FHA Loans: What You Need to Know in 2022
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2022 FHA Loan Limits in Wisconsin

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FHA loans are an important key to expanding homeownership for many people who might not otherwise be able to afford it. In Wisconsin, you can generally use an FHA loan to purchase a single-family home at or under $420,680. However, the exceptions are Pierce and St. Croix counties — both of which are on the border and in the Twin Cities metro area — where the FHA loan limit is $448,500.

Wisconsin FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
ADAMS$420,680$538,650$651,050$809,150$60,000
ASHLAND$420,680$538,650$651,050$809,150$95,000
BARRON$420,680$538,650$651,050$809,150$149,000
BAYFIELD$420,680$538,650$651,050$809,150$130,000
BROWN$420,680$538,650$651,050$809,150$205,000
BUFFALO$420,680$538,650$651,050$809,150$140,000
BURNETT$420,680$538,650$651,050$809,150$85,000
CALUMET$420,680$538,650$651,050$809,150$225,000
CHIPPEWA$420,680$538,650$651,050$809,150$210,000
CLARK$420,680$538,650$651,050$809,150$110,000
COLUMBIA$420,680$538,650$651,050$809,150$342,000
CRAWFORD$420,680$538,650$651,050$809,150$101,000
DANE$420,680$538,650$651,050$809,150$342,000
DODGE$420,680$538,650$651,050$809,150$178,000
DOOR$420,680$538,650$651,050$809,150$164,000
DOUGLAS$420,680$538,650$651,050$809,150$179,000
DUNN$420,680$538,650$651,050$809,150$166,000
EAU CLAIRE$420,680$538,650$651,050$809,150$210,000
FLORENCE$420,680$538,650$651,050$809,150$89,000
FOND DU LAC$420,680$538,650$651,050$809,150$150,000
FOREST$420,680$538,650$651,050$809,150$75,000
GRANT$420,680$538,650$651,050$809,150$131,000
GREEN$420,680$538,650$651,050$809,150$342,000
GREEN LAKE$420,680$538,650$651,050$809,150$149,000
IOWA$420,680$538,650$651,050$809,150$342,000
IRON$420,680$538,650$651,050$809,150$86,000
JACKSON$420,680$538,650$651,050$809,150$105,000
JEFFERSON$420,680$538,650$651,050$809,150$200,000
JUNEAU$420,680$538,650$651,050$809,150$95,000
KENOSHA$420,680$538,650$651,050$809,150$360,000
KEWAUNEE$420,680$538,650$651,050$809,150$205,000
LA CROSSE$420,680$538,650$651,050$809,150$205,000
LAFAYETTE$420,680$538,650$651,050$809,150$126,000
LANGLADE$420,680$538,650$651,050$809,150$85,000
LINCOLN$420,680$538,650$651,050$809,150$160,000
MANITOWOC$420,680$538,650$651,050$809,150$133,000
MARATHON$420,680$538,650$651,050$809,150$160,000
MARINETTE$420,680$538,650$651,050$809,150$94,000
MARQUETTE$420,680$538,650$651,050$809,150$127,000
MENOMINEE$420,680$538,650$651,050$809,150$140,000
MILWAUKEE$420,680$538,650$651,050$809,150$350,000
MONROE$420,680$538,650$651,050$809,150$160,000
OCONTO$420,680$538,650$651,050$809,150$205,000
ONEIDA$420,680$538,650$651,050$809,150$140,000
OUTAGAMIE$420,680$538,650$651,050$809,150$225,000
OZAUKEE$420,680$538,650$651,050$809,150$350,000
PEPIN$420,680$538,650$651,050$809,150$139,000
PIERCE$448,500$574,150$694,000$862,500$390,000
POLK$420,680$538,650$651,050$809,150$170,000
PORTAGE$420,680$538,650$651,050$809,150$180,000
PRICE$420,680$538,650$651,050$809,150$80,000
RACINE$420,680$538,650$651,050$809,150$190,000
RICHLAND$420,680$538,650$651,050$809,150$127,000
ROCK$420,680$538,650$651,050$809,150$170,000
RUSK$420,680$538,650$651,050$809,150$86,000
SAUK$420,680$538,650$651,050$809,150$180,000
SAWYER$420,680$538,650$651,050$809,150$130,000
SHAWANO$420,680$538,650$651,050$809,150$140,000
SHEBOYGAN$420,680$538,650$651,050$809,150$178,000
ST. CROIX$448,500$574,150$694,000$862,500$390,000
TAYLOR$420,680$538,650$651,050$809,150$110,000
TREMPEALEAU$420,680$538,650$651,050$809,150$150,000
VERNON$420,680$538,650$651,050$809,150$150,000
VILAS$420,680$538,650$651,050$809,150$160,000
WALWORTH$420,680$538,650$651,050$809,150$247,000
WASHBURN$420,680$538,650$651,050$809,150$140,000
WASHINGTON$420,680$538,650$651,050$809,150$350,000
WAUKESHA$420,680$538,650$651,050$809,150$350,000
WAUPACA$420,680$538,650$651,050$809,150$130,000
WAUSHARA$420,680$538,650$651,050$809,150$270,000
WINNEBAGO$420,680$538,650$651,050$809,150$170,000
WOOD$420,680$538,650$651,050$809,150$127,000

