Question 1

What factors impact how much home I can afford?

Accepted Answer

The biggest ones are your income, your monthly debts (lenders look at your debt-to-income ratio, or DTI), your down payment, your credit score and your interest rate. In Wisconsin, property taxes and homeowners insurance matter a lot too — taxes vary by city and county and can add a meaningful amount to your monthly payment, so it's worth estimating them for the area you're shopping in.

Question 2

Can I buy with a small down payment?

Accepted Answer

Often, yes. FHA loans allow as little as 3.5% down, some conventional loans allow as little as 3% down, and VA loans allow 0% down for eligible veterans and service members. A smaller down payment usually means mortgage insurance and a larger loan, so your monthly payment will be higher.

Question 3

Can I buy with lower credit?

Accepted Answer

Possibly. Conventional loans generally look for a score of 620 or higher, while FHA and VA loans are often available starting around 580. Every file is reviewed case by case — your full credit history, income and down payment all play a part, and a higher score usually means a better rate.

Question 4

Can I buy a condo or manufactured home?

Accepted Answer

It depends on the property and the loan program. Condos and manufactured homes each have their own requirements, so the best next step is to talk with Logan about your property type and what options may fit.

How much home can you afford in Wisconsin?

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Affordability questions