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Last updated: May 28, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

Wisconsin Mortgage Overview

Wisconsin has a population of 5.8 million people and an average home price of $180,000. It's an affordable area to live in and is a great place for first-time homebuyers to find their first home.

If you're thinking of living in WI, here are your top loan options.

Wisconsin conventional loans

When you think of a mortgage, you likely think of the conventional loan with a 20 percent down payment. Today, 20 percent isn't necessary. You can get a loan with 3 percent down for first-time buyers and 5 percent if you've owned a home before. You need a 660 credit score and a 36 percent debt to income ratio to qualify. Borrowers pay PMI for down payments lower than 20 percent down, but you can cancel it once you owe less than 80 percent of the home's value.

Wisconsin FHA loans

FHA loans are for borrowers with less than perfect credit. FHA loans require just a 3.5 percent down payment if you have a 580 credit score. You can also get a loan with a 500 - 579 credit score but with a 10 percent down payment. Mortgage insurance lasts for the loan's entire term.

Wisconsin VA loans

VA loans are for those who served our country. VA loans provide 100 percent financing. but you only need a 620 credit score. VA loans have flexible underwriting guidelines making it easy for veterans to secure a home. VA loans don't charge mortgage insurance, but you will pay an upfront fee.

Wisconsin USDA loans

USDA loans are for low to moderate-income borrowers in a rural area. If you can't get any other loan, you may be eligible. USDA loans require a 640 credit score. Borrowers may also have a max 41 percent debt ratio. You must live within the USDA boundaries, but you may be surprised to see how many areas are rural.

First-Time Homebuyer Programs in Wisconsin

WHEDA Advantage Conventional

With a 620 credit score or higher, and proof you'll live in the home, you may get a low interest 30-year fixed loan. You can use down payment assistance, there's no requirement to use your own funds.

WHEDA Advantage FHA

With a 640 credit score or higher, and a minimum 3.5 percent of your own funds, you may get the WHEDA Advantage FHA which is a low interest rate 30-year fixed loan. If you qualify for down payment assistance, it may satisfy your 3.5 percent funds requirement.

WHEDA Easy Close DPA

You may receive up to 6 percent of the sales price in down payment assistance when you take out a WHEDA first mortgage loan too. The loan is a 10-year fixed rate loan with the same interest rate as the first mortgage.

WHEDA Capital Access DPA

You may receive the greater of 3% of the sales price or $3,050. This 30-year fixed rate mortgage has 0% and has no required monthly payments.

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