Friday, 23 October 2020

2019 FHA Loan Limits in Wisconsin

2019 FHA Loan Limits in Wisconsin
06 Apr
4:49

Buying a house in Wisconsin doesn’t just mean settling down in the heart of America’s Dairyland. The Wisconsin housing market has boomed in the past decade, with the volume of sales nearly doubling from 2008 to 2018 and Wisconsin REALTORS® Association data showing a steady increase in median housing prices.

But don’t be scared off by rising prices! There are dozens of programs out there designed to make homebuying more affordable. Among them are loans backed by the Federal Housing Administration (FHA). In 2018 alone, 1.09% of all the FHA loans used by Americans to buy a house originated in Wisconsin, according to the U.S. Department of Housing and Urban Development (HUD).

And this year, eligible Wisconsin residents have even more money at their fingertips, as FHA loan limits have been raised across the state. In 2019, eligible buyers may be able to borrow anywhere from $314,827 to $368,000 to buy a single-family home, depending on where in the state their dream home is located.

Wisconsin FHA loan limits by county

County Name One-Family Two-Family Three-Family Four-Family Median Sale Price
ADAMS $314,827 $403,125 $487,250 $605,525 $67,000
ASHLAND $314,827 $403,125 $487,250 $605,525 $70,000
BARRON $314,827 $403,125 $487,250 $605,525 $120,000
BAYFIELD $314,827 $403,125 $487,250 $605,525 $106,000
BROWN $314,827 $403,125 $487,250 $605,525 $161,000
BUFFALO $314,827 $403,125 $487,250 $605,525 $105,000
BURNETT $314,827 $403,125 $487,250 $605,525 $116,000
CALUMET $314,827 $403,125 $487,250 $605,525 $170,000
CHIPPEWA $314,827 $403,125 $487,250 $605,525 $163,000
CLARK $314,827 $403,125 $487,250 $605,525 $81,000
COLUMBIA $316,250 $404,850 $489,350 $608,150 $275,000
CRAWFORD $314,827 $403,125 $487,250 $605,525 $93,000
DANE $316,250 $404,850 $489,350 $608,150 $275,000
DODGE $314,827 $403,125 $487,250 $605,525 $135,000
DOOR $314,827 $403,125 $487,250 $605,525 $139,000
DOUGLAS $314,827 $403,125 $487,250 $605,525 $152,000
DUNN $314,827 $403,125 $487,250 $605,525 $142,000
EAU CLAIRE $314,827 $403,125 $487,250 $605,525 $163,000
FLORENCE $314,827 $403,125 $487,250 $605,525 $100,000
FOND DU LAC $314,827 $403,125 $487,250 $605,525 $128,000
FOREST $314,827 $403,125 $487,250 $605,525 $55,000
GRANT $314,827 $403,125 $487,250 $605,525 $100,000
GREEN $316,250 $404,850 $489,350 $608,150 $275,000
GREEN LAKE $314,827 $403,125 $487,250 $605,525 $116,000
IOWA $316,250 $404,850 $489,350 $608,150 $275,000
IRON $314,827 $403,125 $487,250 $605,525 $61,000
JACKSON $314,827 $403,125 $487,250 $605,525 $92,000
JEFFERSON $314,827 $403,125 $487,250 $605,525 $180,000
JUNEAU $314,827 $403,125 $487,250 $605,525 $65,000
KENOSHA $368,000 $471,100 $569,450 $707,700 $320,000
KEWAUNEE $314,827 $403,125 $487,250 $605,525 $161,000
LA CROSSE $314,827 $403,125 $487,250 $605,525 $165,000
LAFAYETTE $314,827 $403,125 $487,250 $605,525 $108,000
LANGLADE $314,827 $403,125 $487,250 $605,525 $72,000
LINCOLN $314,827 $403,125 $487,250 $605,525 $94,000
MANITOWOC $314,827 $403,125 $487,250 $605,525 $98,000
MARATHON $314,827 $403,125 $487,250 $605,525 $137,000
MARINETTE $314,827 $403,125 $487,250 $605,525 $106,000
MARQUETTE $314,827 $403,125 $487,250 $605,525 $92,000
MENOMINEE $314,827 $403,125 $487,250 $605,525 $123,000
MILWAUKEE $327,750 $419,550 $507,150 $630,300 $285,000
MONROE $314,827 $403,125 $487,250 $605,525 $125,000
OCONTO $314,827 $403,125 $487,250 $605,525 $161,000
ONEIDA $314,827 $403,125 $487,250 $605,525 $130,000
OUTAGAMIE $314,827 $403,125 $487,250 $605,525 $170,000
OZAUKEE $327,750 $419,550 $507,150 $630,300 $285,000
PEPIN $314,827 $403,125 $487,250 $605,525 $87,000
PIERCE $366,850 $469,600 $567,650 $705,500 $319,000
POLK $314,827 $403,125 $487,250 $605,525 $117,000
PORTAGE $314,827 $403,125 $487,250 $605,525 $147,000
PRICE $314,827 $403,125 $487,250 $605,525 $60,000
RACINE $314,827 $403,125 $487,250 $605,525 $159,000
RICHLAND $314,827 $403,125 $487,250 $605,525 $94,000
ROCK $314,827 $403,125 $487,250 $605,525 $128,000
RUSK $314,827 $403,125 $487,250 $605,525 $73,000
SAUK $314,827 $403,125 $487,250 $605,525 $167,000
SAWYER $314,827 $403,125 $487,250 $605,525 $120,000
SHAWANO $314,827 $403,125 $487,250 $605,525 $123,000
SHEBOYGAN $314,827 $403,125 $487,250 $605,525 $148,000
ST. CROIX $366,850 $469,600 $567,650 $705,500 $319,000
TAYLOR $314,827 $403,125 $487,250 $605,525 $88,000
TREMPEALEAU $314,827 $403,125 $487,250 $605,525 $119,000
VERNON $314,827 $403,125 $487,250 $605,525 $113,000
VILAS $314,827 $403,125 $487,250 $605,525 $145,000
WALWORTH $314,827 $403,125 $487,250 $605,525 $175,000
WASHBURN $314,827 $403,125 $487,250 $605,525 $110,000
WASHINGTON $327,750 $419,550 $507,150 $630,300 $285,000
WAUKESHA $327,750 $419,550 $507,150 $630,300 $285,000
WAUPACA $314,827 $403,125 $487,250 $605,525 $106,000
WAUSHARA $314,827 $403,125 $487,250 $605,525 $115,000
WINNEBAGO $314,827 $403,125 $487,250 $605,525 $142,000
WOOD $314,827 $403,125 $487,250 $605,525 $102,000

