESTATES (000490) Address:  CONDOS WALDPORT OR 97394 LINCOLN Status: Accepted Without Conditions Request Received Date: 09/15/2016 Review Completion Date: 09/20/2016
Name (ID): COVE PLACE CONDOMINIUMS (000521) Address:  PO BOX 508 DEPOE BAY OR 97341 LINCOLN Status: Accepted Without Conditions Request Received Date: 06/04/2017 Review Completion Date: 06/13/2017	Name (ID): PLAYA DEL MAR CONDOS (000548) Address:  720 SW 6TH ST NEWPORT OR 97365 LINCOLN Status: Accepted Without Conditions Request Received Date: 08/13/2018 Review Completion Date: 08/30/2018
Name (ID): INLET SUNRISE CONDOMINIUM (605001) Address:  CONDOMINIUM LINCOLN OR 97367 LINCOLN Status: Accepted Without Conditions Request Received Date: 08/25/2005 Review Completion Date: 06/18/2019

Links

Oregon VA Loan Information: https://www.vahomeloancenters.org/oregon-va-home-loan-limits/

VA Loan Information by State: https://www.vahomeloancenters.org/va-loan-limit-maximum-va-loan-amount/