What is the conforming loan limit in Milwaukee County for 2026?

The 2026 conforming loan limit in Milwaukee County is $832,750 for a one-unit home, the same as every other Wisconsin county. Two- to four-unit limits are higher: $1,066,250 for two units, $1,288,800 for three and $1,601,750 for four. These figures come from FHFA and are published county by county in HUD's limits lookup.

Can I use a conventional loan for a second home or rental in Wisconsin?

Yes. Conventional is the main option for second homes and investment property, since FHA, VA, USDA and WHEDA all require you to live in the home. Second homes and rentals have stricter down payment, reserve and credit guidelines than a primary residence, so I'll walk you through exactly what the lender will look for before you start shopping.

Does PMI ever come off automatically?

Yes. Under the Homeowners Protection Act, PMI on a conventional loan for a single-family primary residence ends automatically once your balance reaches the scheduled termination point, as long as you're current. It also ends at the midpoint of the loan term. You can request cancellation earlier if you meet the payment history, lien and value conditions.

Do I have to be a first-time buyer for HomeReady or Home Possible?

No. Both programs are open to repeat buyers. The main tests are that your qualifying income falls under the limit for the area where you're buying and that you'll live in the home. A homebuyer education course may be required in some cases. I check the income limit for the exact property address before we write an offer.

What credit score do I need for a conventional loan?

Credit guidelines vary by program and lender, and your score is only one part of the picture alongside debt-to-income, assets and payment history. Stronger credit generally makes conventional more attractive, especially for mortgage insurance pricing. I'll tell you exactly where you stand after a quick review, and what would move the needle if you're close.

Conventional Loans in Wisconsin: 2026 Limits and PMI Rules

Conventional Loans in Wisconsin

A conventional loan is a mortgage that follows Fannie Mae or Freddie Mac rules instead of a government program. In 2026 it covers one-unit homes up to $832,750 in every Wisconsin county, and its mortgage insurance can come off as you build equity.

Ethan Brooks · Mortgage Advisor & Branch Manager, NMLS #1639987 · Updated October 2026

$832,750 statewide2026 limit, 1 unit

PMI, removableMortgage insurance

Primary, second, investmentOccupancy

HomeReady, Home PossibleIncome-based options

What is a conventional loan?

A conventional loan is a mortgage that isn't insured or guaranteed by a government agency; it's underwritten to Fannie Mae or Freddie Mac guidelines and sold to them after closing.

That makes it the most flexible loan I offer. It works for a primary home in Milwaukee, a lake place up north (see my post on buying a cabin in Wisconsin) or a rental property. Buyers with steady income and reasonably clean credit usually land here, but credit guidelines vary by program and lender; I'll tell you exactly where you stand after a quick review.

Conventional loans come in fixed-rate and adjustable-rate versions. My post on ARM vs. fixed-rate mortgages in Wisconsin explains when an adjustable rate can make sense.

What is the 2026 conforming loan limit in Wisconsin?

The 2026 conforming loan limit is $832,750 for a one-unit home, and it applies in all 72 Wisconsin counties, per FHFA's announcement and HUD's county lookup.

Property type	2026 limit (all Wisconsin counties)
1 unit	$832,750
2 units	$1,066,250
3 units	$1,288,800
4 units	$1,601,750

Need to borrow more than that? You're in jumbo loan territory, which has its own guidelines.

How does PMI work, and when does it come off?

Private mortgage insurance (PMI) is required when your down payment is below the threshold lenders set for conventional loans, and the federal Homeowners Protection Act gives you a clear path to remove it.

You can ask to cancel it once your balance reaches a set point measured against the home's original value, if you put the request in writing, have a good payment history, have no second mortgage and the value hasn't dropped.
It ends automatically at a slightly lower balance point, as long as you're current.
It also ends at the midpoint of the loan's original term, whatever the balance.

Those rules cover conventional loans on single-family primary residences closed on or after July 29, 1999, per the CFPB. Lender-paid MI works differently. My post on how to get rid of PMI walks through timing in more detail.

What are HomeReady and Home Possible?

HomeReady (Fannie Mae) and Home Possible (Freddie Mac) are conventional loans for buyers whose qualifying income is at or below a set share of the area median income where they're buying.

You don't have to be a first-time buyer, the home must be your principal residence, and a homeownership education course such as Fannie Mae's free HomeView may be required. The mortgage insurance can still be cancelled once you build enough equity. Because the income cap is tied to the census area, the same household can qualify in one Milwaukee neighborhood and not another, so I check the exact address. First-time buyers should also compare WHEDA, covered on my first-time homebuyer page.

Is a conventional loan better than FHA for me?

A conventional loan usually wins when your credit is strong and you want mortgage insurance that goes away; FHA often wins when credit is thinner or debts run higher.

Conventional also tends to be cleaner for condos, second homes and investment property, and it accepts gift funds from family. I price both on the same house before you decide. See my conventional vs. FHA comparison or the full FHA loan page.

How do I get started?

Start with a pre-approval: I review credit, income and assets, then show you conventional next to every other program you qualify for. My team can close in as few as 9 to 18 days, and we keep you and your agent updated at every milestone. Compare all your options on the Wisconsin loan programs hub.