How to Buy a Home After Renting in Milwaukee or Waukesha (2025 Guide)
If you've been renting in Wisconsin and are finally ready to make the jump into homeownership, you're not alone. Thousands of renters in Southeastern Wisconsin are asking the same question: how do I buy a home after renting in Milwaukee or Waukesha?
The good news - it's absolutely possible, even if you've never owned before. This guide walks you through every step from planning your finances to closing on your first home.
Adam Zeman - Union Home Mortgage
NMLS #870441
📞 414-975-2654 | 📧 azeman@uhm.com
🌐 www.mkemortgage.com
Helping Wisconsin renters become homeowners with clear guidance and competitive loan options.
Why It's a Great Time to Transition from Renting to Owning
Even with home prices and rates higher than a few years ago, the Milwaukee and Waukesha housing markets are stabilizing - and rent costs continue to rise faster than mortgage payments.
According to Realtor.com's Milwaukee market report, rents have climbed roughly 6% year-over-year, while home price growth has slowed to around 3 - 5%. That means buying a home today could actually save you money over time - while helping you build equity instead of paying your landlord's mortgage.
Step 1: Get Pre-Approved (Even If You're Not Ready to Buy Tomorrow)
The first step to buying a home after renting is getting pre-approved for a mortgage. This gives you a clear idea of your price range, payment, and loan options.
During pre-approval, my team reviews your:
- Credit score and history
- Monthly debts (car loans, credit cards, etc.)
- Income and employment
- Down payment amount and source
📖 Related guide: FHA Loan Pre-Approval in Wisconsin - Step-by-Step Guide for 2025 Homebuyers
Even if you don't plan to buy for six months, pre-approval helps you create a financial plan and find any small issues to fix early.
Step 2: Build or Strengthen Your Credit
If you've been renting, chances are your credit has improved - but it's worth double-checking before applying. A score above 620 opens most loan options, while FHA loans can allow approvals as low as 580 with strong compensating factors.
💡 Tip: You can ask your landlord or property manager to report on-time rent payments to the credit bureaus - this helps boost your score and shows a history of housing payments.
You can monitor your credit for free at annualcreditreport.com.
Step 3: Save for Down Payment & Closing Costs
You don't need 20% down.
In fact, most of my first-time buyers use one of these low-down payment options:
- FHA Loan: 3.5% down
- Conventional Loan: 3% down
- VA Loan: 0% down for eligible veterans
- Home Start Program: Up to 5% down-payment assistance (Union Home Mortgage)
Some buyers even qualify for gift funds or grants that reduce or eliminate upfront costs.
📖 Learn more: First-Time Homebuyer Programs & Down Payment Assistance in Milwaukee WI - 2025 Guide
Step 4: Understand the Market and Timing
Milwaukee and Waukesha have very different price points and property types:
| Area | Median Home Price (2025) | Typical Days on Market | Buyer Competition |
|---|---|---|---|
| Milwaukee City | ≈ $235,000 - $260,000 | ~ 35 days | Moderate |
| Waukesha County | ≈ $420,000 - $450,000 | ~ 18 days | High |
(Source: Redfin Market Data)
If you're flexible on location, looking just outside the city can stretch your buying power - and your dollar.
Step 5: Work with a Local Lender Who Knows the Market
Buying your first home after renting requires a team that understands both financing and the local market. As a Milwaukee-area loan officer, I guide renters through everything from credit preparation to closing day.
When you work with me, you get:
✅ Upfront underwriting for confidence when making offers
✅ Minimal documentation (we collect only what's required)
✅ Fast communication with your agent to strengthen your offer
📅 Schedule a consultation today or call me at 414-975-2654 - let's map out your path from renter to homeowner.
Step 6: Make an Offer and Close with Confidence
Once you've found your home, we'll lock your rate, order your appraisal, and finalize your loan approval. Most buyers close within 30 to 45 days of offer acceptance.
After closing, you'll have the keys - and the pride of finally owning your home.
Ready to Stop Renting and Start Owning?
If you're tired of rent increases and ready to start building equity, now's the time to take action. Whether you're six months away or ready today, I'll help you plan each step toward homeownership.
📞 Call or text 414-975-2654
📧 azeman@uhm.com
🌐 www.mkemortgage.com