First-Time Homebuyer FAQ — Wisconsin Edition (2025)
Buying your first home in Wisconsin can be exciting - and sometimes overwhelming. From down payments to credit scores to loan options, there's a lot to learn.
That's why I've put together this guide to answer the most frequently asked questions from Wisconsin first-time homebuyers - so you can make confident decisions, save money, and get into your new home faster.
📞 Call/Text: 414-975-2654
📆 Schedule a Call: https://calendly.com/adam-zeman/30min
📝 Apply Online: https://myuhm.uhm.com/homehub/signup/azeman@uhm.com?from_mobile_share=true
❓ Frequently Asked Questions for Wisconsin First-Time Homebuyers
1. How much do I need for a down payment?
You don't need 20%. In Wisconsin, first-time buyers can often purchase with as little as:
- 3% down using a Conventional 97% loan
- 3.5% down with an FHA loan
Both are popular across Wisconsin, and I'll help you compare which is right for your goals.
2. Do I need perfect credit to qualify?
No. Conventional loans typically start around 620 credit score, but FHA loans can allow lower scores and more flexible debt ratios.
If your credit isn't perfect, we'll review options to help you qualify and plan for stronger approval terms.
3. How much should I expect to pay for closing costs?
Most buyers should budget around 2% - 5% of the home price for closing costs, which include lender fees, title, appraisal, and prepaid taxes/insurance.
Some Wisconsin counties and cities offer down-payment or closing-cost assistance; I can check if you're eligible based on location and income.
(Check out the latest Wisconsin REALTORS® Association housing report for statewide trends.)
4. Can I get help with my down payment?
Yes. There are multiple grant and assistance programs across Wisconsin that help with down payment or closing costs.
These vary by county and city, but programs like HomeStart or local housing initiatives may be available depending on your income and purchase price.
5. What's the difference between pre-qualification and pre-approval?
A pre-qualification is an estimate - while a pre-approval is a verified review of your income, assets, and credit.
With a pre-approval, you'll receive a lender letter that gives you an edge in Wisconsin's competitive housing market.
Learn more about the process in this step-by-step guide.
6. How long does it take to close on my first home?
Once your offer is accepted, closing typically takes 30 - 45 days, depending on appraisal timing and documentation.
My team and I move fast - with many first-time buyers closing sooner when we handle pre-underwriting early.
7. Will I need mortgage insurance (MI)?
Yes, if you put down less than 20%.
- Conventional 3% loans require PMI, which can be canceled once you reach 20% equity.
- FHA loans include MIP, which usually lasts the life of the loan unless refinanced later.
We'll review both side-by-side to find the most cost-effective option for you.
8. How much house can I afford?
This depends on income, credit, and debt ratio. As a general rule, many first-time buyers in Wisconsin qualify for homes priced around 3 - 4× their annual income, but that's only a starting point.
We'll create a personalized plan that balances comfort, affordability, and approval strength.
9. Do I need a Realtor?
You're not required to use one - but you absolutely should.
A great Realtor helps with negotiation, contracts, and making sure you don't overpay.
I work closely with top Wisconsin agents to help my buyers get accepted offers faster and stress-free.
10. Can I buy outside Milwaukee or Waukesha?
Yes! These programs work statewide - from Madison to Green Bay, La Crosse, Eau Claire, and beyond.
As a Wisconsin-licensed mortgage professional, I handle transactions anywhere in the state.
How I Help Wisconsin First-Time Buyers
I make the home-buying process simple, transparent, and fast. Here's what you can expect:
- Up-front income and asset review - no surprises at underwriting.
- Fewer document requests - I only ask for what's required by Fannie Mae or Freddie Mac findings.
- Fast, clean closings - my team handles everything from start to finish.
- Trusted partnerships - I work with some of Wisconsin's best Realtors and title professionals.
📞 Call/Text: 414-975-2654
📆 Schedule a Call: https://calendly.com/adam-zeman/30min
📝 Apply Online: https://myuhm.uhm.com/homehub/signup/azeman@uhm.com?from_mobile_share=true
About Adam Zeman - Union Home Mortgage (NMLS #870441)
I'm a Mortgage Loan Originator serving all of Wisconsin - from Milwaukee and Waukesha to Madison, Green Bay, and beyond.
My team and I specialize in:
- Conventional, FHA, and VA Loans
- One-Time-Close Construction Loans
- DSCR Investor Loans
- Streamline and Cash-Out Refinances
We make the mortgage process simple, transparent, and fast, with the least documentation required by Fannie Mae and Freddie Mac guidelines.
🌐 Website: www.mkemortgage.com
📞 Call/Text: 414-975-2654
📧 Email: azeman@uhm.com
📝 Apply Online: https://myuhm.uhm.com/homehub/signup/azeman@uhm.com?from_mobile_share=true
📆 Schedule a Call: https://calendly.com/adam-zeman/30min
🤖 24/7 Mortgage & Real Estate Info: https://chatgpt.com/g/g-685422dd22bc8191a39cbdf2be98ec08-wisconsin-real-estate-mortgage-expert