What are Conventional Loans and Conforming Loans?

By definition, a Conventional Loan is any mortgage that’s not guaranteed or insured by the federal government. Wisconsin conventional loans may be either “conforming” and “non-conforming”, although ‘conventional loans’ generally refer to ‘conforming loans’. Therefore Wisconsin conventional loan limits are the same thing as Wisconsin conforming loan limits.

Wisconsin Conventional Loan Limits

What is the maximum amount that I can borrow?

Conventional loan limits in Wisconsin are determined by:

  • Wisconsin Conventional Loan LimitsMaximum LTV Ratio:  The maximum financing loan-to-value ratio for conventional mortgages is 80% – 97% of the appraised value of the home or its selling price, whichever is lower. Learn how to calculate loan-to-value.
  • Maximum Loan Amount: Conventional loan limits in Wisconsin are set at the floor amount of $424,100 across the entire state. Metro areas in WI with a conforming limit of $424,100 include Milwaukee, Green Bay, Appleton, Madison and Oshkosh.

Search all Conventional Loan Limits in Wisconsin:

County Name
Area
1-Unit
2-Unit
3-Unit
4-Unit
ADAMSNON-METRO$424,100$543,000$656,350$815,650
ASHLANDNON-METRO$424,100$543,000$656,350$815,650
BARRONNON-METRO$424,100$543,000$656,350$815,650
BAYFIELDNON-METRO$424,100$543,000$656,350$815,650
BROWNGREEN BAY, WI$424,100$543,000$656,350$815,650
BUFFALONON-METRO$424,100$543,000$656,350$815,650
BURNETTNON-METRO$424,100$543,000$656,350$815,650
CALUMETAPPLETON, WI$424,100$543,000$656,350$815,650
CHIPPEWAEAU CLAIRE, WI$424,100$543,000$656,350$815,650
CLARKNON-METRO$424,100$543,000$656,350$815,650
COLUMBIAMADISON, WI$424,100$543,000$656,350$815,650
CRAWFORDNON-METRO$424,100$543,000$656,350$815,650
DANEMADISON, WI$424,100$543,000$656,350$815,650
DODGEBEAVER DAM, WI$424,100$543,000$656,350$815,650
DOORNON-METRO$424,100$543,000$656,350$815,650
DOUGLASDULUTH, MN-WI$424,100$543,000$656,350$815,650
DUNNMENOMONIE, WI$424,100$543,000$656,350$815,650
EAU CLAIREEAU CLAIRE, WI$424,100$543,000$656,350$815,650
FLORENCEIRON MOUNTAIN, MI-WI$424,100$543,000$656,350$815,650
FOND DU LACFOND DU LAC, WI$424,100$543,000$656,350$815,650
FORESTNON-METRO$424,100$543,000$656,350$815,650
GRANTPLATTEVILLE, WI$424,100$543,000$656,350$815,650
GREENMADISON, WI$424,100$543,000$656,350$815,650
GREEN LAKENON-METRO$424,100$543,000$656,350$815,650
IOWAMADISON, WI$424,100$543,000$656,350$815,650
IRONNON-METRO$424,100$543,000$656,350$815,650
JACKSONNON-METRO$424,100$543,000$656,350$815,650
JEFFERSONWATERTOWN-FORT ATKINSON, WI$424,100$543,000$656,350$815,650
JUNEAUNON-METRO$424,100$543,000$656,350$815,650
KENOSHACHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$424,100$543,000$656,350$815,650
KEWAUNEEGREEN BAY, WI$424,100$543,000$656,350$815,650
LA CROSSELA CROSSE-ONALASKA, WI-MN$424,100$543,000$656,350$815,650
LAFAYETTENON-METRO$424,100$543,000$656,350$815,650
LANGLADENON-METRO$424,100$543,000$656,350$815,650
LINCOLNMERRILL, WI$424,100$543,000$656,350$815,650
MANITOWOCMANITOWOC, WI$424,100$543,000$656,350$815,650
MARATHONWAUSAU, WI$424,100$543,000$656,350$815,650
MARINETTEMARINETTE, WI-MI$424,100$543,000$656,350$815,650
MARQUETTENON-METRO$424,100$543,000$656,350$815,650
MENOMINEESHAWANO, WI$424,100$543,000$656,350$815,650
MILWAUKEEMILWAUKEE-WAUKESHA-WEST ALLIS, WI$424,100$543,000$656,350$815,650
MONROENON-METRO$424,100$543,000$656,350$815,650
OCONTOGREEN BAY, WI$424,100$543,000$656,350$815,650
ONEIDANON-METRO$424,100$543,000$656,350$815,650
OUTAGAMIEAPPLETON, WI$424,100$543,000$656,350$815,650
OZAUKEEMILWAUKEE-WAUKESHA-WEST ALLIS, WI$424,100$543,000$656,350$815,650
PEPINNON-METRO$424,100$543,000$656,350$815,650
PIERCEMINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI$424,100$543,000$656,350$815,650
POLKNON-METRO$424,100$543,000$656,350$815,650
PORTAGESTEVENS POINT, WI$424,100$543,000$656,350$815,650
PRICENON-METRO$424,100$543,000$656,350$815,650
RACINERACINE, WI$424,100$543,000$656,350$815,650
RICHLANDNON-METRO$424,100$543,000$656,350$815,650
ROCKJANESVILLE-BELOIT, WI$424,100$543,000$656,350$815,650
RUSKNON-METRO$424,100$543,000$656,350$815,650
SAUKBARABOO, WI$424,100$543,000$656,350$815,650
SAWYERNON-METRO$424,100$543,000$656,350$815,650
SHAWANOSHAWANO, WI$424,100$543,000$656,350$815,650
SHEBOYGANSHEBOYGAN, WI$424,100$543,000$656,350$815,650
ST. CROIXMINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI$424,100$543,000$656,350$815,650
TAYLORNON-METRO$424,100$543,000$656,350$815,650
TREMPEALEAUNON-METRO$424,100$543,000$656,350$815,650
VERNONNON-METRO$424,100$543,000$656,350$815,650
VILASNON-METRO$424,100$543,000$656,350$815,650
WALWORTHWHITEWATER-ELKHORN, WI$424,100$543,000$656,350$815,650
WASHBURNNON-METRO$424,100$543,000$656,350$815,650
WASHINGTONMILWAUKEE-WAUKESHA-WEST ALLIS, WI$424,100$543,000$656,350$815,650
WAUKESHAMILWAUKEE-WAUKESHA-WEST ALLIS, WI$424,100$543,000$656,350$815,650
WAUPACANON-METRO$424,100$543,000$656,350$815,650
WAUSHARANON-METRO$424,100$543,000$656,350$815,650
WINNEBAGOOSHKOSH-NEENAH, WI$424,100$543,000$656,350$815,650
WOODWISCONSIN RAPIDS-MARSHFIELD, WI$424,100$543,000$656,350$815,650

