Mortgage in Wisconsin
If cheese and beer excite you, there's no better place to live than Wisconsin. Known as the Badger State, Wisconsin has plenty of reasons why people want to call it home. There are excellent schools, affordable homes, and some of the best midwestern hospitality you'll find anywhere. Additionally, Wisconsin is 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.
Wisconsin Mortgage Calculator: Compare These Three Loan Options
When people think of a mortgage, they often think of a traditional or conventional loan. However, there are two other mortgage types that prospective homebuyers should know.
- 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. However, if you have a credit score between 500 and 579, you can still get a mortgage. You need 10% down, though. Therefore, these loans are 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 have to get a VA loan from the bank, but these loans require 0% down and have many other perks.
The above loans are the most common ones you will find in Wisconsin. If you're a first-time homebuyer, you have more options!
First-Time Homebuyers in Wisconsin
The Wisconsin Housing and Economic Development Authority provides many incentives for first-time homebuyers in the state.
Available as either an FHA mortgage or a conventional loan, the Advantage program provides reduced rates for 30-year fixed-rate mortgages. The traditional mortgage is obtainable 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, the WHEDA offers two versions of this program as well. 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: Verify Your Housing Costs First
While the cost of living in Wisconsin is relatively low, it's still a good idea to verify that moving there will fit within your budget. You can use our intuitive Wisconsin mortgage calculator to ensure that moving there will work for you financially!