Are you a veteran or active service man or women looking to exercise your VA benefits with a Wisconsin VA loan? Wisconsin VA loans have a number of benefits that traditional loans are unable to offer.
In this post you’ll find a collection of resources and information that can help you to make an informed decision regarding a VA loan.
Qualifying for a VA Loan in Wisconsin
If you’re looking to qualify for a VA loan in Wisconsin there are a few requirements you should know about. You must be one of the following:
- Traditionally, service members who served on active duty for 90 days during wartime or 181 days during peacetime, but more recently a minimum of 2 years of service have been typical VA loan requirements.
- National Guard members or reserves who served at least six years.
- Unremarried surviving spouses of service men and women killed in the line of duty, or deceased as a result of injuries acquired while in duty.
- Service men and women discharged due to injury.
There are a number of other VA loan requirements that come into consideration, but these are typically a good starting point.
If you need to contact us directly, please fill out the form or give us a call on our direct line at 800-211-4940.
Wisconsin VA Loan Limits and Wisconsin Median Home Prices
Wisconsin VA Loan Limit: $417,000 (For updated loan limits, click here.)
Wisconsin Median Home Price: $160,350
The VA does not have an exact ceiling for how much you can borrow to finance your home but it typically peaks at just over $400,000. What affects your loan amount is the amount of liability the VA can assume. These loan limits vary by county and city, which is exactly why we’ve taken the time to list all the major cities in Wisconsin to help you get a better idea.
Wisconsin Major Cities Median Home Price
Madison (median home price: $206,600) The second largest city in Wisconsin is also the state capital, Madison. Nearly 250,000 residents live in this picturesque city located alongside beautiful Lake Monona. Covering just less than 100 square miles, locals sometimes refer to Madison as the “City of Four Lakes” due to its proximity to Lake Mendota, Lake Monona, Lake Waubesa, and Lake Kegonsa. The largest employer in Madison is the state government, yet the University of Wisconsin-Madison also makes a contribution, and Madison was recently rated as one of the most educated cities in the country. The median home price is relatively high compared to other Wisconsin metropolitan areas at $192,200, yet still well below the VA maximum allowable loan amount of $417,000.
Oshkosh (median home price: $123,400) Located in the west central regions of Wisconsin is Oshkosh. A smaller area, the population is just 66,000. A historic city, Oshkosh boasts more than 30 places listed in the National Register of Historic Places and includes the historic districts of Algoma, Irving/Church, and the Washington Avenue districts, among others. The major employers in Oshkosh are Oskhoksh Corporation and the children’s line of clothing OshKosh B’Gosh.
Green Bay (median home price: $121,000) Green Bay, Wisconsin, with a population of just over 100,000, sits on the very edge of Green Bay, which extends toward Lake Michigan. Home of the venerable Green Bay Packers, Green Bay is primarily an industrial and manufacturing center. The median home price for the area is an affordable $121,000, making it a wonderful choice to buy a home using the VA home loan benefit.
Milwaukee (median home price: $114,450) The largest city in Wisconsin with a population of around 600,000 also has the lowest median home price compared to other metropolitan areas of Wisconsin. Located just southwest of Lake Michigan, Milwaukee is perhaps best known for its contribution to the brewing industry. Milwaukee is also home to such recognized names as Northwestern Mutual, Rockwell, Johnson Controls, and legendary Harley-Davidson. The median family income for Milwaukee is just below $40,000.Statistics stated above can change daily, without notice. For update statistics visit: zillow.com for Median Home Pricing Information city-data.com for Population & Income Statistics
Wisconsin Military Bases
35 South M Street
Fort McCoy, WI 54656
USAREC Milwaukee Battalion
11100 W. Liberty Drive
Milwaukee, WI 53224
Wisconsin Financial Regulatory Agency
Wisconsin Department of Financial Institutions
201 W Washington Ave
Madison, WI 53703