2024 FHA Loan Limits in Wisconsin

Loans backed by the Federal Housing Administration (FHA) help make homeownership accessible to borrowers with limited savings or less-than-perfect credit. However, FHA mortgages are subject to maximum loan amounts.

The 2024 FHA loan limit for a single-family home in most Wisconsin counties is $498,257, but Pierce and St. Croix counties have a higher maximum amount of $515,200.

Wisconsin FHA loan limits by county

How are FHA loan limits determined?

The Federal Housing Administration establishes FHA loan limits by property type and the county or metro area (MSA) where the home is located.

FHA loan limits change annually based on median home sales prices. When home prices increase, FHA loan limits rise as well. FHA limits are a percentage of the conforming loan limits set for conventional loans (non-government mortgages).

The national 2024 FHA loan limit in low-cost areas (also called the “floor”) for a single-family home is $498,257. This limit applies to most areas of the U.S. However, the highest FHA loan limit (also called the “ceiling”) is $1,149,825 and applies to designated high-cost areas. Several counties in the country have limits between the floor and ceiling amounts.

How to qualify for an FHA loan in Wisconsin

With low down payment minimums and lenient credit requirements, qualifying for an FHA loan can be easier than for conventional loans. You’ll apply for your mortgage with an FHA-approved lender who will check for the following FHA loan requirements:

→ Minimum down payment of 3.5%: The minimum down payment for FHA loans is 3.5% (as long as your credit score is at least 580).

→ Minimum credit score of 500 or 580: You can qualify for an FHA loan with a score as low as 500, although you’ll need to put 10% down. If you plan to make the minimum 3.5% down payment, you’ll need a score of 580 or more.

→ Maximum DTI ratio of 43%: FHA guidelines set the maximum debt-to-income (DTI) ratio (the sum of your monthly debt payments divided by your monthly pretax income) at 43%. However, a higher ratio may be allowed in some cases.

→ Mortgage insurance: FHA loans require an upfront FHA mortgage insurance premium (UFMIP) of 1.75% of the mortgage amount, typically financed with the loan amount. Additionally, you’ll pay an annual mortgage insurance premium (MIP) of 0.15% to 0.75% of the loan amount. You’ll pay this fee in your monthly mortgage payment.

→ Occupancy: You must live in the home as your primary residence for at least one year.

→ Employment and income: FHA loans don’t have income requirements; however, lenders will verify you have at least two years of job history and evidence of stable recurring income.

→ Home appraisal: Any home financed with an FHA loan must undergo a home appraisal to verify the value and confirm it meets the FHA’s property standards.

Buying a multifamily property with an FHA loan

One advantage of FHA loans is you can purchase a multifamily home of up to four units with the same low down payment requirements as single-family homes — 3.5% (or 10% if your credit score is below 580). FHA loan limits are higher for multifamily properties.

Multifamily properties in Pierce and St. Croix counties have higher loan limits. You’ll need to meet standard FHA requirements when purchasing a multifamily home and the following additional requirements:

• Cash reserves: Lenders will require you to have a certain amount of cash reserves on hand when purchasing a two- to four-unit property.
• Occupancy: You must live in one of the units as your primary residence for at least one year.
• Rental income: You can use a portion of the expected rental income to qualify for the loan.

FHA lenders in Wisconsin

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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