Known for both great cheeses and great lakes, Wisconsin is a wonderful place to live and a phenomenal place to purchase a home.
Looking for the perfect home can be exciting, but looking for the right home loan can be a hassle. To make the process easier, consider FHA loans as they are great for first-time home buyers and those of us with not-so-perfect credit scores. Keep reading to see why an FHA loan in Wisconsin may be the right home loan option for you.
Cost of living and crime rates in Wisconsin are lower than the national average, making it a great place to buy a home. Whether you are looking to purchase in Green Bay, Hudson or Madison, an FHA loan could be the best mortgage option for you. Many residents have chosen FHA loans, and as of April 2019, the total value of FHA loans in the state of Wisconsin was over $87 million!
While there is a maximum loan limit on Wisconsin FHA loans, the goal of the program is to ensure that most people can qualify for the loan and purchase a home. That said, the limit is adjusted yearly and depends on the area where you choose to reside. In most of Wisconsin, the baseline FHA loan limit of $472,030 applies, but in a place like Pierce County, the limit is a bit higher at $515,200 due to the relatively high cost of real estate in the area. Use the link below to see the full list of Wisconsin FHA loan limits for 2023.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.