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
BROWNGREEN BAY, WI$510,400$653,550$789,950$981,700
CALUMETAPPLETON, WI$510,400$653,550$789,950$981,700
CHIPPEWAEAU CLAIRE, WI$510,400$653,550$789,950$981,700
COLUMBIAMADISON, WI$510,400$653,550$789,950$981,700
DANEMADISON, WI$510,400$653,550$789,950$981,700
DODGEBEAVER DAM, WI$510,400$653,550$789,950$981,700
DOUGLASDULUTH, MN-WI$510,400$653,550$789,950$981,700
DUNNMENOMONIE, WI$510,400$653,550$789,950$981,700
EAU CLAIREEAU CLAIRE, WI$510,400$653,550$789,950$981,700
FLORENCEIRON MOUNTAIN, MI-WI$510,400$653,550$789,950$981,700
FOND DU LACFOND DU LAC, WI$510,400$653,550$789,950$981,700
GRANTPLATTEVILLE, WI$510,400$653,550$789,950$981,700
GREENMADISON, WI$510,400$653,550$789,950$981,700
GREEN LAKENON-METRO$510,400$653,550$789,950$981,700
IOWAMADISON, WI$510,400$653,550$789,950$981,700
JEFFERSONWATERTOWN-FORT ATKINSON, WI$510,400$653,550$789,950$981,700
KENOSHACHICAGO-NAPERVILLE-ELGIN, IL-IN-WI$510,400$653,550$789,950$981,700
KEWAUNEEGREEN BAY, WI$510,400$653,550$789,950$981,700
LA CROSSELA CROSSE-ONALASKA, WI-MN$510,400$653,550$789,950$981,700
LINCOLNWAUSAU-WESTON, WI$510,400$653,550$789,950$981,700
MANITOWOCMANITOWOC, WI$510,400$653,550$789,950$981,700
MARATHONWAUSAU-WESTON, WI$510,400$653,550$789,950$981,700
MARINETTEMARINETTE, WI-MI$510,400$653,550$789,950$981,700
MENOMINEESHAWANO, WI$510,400$653,550$789,950$981,700
MILWAUKEEMILWAUKEE-WAUKESHA, WI$510,400$653,550$789,950$981,700
OCONTOGREEN BAY, WI$510,400$653,550$789,950$981,700
OUTAGAMIEAPPLETON, WI$510,400$653,550$789,950$981,700
OZAUKEEMILWAUKEE-WAUKESHA, WI$510,400$653,550$789,950$981,700
PIERCEMINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI$510,400$653,550$789,950$981,700
PORTAGESTEVENS POINT, WI$510,400$653,550$789,950$981,700
RACINERACINE, WI$510,400$653,550$789,950$981,700
ROCKJANESVILLE-BELOIT, WI$510,400$653,550$789,950$981,700
SAUKBARABOO, WI$510,400$653,550$789,950$981,700
SHAWANOSHAWANO, WI$510,400$653,550$789,950$981,700
SHEBOYGANSHEBOYGAN, WI$510,400$653,550$789,950$981,700
ST. CROIXMINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI$510,400$653,550$789,950$981,700
WALWORTHWHITEWATER, WI$510,400$653,550$789,950$981,700
WASHINGTONMILWAUKEE-WAUKESHA, WI$510,400$653,550$789,950$981,700
WAUKESHAMILWAUKEE-WAUKESHA, WI$510,400$653,550$789,950$981,700
WINNEBAGOOSHKOSH-NEENAH, WI$510,400$653,550$789,950$981,700
WOODWISCONSIN RAPIDS-MARSHFIELD, WI$510,400$653,550$789,950$981,700

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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