Loans

 Primary Mortgage Home Loans

Eligible veterans may qualify for a 30-year mortgage with a current interest rate of 6.15 percent. No private mortgage insurance is necessary, and no discount points are charged. A minimum down payment of 5% is required. The mortgage loan must be used to purchase or construct the veteran’s principal residence. It may not be used for vacation or income property. The loan may not be used to refinance an existing mortgage. There is no limit on the number of WDVA Primary Mortgage Home Loans a veteran may receive. The amount borrowed from the WDVA may not exceed 2-1/2 times the median sale price of a home in Wisconsin. Currently, the maximum WDVA Primary Mortgage Home Loan amount is $350,000.

The loan may be used to:

  • Purchase -- an existing house including condominiums.
  • Constructions -- to purchase land and build house. Construction contracts must be at a fixed price because no cost adjustments are permitted. Veterans may get a WDVA Primary Mortgage Home Loan to replace a short-term (less than 24 months) construction loan after construction is completed.

Home Improvement Loans

Eligible veterans may borrow up to $25,000 with up to 15 years to repay. Available terms and rates are listed below.

 

 Mortgage Secured

  • Loan Amounts: up to $25,000

 Term: 5 years

  •  Rate: 5%
  •  Estimated Monthly Payment: $472 (for $25,000)
  •  Total Payments: $28,320

 

  • Loan Amounts: $5,000 - $25,000

 Term: 10 years

  •  Rate: 5.35%

  •  Estimated Monthly Payment: $270 (for $25,000)

  •  Total Payments: $32,400 
     

 Term: 15 years

  •  Rate: 5.65%
  •  Estimated Monthly Payment: $206 (for $25,000)
  •  Total Payments: $37,080

 

 Guarantor Secured

  • Loan Amounts: up to $3,000

Term: 5 years (10 years and 15 years are not available)

  •  Rate: 5%

  • Estimated Monthy Payment: $57 (for $3,000)

     

The Home Improvement Loan Program (HILP) may be used for a variety of additions, construction, repairs and alterations of a veteran’s principal residence (including garage).

All HILP loans must be secured. Loans of $3,000 or less may be secured by a guarantor. Other loans require a mortgage on the property to be improved which must be the veteran's primary residence.

Veterans may have more than one HILP if they have sufficient equity and can repay multiple loans. The applicant must have at least 10 percent equity in the property to be improved. This means that the value of the property is at least 10 percent higher than the sum of the existing mortgages, including the HILP mortgages.


Personal Loan Program

The Wisconsin Department of Veterans Affairs (WDVA) offers secured personal loans of up to $5,000 at interest rates as low as 5%. Terms of five or ten years are available. Applicants must meet basic credit and underwriting standards and demonstrate an ability to repay the loan. WDVA Personal Loans may now be used for any purpose.

Interest Rates

The interest rates currently are: 

 Mortgage Secured Loans

  • Maximum Loan Amount: $5,000

Term: 5 yrs

  • Rate: 5%

  • Monthly Payment: $94

  • Total of Payments: $5,661

 

Term: 10 yrs

  • Rate: 7%
  • Monthly Payment: $58
  • Total of Payments: $6,966

     

Guarantor Secured Loans

    • Maximum Loan Amount: $5,000

  • Term: 5 yrs

    • Rate: 6%

    • Monthly Payment: $99

    • Total of Payments: $5,940

     

    Term: 10 yrs

    • Rate: 8%
    • Monthly Payment: $61
    • Total of Payments: $7,279

 

For more information visit the Federal Home Loan website or the State Home Loan Connection

 

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