Polk 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 Polk 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 Polk 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 Polk 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 Polk 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 Polk 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 Lane County is $329,273. In addition, the median household income for residents of the county is $49,958.

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 the county, there are flood hazards along the Willamette River, which border the county at the east, and Rickreall Creek which crosses through the northern part of Dallas. In addition, Ash Creek is also considered a flood hazard to the city of Monmouth.

How do I learn about Property Taxes?

• Valerie Patoine is the Polk county tax assessor. Her office can be reached at 850 Main Street Dallas, Oregon 97338. In addition, her office can also be reached by calling (503) 623-8391.
• 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 Population?

• The county’s population of 86,085 is 77% White, 14% Hispanic, and 4% Mixed Race.
• Most county residents are between 18 and 65 years old, with 22% under 18 years old and 18% older than 65.
• In total, the county has about 29,692 households, at an average of two people per household.

What are the major cities?

Polk County has six cities which include the city of Dallas which also serves as the county seat. In addition, the other five cities in the county are Falls City, Independence, Monmouth, Salem, and Willamina.

About Polk County

Polk County is a small area in western Oregon that makes up for what it lacks in size with fun and interesting local attractions. Known for its natural beauty, the county offers all the scenic views and outdoor attractions you would expect from western Oregon. For some fun in your free time, be sure to visit one of the many wineries, museums, or recreation centers. The county hosts many fun events throughout the year that can’t be missed. Polk County was officially founded on December 22, 1845, and was named after James Knox Polk, who was the 11^th President of the United States. The current population of the county is 83,696.

There is something for everyone in Polk County, thanks to the huge variety of local attractions. Known for its many beautiful wineries, the area is a great destination for wine enthusiasts. Check out an amazing stage performance at one of the Pentacle Theater. Many comfortable movie theaters can be found in the area, including the Independence Cinema and the Dallas Cinema. The Spirit Mountain Casino is home to all your favorite casino games, in addition, to live entertainment and drink specials.

Take in great views of the western Oregon landscape at any of the scenic outdoor spots in Polk County. The Baskett Slough Wildlife Refuge is home to miles of scenic trails, where you can see amazing wildlife and rock formations. Home to beautiful waterways, the Luckiamute Landing State Natural Area is a local favorite for fishing and boating. The Luckiamute Landing State Natural Area also features scenic hiking trails and campsites. Other scenic outdoor spots in the area include the E.E Wilson Wildlife Area and the Willamette River Trail.

For delicious local food and a great time, be sure to attend all the exciting events held in Polk County. The Monmouth July 4th Festival features great food, fun games, live entertainment, and much more. The Monmouth July 4th Festival ends in an exciting fireworks display! Other fun events held in the area include Freedomfest and Summerfest.

Veteran Information

The county is currently home to 5,859 veterans, and they all have access to:

• Polk County is home to six VFW post:
  • Post 3203 Dallas Post – 565 SE Lacreole Dr. Dallas, OR 97338.
  • Post 4211 Willamina Post – 771 NE Main St. Willamina, OR 97396.
  • Post 661 Marion Post – 630 Hood St. NE Salem, OR 97301. 
• VA Medical Centers in Polk County
  • Salem VA Clinic – 1750 McGilchrist Street, Suite 130, Salem, OR 97302.
  • Salem Vet Center – 2645 Portland Road NE, Suite 250, Salem, OR 97301.
• County Veteran Assistance Information.
  • Polk County Veteran Services Office – 182 SW Academy St. Suite 220, Dallas, OR 97338.

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): TOWNHOME (000472) Address:  CONDOS SALEM OR 97304 POLK Status: Accepted Without Conditions Request Received Date: 11/22/2015 Review Completion Date: 12/13/2015

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/