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First-Time Homebuyers
Helping First-Time Homebuyers make their move.
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For every reason you want a home, we have a way.
Your own space. A big backyard. A heated garage. No matter what motivates you to buy your first home, Wings can help you make the move into homeownership. We'll be by your side every step of the way – with knowledgeable, helpful Loan Officers, free homebuyer education, and friendly Wings service throughout the life of your loan.
As Little as 3% Down
With a Wings mortgage, you can purchase a home with as little as 3% down.1 See the difference a lower down payment can make.
Low Loan Origination Fee
Wings has a low, $950 Loan Origination Fee on all our mortgage loans2 while other lenders often charge 1% of the loan amount. With a fixed fee, you could save hundreds, even thousands, in fees!
Trusted Agent Partners
Our HomeAdvantage® program connects you with a trusted agent, as well as offers Cash Rewards3 for your purchase or sale.
Free homebuyer education for you.
Prepare yourself for your home buying 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!
Common Questions About Buying Your First Home.
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.
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 |
Helping you reach your goals.
Get details and guidance about savings, checking, loans and more. We’ll help you take the next step forward, together.
HomeAdvantage
In partnership with CU Realty Services, Wings Financial offers access to trusted agents, MLS listings, and Cash Rewards for your sale or purchase. Members who work with a HomeAdvantage® agent earn an average of $1,500 back in savings!
Home Insurance
Homeowners Insurance, Renters Insurance, and Condo Insurance provide financial protection against damage and disasters inside and outside your residence. It helps keep your home in tip-top shape while keeping your pocketbook safe.
Mortgage Loans
With a wide range of Fixed- and Adjustable-Rate Mortgages, Wings offers the options, experience and support to help you finance your home. It’s not about fitting a member into a mortgage. It’s about fitting the right mortgage to a member.
Let us help you get the financing you need.
We make it easy to apply for a mortgage. Apply today using our simple, online application and a Loan Officer will work with you to finalize 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.
2Additional third-party closing costs will apply. Please speak to a Loan Officer for details.
3The HomeAdvantage program is made available to you through a relationship between Wings Financial Credit Union and CU Realty Services. Program Cash Rewards are awarded by CU Realty Services to buyers and sellers who select and use a real estate agent in the HomeAdvantage network. Home buyers or sellers are not eligible for Cash Rewards if they use an agent outside this network. Using Wings Financial Credit Union 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 Credit Union may have specific rules on how your Cash Rewards will be paid out. Cash Rewards incentives are available in most states; however, are void where prohibited by law or by the lender. Please consult with your credit union to get details that may affect you.
APR = Annual Percentage Rate.
Payment Example – The APR and monthly payment examples assume a loan amount of $200,000, a 3% down payment, 360 total monthly payments, and $1,089 estimated borrower pre-paid finance charges. Monthly payment amount of $969.30 assumes a rate of 4.125% and 4.171% APR for a 30-year fixed rate. For example purposes 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.
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