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First-Time Homebuyers

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    Here, homebuyers get a lot more than a great rate.

    At Wings Financial, everything we do is focused on setting members up to succeed. That's why we offer one of the most comprehensive suites of home-buying resources you'll find, including free homebuyer education, HomeAdvantage® search support and cash rewards, plus friendly Wings service for the life of your loan.

    Buy now with 3% down payment, no PMI

    Right now, qualifying borrowers can buy their first home with as little as 3% down and avoid paying private mortgage insurance (PMI)4 with any Adjustable-Rate Mortgage. It's a great time to buy your first home – don't miss out on this offer!

    Apply Today

    The down payment difference.

    Percentage Down Loan Amount Total Down Payment

    3%

    $200,000

    $6,000

    10%

    $200,000

    $20,000

    20%

    $200,000

    $40,000

     

    Free homebuyer education

    Prepare yourself for your homebuying journey with Wings Financial's home buying seminars, featuring knowledgeable real estate professionals. Plus, receive a $100 Wings Visa® Gift Card if you attend a home buying Seminar and use Wings for your mortgage!

    Register Today

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    Common Questions About Buying Your First Home.

    See All FAQs

    How do I know how much I can afford as a first-time homebuyer?

    With Wings, you can get pre-approved before you start looking for your home, so you'll know how much you can afford.

    How much of a down payment will I need as a first-time homebuyer?

    Down payment requirements may vary by loan type. However, at Wings, first-time homebuyers can put as little as 3% down with a 30-year fixed-rate mortgage.

    What is escrow?

    An escrow account is a common feature of a mortgage loan. An escrow account makes it easier to pay necessary expenses on your property – like taxes and insurance – by incorporating them into your monthly mortgage payment, rather than paying them in lump sums.

    What is Private Mortgage Insurance (PMI)?

    PMI is typically required if your down payment is less than 20% of the home's value. It is designed to protect the lender in case you stop making payments on your loan.

    13% minimum down payment available for new-purchase, 30-year fixed-rate mortgage for first-time homebuyers only and adjustable-rate mortgages (ARMs) for all borrowers. Additional third-party closing costs will apply.

    Payment Example – The APR and monthly payment examples assume a loan amount of $200,000, a 3% down payment, 360 total monthly payments, and $1,090.50 estimated borrower pre-paid finance charges. Monthly payment amount of $870.41 assumes a rate of 3.125% and 3.168% APR for a 30-year fixed rate. For example only; rates are subject to change without notice. If the down payment is less than 20%, mortgage insurance may be required on the loan and could result in an increased APR and payment.

    2Additional third-party closing costs will apply. Please speak to a Loan Officer for details.

     3HomeAdvantage is available to you through your membership with Wings Financial Credit Union. Cash Rewards are available to members who register to use HomeAdvantage and who use a real estate agent in the HomeAdvantage network to buy or sell their home. Using Wings Financial for a mortgage is not a requirement to earn Cash Rewards. Cash Rewards amounts are dependent on the commissions paid to the agent. Wings Financial may have specific rules on how your Cash Rewards will be paid out. Cash Rewards are void where prohibited by law or the lender. Please consult with your credit union to get details that may affect you.

    43% minimum down payment with no PMI available for first-time homebuyers' new purchase on all Adjustable-Rate Mortgages, up to a maximum purchase price of $350,000. Additional third-party closing costs will apply. No-PMI option rate is 0.50% higher than Adjustable-Rate Mortgage rates published at wingsfinancial.com/mortgage.