Wisconsin
VA Loans in Wisconsin
The VA Loan is one of the most powerful tools available exclusively for military families and veterans. In Wisconsin, veterans and active-duty military have been taking advantage of the benefits of the VA Loan in cities such as Milwaukee, Madison, Green Bat, Kenosha, and Racine.
The cost of homes across the United States has been steadily increasing in recent years. With a $0 down payment requirement, no PMI, lower interest rates, and a more relaxed credit score requirement, the VA Loan is making homeownership a reality for more military families and veterans in Wisconsin now than ever before.
Median Sale Price of Homes in Wisconsin*
|
Milwaukee |
$179,000 |
|
Madison |
$375,000 |
|
Green Bay |
$230,000 |
|
Kenosha |
$217,000 |
|
Racine |
$180,000 |
|
Wisconsin Statewide Average |
$299,999 |
|---|
*Data pulled from Redfin (October 2022)
Property Taxes in Wisconsin
In the state of Wisconsin, the property tax rate is 1.68% which is well above the national average of 1.07% and the eight-highest average of any state in the US, according to SmartAsset. Property tax bills must be paid in two installments on January 31 and July 31 across most of the state. There are several tax exemptions in Wisconsin that you may be eligible to take advantage of including for senior citizens, disabled veterans, and more.
VA Disability in Wisconsin
Common property tax exemptions are reserved for veterans, disabled veterans, seniors over the age of 65, and more. Since these exemptions can vary by county and state and often have strict qualification standards, not every veteran or homeowner qualifies, but those that do are able to reap the benefits of significant savings.
Disabled veterans in Wisconsin that have a 100% service-connected disability, have a 100% SCD rating, and select surviving spouses can get a property tax exemption on their primary residence. Eligible veterans and spouses must have resided in Wisconsin when they entered military service or for at least five consecutive years after entering. Since these rates can vary based on location (i.e., exemptions in Milwaukee may be different from those in Madison or Green Bay), you’ll want to contact your local municipal tax assessor’s office.
Insurance Programs in Wisconsin
Natural disasters can happen anytime and are often unexpected or occur suddenly which makes it critical that you and your family are sufficiently covered. The most common natural disasters in Wisconsin that homeowners are insured against include flooding, wildfires, and tornadoes. The best way to ensure you’re getting the best coverage for your location; we recommend you consult with a licensed insurance company.
Military Presence in Wisconsin
Wisconsin is home to one military base: Fort McCoy army base. Fort McCoy is also the only base anywhere that provides Total Force Training and is therefore one of the primary training bases in the US.
VA Home Loan Volume in 2021 in Wisconsin*
|
Total Loans |
16,030 |
|
Average Loan Amount |
$234,303 |
|
Total Loan Amount (ALL) |
$3,755,880,608 |
|
Total Purchase Loans |
4,554 |
|
Total Purchase Loans % |
28.41% |
|
Total IRRRL Loans |
9,515 |
|
Total IRRRL Loans % |
59.36% |
|
Total Cash-Out Loans |
1,961 |
|
Total Cash-Out Loans % |
12.23% |
*Data pulled from the Department of Veterans Affairs (April 2022)
FAQ’s about VA Loans in Wisconsin
How do I buy a house in Wisconsin? The best way to get started is to give us a call or fill out this form to get started!
How do I find more information about property taxes and exemptions for veterans in Wisconsin? Click here to read more details regarding major property tax exemptions in every state.
What are the average interest rates in Wisconsin? Interest rates for VA Loans are often lower than the national average rates for conventional loans. Click here to learn more about interest rates.