Conventional Mortgages: The Go-To Home Loan for Wisconsin Buyers
When it comes to buying a home, few mortgage options offer the flexibility, affordability, and stability of a conventional loan. Whether you’re a first-time homebuyer in Milwaukee, upgrading in Oak Creek, or investing in Waukesha, conventional mortgages are a smart and popular choice.
At Union Home Mortgage, my team and I help borrowers understand exactly what makes conventional loans a top pick - and how to qualify for one with ease.
✅ What Is a Conventional Mortgage?
A conventional mortgage is a home loan not insured by the government (unlike FHA or VA loans). These loans conform to guidelines set by Fannie Mae and Freddie Mac, and they are ideal for borrowers with solid credit, stable income, and a decent down payment.
There are two types:
- Conforming: Meets loan limits and guidelines set by Fannie Mae/Freddie Mac.
- Non-Conforming: Exceeds standard loan limits (also known as jumbo loans).
🏡 Why Choose a Conventional Loan?
Here are the top reasons Wisconsin homebuyers love conventional financing:
- Low interest rates (especially with good credit)
- Down payments as low as 3% for first-time buyers
- No upfront mortgage insurance premiums
- Private Mortgage Insurance (PMI) can be removed once you reach 20% equity
- Flexible terms - 15, 20, or 30-year fixed, or adjustable rates
👉 Learn more about conventional loan requirements from Fannie Mae
📍 Who Should Consider a Conventional Loan?
Conventional mortgages are ideal for:
- First-time homebuyers with decent credit
- Move-up buyers with equity from a previous sale
- Borrowers with a down payment of at least 3 - 20%
- Homeowners looking to refinance out of FHA or VA loans
- Buyers purchasing in competitive markets like Brookfield, Oak Creek, or Madison
🧮 What Are the Requirements?
To qualify for a conventional mortgage, you’ll typically need:
- Credit Score: 620 minimum (but better rates with 740+)
- Down Payment: 3% - 20% depending on your scenario
- Debt-to-Income Ratio (DTI): Generally under 45%
- Income & Employment: Documented through W-2s or tax returns
- Assets: For down payment, closing costs, and reserves
Need help calculating what you qualify for? Apply now with Adam Zeman
🔍 Conventional vs. FHA: What's the Difference?
| Feature | Conventional | FHA |
|---|---|---|
| Min Credit Score | 620 | 580 |
| Down Payment | As low as 3% | 3.5% |
| PMI / MIP | PMI can be canceled | MIP is required long-term |
| Ideal For | Stronger credit buyers | Lower credit or smaller savings |
🎯 Local Guidance. National Strength.
At Union Home Mortgage, we're here to make your mortgage simple and stress-free - whether you’re buying in Milwaukee, refinancing in Wauwatosa, or investing in Madison.
Let's put together a custom plan for your budget, goals, and timeline.
📞 Call/Text: 414-975-2654
📩 Email: adam@uhm.com
🌐 Apply Online Today
🔗 Additional Resources
- Union Home Mortgage - Loan Options
- Fannie Mae Eligibility Guidelines
- Conventional Loan Comparison - NerdWallet
- Down Payment Help for Wisconsin Buyers
Adam Zeman
Mortgage Loan Originator - Union Home Mortgage
Serving Milwaukee, Oak Creek, Brookfield, and all of Wisconsin
Your mortgage should fit your life - not the other way around.