Financing in Appleton>Question Details

Kearney, Home Buyer in California

Hi - Plan a move to Wisconsin. I collect social security and have 20% down. Would I quailfy (with good?

Asked by Kearney, California Sat Jan 12, 2008

credit) to buy vs rent?

Help the community by answering this question:


Keep in mind that home values in Wisconsin are greatly different than California. Have you had the opportunity to review homes in the Wisconsin market? We could start by reviewing some listings to see what your dollar will get you in Wisconsin compared to California.
Next, we would want to talk to a lender, as mortgage programs are changing on a daily basis, it would be best for us to get in touch with some good mortgage lenders to look at your financial picture to see what programs they have available for your scenario.
We then would work together to determine what you are looking for in a home and begin the home search process.
0 votes Thank Flag Link Wed Apr 23, 2008
I am currently working with a buyer that is in a similar situation as yourself. This buyer (we will name him Bob) is retired and currently collecting social security. He has 20% to put down on a house and has gotten pre-approved to purchase a home. What area of Wisconsin are you looking to move to? Home valus like most places vary greatly from city to city.
Web Reference:
0 votes Thank Flag Link Tue Feb 19, 2008
You should be able to! Remember they look at your income and debts. Social Security Income should qualify. Take that and any other income you have and than divide that number by your monthly payments on any Credit Cards etc...and add your projected payment to that. If teh number is 30-40% than you are in great shape.

So a $2500 permonth income with modest debt should allow you to pay about $800 to $1000 in payment or about $100,000 for a property. From what I do know Wisconsin is a great value and that should buy you a decent place! Plus the Packers and Badgers are from there so you are in really great shape!

Hope that helps!
Best wishes;

Dirk Knudsen
"The Real Estate Doctor"
Web Reference:
0 votes Thank Flag Link Sat Jan 12, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer