What you can afford, how much cash you need, which loan programs fit, and what the Milwaukee, Waukesha, Ozaukee and Washington county markets are doing right now.
Lucas Murphy, Realtor - eXp Realty. Phone: (414) 458-1952. Email: lucas.murphy@exprealty.com.
Download the First-Time Home Buyer Guide (PDF)
Most first-time buyers put down 3-5%, not 20%. Against Milwaukee County's August 2026 median of $325,000, 3% down is $9,750 and 5% is $16,250, with closing costs typically adding another 2-4%. VA and USDA loans require no down payment at all.
As of August 2026: $325,000 in Milwaukee County, $525,000 in Waukesha and Ozaukee counties, and $481,000 in Washington County. Every county is currently selling above asking price and within about two weeks.
FHA loans accept scores from 580, conventional from 620, and WHEDA programs from 620-640. VA loans have no set minimum. A higher score improves your rate rather than deciding whether you qualify at all.