How are FHA loan limits set?

FHA loan limits are set by the federal government using median home prices in areas across the country to determine how large (or small) a loan the FHA will back. In places considered “low-cost” by the FHA, the top limit for loans is equal to 65% of the amount Fannie Mae and Freddie Mac will fund for a mortgage on a one-unit property. In places deemed “high-cost,” buyers could be eligible for as much as 150% of what the federal loan programs will allow.

The low-cost area maximum is $314,827 in 2019, and that’s the highest amount applicable for most of Wisconsin this year. Just 11 areas, Columbia, Dane, Green, Iowa, Milwaukee, Pierce, Ozaukee, St. Croix, Washington, Waukesha and Kenosha counties, have higher loan limits, although they all still fall below the maximum for high-cost areas, which tops out nationally at $726,525.

Here are the 2019 standard FHA limits for homes in the U.S.:

  • One-unit: $314,827
  • Two-unit: $403,125
  • Three-unit: $487,250
  • Four-unit: $605,525

Here are the 2019 standard FHA limits for homes in high-cost areas in the U.S.:

  • One-unit: $726,525
  • Two-unit: $930,300
  • Three-unit: $1,124,475
  • Four-unit: $1,397,400

Do you qualify for an FHA loan in Wisconsin?

FHA loans offer a number of benefits, from lower down payments and interest rates to help for folks with less-than-stellar credit. But not everyone qualifies for one of these home financing options, so do your homework before you buy! To start, check to see if your income and credit score might qualify you for an FHA loan.

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Jeanne Sager
Jeanne Sager |

Jeanne Sager is a writer at MagnifyMoney. You can email Jeanne here

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Source: https://www.magnifymoney.com/blog/mortgage/fha-loan-limits-in-wisconsin/

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