How are FHA loan limits determined?

Each year, the U.S. Department of Housing and Urban Development (HUD) sets limits on the size of a loan the FHA will insure for every county in the United States. These limits are, in turn, based on the limits set for conventional mortgages, which are called conforming loan limits.

As housing prices go up, so do limits for both conforming loans and FHA loans. Home prices increased 18% from 2021 to 2022, so FHA loan limits are now sizably higher as well — in 2022, the conforming loan limit for single-family homes is $647,200, up from 2021’s $548,250.

In most of the United States, FHA loan limits are set at 65% of the conforming loan limit. However, in other higher-cost places, the limit is calculated at 150% of the conforming loan limit. The floor for FHA loans in 2022 is $420,680, while the ceiling is $970,800.

How to qualify for an FHA loan in Wisconsin

It’s generally easier to qualify for an FHA loan than a conventional mortgage, especially if you have credit or down payment challenges. However, you’ll still need to meet certain FHA loan requirements. If you’re a first-time homebuyer in Wisconsin, you may be able to utilize programs from the Wisconsin Housing and Economic Development Authority (WHEDA), which could help you even more through loans to help pay for a down payment or closing costs.

In addition to borrowing under the loan limit, you’ll need the following for an FHA loan:

  • A minimum down payment of 3.5%. With a credit score of 580 or more, you may be able to qualify for a 3.5% down payment on your loan.
  • A credit score of 500 or higher: You can still qualify for an FHA loan with a low credit score. However, if your credit score is between 500 and 579, you’ll need at least a 10% down payment.
  • A debt-to-income ratio (DTI) below 43%: Your DTI represents your total monthly debt payments divided by your total monthly income. It will need to be under 43% in order to qualify for most FHA loans, though in some situations, a lender may allow a higher DTI ratio.
  • An FHA home appraisal: To get approved for a loan, your future home will need an FHA home appraisal and inspection to verify its value and to make sure it meets minimum property requirements (MPRs) for FHA loans.
  • Mortgage insurance: FHA loans charge an upfront mortgage insurance premium of 1.75% (which can be rolled into the loan), along with an annual mortgage insurance premium of 0.45% to 1.05% (this can typically be added to your monthly payments). These costs can add up, so they’re important to keep in mind while considering an FHA loan.

Buying a multifamily property with an FHA loan

One benefit of FHA loans is that you can use them to buy multifamily properties (two to four units) with the same minimum down payment of 3.5% as long as you’re living in at least one of the units. This is an easy way to get started earning extra income with rental properties, while still becoming a homeowner yourself.

FHA lenders in Wisconsin

Lender name LT rating Minimum FHA credit score
Veterans United10620
Lower10580
Rocket Mortgage9.5580
PennyMac9620
Better Mortgage9.5620

 

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