Wisconsin conforming limits can change anytime. Check back often to ensure accuracy.

What factors determine if i’m eligible for a Conventional Loan in Wisconsin?

Conventional conforming loans follow the terms and conditions set forth by government sponsored enterprises (GSE’s) like Fannie Mae or Freddie Mac. To be eligible for a Conforming Loan in Wisconsin, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. Your credit background will be considered. A FICO credit score of 620 or above is generally required to obtain a conventional loan approval. You must also have enough income to pay your housing costs plus all additional monthly debt.

How much money will I need for the down payment and closing costs?

Conventional home loans require the home buyer to invest between 3% and 20% of the sales price towards the down payment and closing costs. If the sales price is $100,000 for example, the mortgage applicant must invest at least $3,000 – $20,000 to meet conventional loan down payment requirements, depending on the program.

Minimum Wisconsin Conventional Loan Down Payment:

Residence UsageFixed-Rate Mortgage (FRM)Adjustable-Rate Mortgage (ARM)
1 Unit Primary3% Down Payment10% Down Payment
2 Units Primary15% Down Payment25% Down Payment
3 Units Primary25% Down Payment35% Down Payment
4 Units Primary25% Down Payment35% Down Payment
1 Unit Second Home10% Down Payment20% Down Payment
1 Unit Investment15% Down Payment25% Down Payment
2 Units Investment25% Down Payment35% Down Payment
3 Units Investment25% Down Payment35% Down Payment
4 Units Investment25% Down Payment35% Down Payment

What property types are allowed for Conventional Conforming Mortgages?

Conventional mortgage guidelines allow you to purchase warrantable condos, planned unit developments, modular homes, manufactured homes, and 1-4 family residences. Conventional loans can be used to finance primary residences, second homes and investment property.

Learn more about conventional mortgages.

What types of mortgage and refinance programs do Conventional Loans offer in Wisconsin?

There are several varieties of standard home purchase, first-time home buyer and conventional refinance loans available in Wisconsin:

  • Wisconsin 3% Down MortgageConventional Purchase Loans – Conventional loans offer a variety of programs for applicants with good credit ratings to buy a home. Both 3% down mortgage and 5% down mortgage options are available, however 20% down is the minimum amount required to avoid private mortgage insurance.
  • Conventional Rate/Term Refinance: Conventional Rate/Term refinancing loans are for borrowers who currently have an FHA, VA, USDA or conventional fixed rate mortgage or ARM loan and wish to refinance into a conventional mortgage with a lower interest rate. If you’re a homeowners considering a stable, conventional fixed-rate mortgage, this program may also eliminate your mortgage insurance if you have at 20% equity in your home.  If not, Conventional 97% loan programs may also work for you.
  • Cash-Out Refinance: A Conventional Cash Out Refinance is perfect for the homeowner who wants to access the equity that they have built up in their home. This program is beneficial to homeowners whose property has increased in value since it was purchased.

What factors determine if I am eligible for a Conventional Refinance Loan?

To meet conventional refinance mortgage requirements in Wisconsin, your monthly housing costs (mortgage principal and interest, property taxes, and insurance) must meet a specified percentage of your gross monthly income. In addition, your credit background will be considered. Finally, you must be able to cover closing costs and have enough income to pay your monthly debt.

Conventional Loan Requirements

More Wisconsin Mortgage Limits

You may also want to visit these additional home loan resources before deciding on a mortgage program:

 

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