Mortgage in Wisconsin

If cheese and beer excite you, there's no better place to live than Wisconsin. Known as the Badger State, Wisconsin gives people plenty of reasons to call it home: excellent schools, affordable homes, and some of the best Midwestern hospitality you'll find anywhere. It's also a very family-friendly state. If you're thinking of making a move to Wisconsin, try our Wisconsin mortgage calculator to see how much you might pay per month in housing.

Mortgage Options in Wisconsin

When people think of a mortgage, they often picture a traditional or conventional loan. However, prospective homebuyers should know about two other mortgage types as well.

• Wisconsin conventional mortgage: Conventional loans are popular in Wisconsin thanks to relatively affordable housing. Assuming you find a home under the conforming loan limit of $550,000, these loans require as little as 3% down and a credit score of 620 and up.
• Wisconsin FHA mortgage: With below-average housing prices, many Wisconsinites take advantage of FHA loans. Backed by the Federal Housing Administration, these loans require as little as 3.5% down with a 580 credit score. If your credit score falls between 500 and 579, you can still get a mortgage with 10% down. That makes these loans an excellent choice for individuals and families with less-than-ideal credit.
• Wisconsin VA mortgage: If you have served in the military or are currently serving in the armed forces, the VA provides financial backing for mortgages. You'll still get a VA loan through a bank, but these loans require 0% down and come with many other perks.

These are the most common loans you will find in Wisconsin. If you're a first-time homebuyer, you have even more options!

First-Time Home Buyer Programs in Wisconsin

The Wisconsin Housing and Economic Development Authority provides many incentives for first-time homebuyers in the state.

WHEDA Advantage

Available as either an FHA mortgage or a conventional loan, the Advantage program provides reduced rates on 30-year fixed-rate mortgages. The traditional mortgage is available with as little as 0% down. The FHA loan requires the typical 3.5%.

Eligibility Criteria: Purchase price and income restrictions apply. Borrowers must complete a homebuyer education course.

WHEDA Down Payment Assistance

Like the program above, this one also comes in two versions. The first, Easy Close DPA, has a maximum loan amount of 6% as a 10-year fixed-rate second mortgage with a monthly payment. The second option, Capital Access DPA, has a maximum loan amount of 3% of the purchase price, but it is a 30-year fixed mortgage at a 0% rate with no monthly payments.

Eligibility Criteria: Households must meet income limitations. Borrowers must pair this with one of the loan programs above.

Wisconsin Mortgage Calculator: Check Your Housing Costs First

While the cost of living in Wisconsin is relatively low, it's still wise to confirm that moving there fits your budget. Use our intuitive Wisconsin mortgage calculator to make sure the move works for you financially!