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Wisconsin mortgage lenders

First-time homebuyers and veterans may benefit from government programs available in the state.

Updated

Compare banks and credit unions to find the best rates for your new home. But if you qualify for government-backed programs like WHEDA, you could find the financial help you need for your new home.

What to consider when looking for a mortgage in Wisconsin

Lenders advertise rates and terms for their ideal customer, often those with the strongest credit and clean financial records. To better position yourself for comparing your options in the Badger State, consider applying for preapproval for at least three financial institutions.

If you’re a credit union member, use its rates and fees of a credit union as a baseline. These member-owned organizations often offer stronger terms than traditional banks.

Compare what you learn against your overall homebuying and financial goals. A fixed 30-year mortgage offers stability by way of fixed repayments over the long term, while adjustable rates can land you lower rates in the earlier days of your loan term.

State-backed financing in Wisconsin

The Wisconsin Housing and Economic Development Authority (WHEDA) offers a range of programs designed to help those who aspire to own their own homes.

Income limits and credit requirements apply to many of its programs offering low-cost, 30-year traditional mortgages, renovation loans, affordable veterans rates, tax advantages and down payment assistance.

Pilot programs include the Milwaukee Advantage that extends first or second mortgages to those looking to buy a home in six defined neighborhoods. These loans come with no down payments, no PMI requirements, 0% interest for 12 months and fixed rates over the lifetime of the loan.

Eligibility often requires completing a financial education course through WHEDA.

Mortgage lenders for veterans in Wisconsin

Veterans, active service members and select military spouses can start with loans available through the Veteran Affairs. Benefits include low down payment options, low interest rates, and no PMI requirements.

Look to borrow directly with the VA or through a private lender offering a VA-backed home loan.

Closing costs in Wisconsin

For homes in Wisconsin priced from $100,000 to $200,000, expect to pay $2,668 in closing fees on average after taxes. That’s higher than neighboring Iowa but lower than Illinois and Minnesota.

Closing costs in Wisconsin

Bottom line

The Wisconsin Housing and Economic Development Authority works to help qualified first-time and low-income homebuyers settle into a new home through low-cost mortgages.

If that doesn’t describe you, look to banks, credit cards and digital institutions vying for your housing dollar. And consider preapproval so that you have the details you need to compare them.

Get started with our guide to mortgages to find the best fit for your financial goals.

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