First-Time Homebuyers
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Here, homebuyers get a lot more than a great rate.
At Wings, 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, plus friendly Wings service for the life of your loan.
Flexible Borrowing Options
Loans specifically designed for first-time buyers let you choose between a low down payment or longer term length (up to 40 years).
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 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!
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.
Great loan options for first-time buyers.
3% down, no PMI adjustable-rate mortgage
Buy with a down payment as low as 3% and pay no private mortgage insurance (PMI), available with select adjustable-rate mortgages.3
40-year, adjustable-rate mortgage (5/1 ARM)
Enjoy lower monthly payments over a longer loan term. Minimum 5% down payment required; no-PMI option available.4
33% minimum down payment with no PMI available for first-time homebuyers' new purchase on all Adjustable-Rate Mortgages. Additional third-party closing costs will apply. No-PMI option rate is 0.25% higher than Adjustable-Rate Mortgage rates published at wingscu.com/mortgage.
440-year amortization available for first-time homebuyers’ new purchase on a 5/1 Adjustable-Rate Mortgage with a 5% minimum down payment. No-PMI option available with an additional rate add-on of 0.25%. Not available on jumbo loans. Membership with $5 Share Savings required before closing.
Compare your down payment options.
| Purchase Price | Total Down Payment | |
|---|---|---|
|
3% Down |
$275,000 |
$8,250 |
|
10% Down |
$275,000 |
$27,500 |
|
20% Down |
$275,000 |
$55,000 |
|
3% Down |
$350,000 |
$10,500 |
|
10% Down |
$350,000 |
$35,000 |
|
20% Down |
$350,000 |
$70,000 |
|
3% Down |
$425,000 |
$12,750 |
|
10% Down |
$425,000 |
$42,500 |
|
20% Down |
$425,000 |
$85,000 |
Fixed and Adjustable-Rate Mortgage Rates
| Fixed-Rate Loan (up to $766,550) |
Purchase Rate As Low As1 |
Purchase APR2 |
Points3
PointsPoints are an amount paid to the mortgage lender at closing used to lower the interest rate. One point is equal to one percent of the loan amount (for example, 1 point on a $100,000 mortgage would equal $1,000). |
Loan Amount |
Monthly Payment4 |
|---|---|---|---|---|---|
| 30 Year | 6.750% | 6.888% | 1.0 | $350,000 | $2,270.09 |
| 20 Year | 6.375% | 6.553% | 1.0 | $350,000 | $2,583.81 |
| 15 Year | 6.125% | 6.347% | 1.0 | $350,000 | $2,977.19 |
| 10 Year | 6.000% | 6.312% | 1.0 | $350,000 | $3,885.72 |
| Adjustable-Rate Loan (up to $766,550) |
Purchase Rate As Low As1 |
Purchase APR2 |
Points3
PointsPoints are an amount paid to the mortgage lender at closing used to lower the interest rate. One point is equal to one percent of the loan amount (for example, 1 point on a $100,000 mortgage would equal $1,000). |
Loan Amount |
Monthly Payment4 |
|---|---|---|---|---|---|
| 10/1 ARM - 30 Year | 6.375% | 6.749% | 1.0 | $350,000 | $2,183.54 |
| 7/1 ARM - 30 Year | 6.125% | 6.724% | 1.0 | $350,000 | $2,126.64 |
| 5/1 ARM - 30 Year | 6.000% | 6.789% | 1.0 | $350,000 | $2,098.43 |
| 5/1 ARM - 40 Year5 | 6.250% | 6.912% | 1.0 | $350,000 | $1,987.09 |
| Jumbo Loan (greater than $766,550) |
Purchase Rate As Low As1 |
Purchase APR2 |
Points3
PointsPoints are an amount paid to the mortgage lender at closing used to lower the interest rate. One point is equal to one percent of the loan amount (for example, 1 point on a $100,000 mortgage would equal $1,000). |
Loan Amount |
Monthly Payment4 |
|---|---|---|---|---|---|
| 10/1 ARM - 30 Year | 6.375% | 6.728% | 1.0 | $800,000 | $4,990.96 |
| 7/1 ARM - 30 Year | 6.125% | 6.702% | 1.0 | $800,000 | $4,860.88 |
| 5/1 ARM - 30 Year | 6.000% | 6.767% | 1.0 | $800,000 | $4,796.40 |
| 30 Year Fixed | 6.750% | 6.866% | 1.0 | $800,000 | $5,188.78 |
General Terms for all Loans:
1Rates are based on an evaluation of your credit history and other factors, so your rate may differ.
2The APR (Annual Percentage Rate) and monthly payment examples assume a 30% downpayment, a credit score of 780 or higher and $4,896.00 ($9,426.00 JUMBO) estimated borrower pre-paid finance charges. If the down payment is less than 20%, private mortgage insurance (PMI) may be required on the loan and could result in an increased APR and payment.
3Points are an amount paid to the mortgage lender at closing used to lower the interest rate. One point is equal to one percent of the loan amount (for example, 1 point on a $100,000 mortgage would equal $1,000).
4Monthly payment examples do not include any applicable taxes or insurance premiums. Actual payments could be higher.
5For first-time homebuyers only.
Rate Locks - 60 Days - No Fee
Origination Fee: $1,200 or 1% of loan amount, whichever is lower. Additional third-party closing costs will apply.
Additional Fixed Rate Terms:
The 30-year fixed rate mortgage product with 3% minimum down payment (97% LTV) available to first-time home buyers only.
Fixed rate mortgages may be subject to FNMA fees based on credit score, LTV and other factors which may apply.
Additional Adjustable-Rate Mortgage (ARM) Terms:
Adjustable-Rate Mortgage (ARM) rates are subject to change according to product terms.
ARM product with 10% down payment (90% LTV) with no PMI are subject to a rate/APR add on of 0.125%. Active checking account with ACH direct deposit(s) of $1,000 or more per month and 5 or more debit card transactions per month required. Available for ARM products up to $1,000,000.
ARM product with 3% minimum down payment (97% LTV) with no PMI are available to first-time home buyers only subject to a rate/APR add on of 0.25%.
3% minimum down payment (97% LTV) available to all homebuyers on ARM products but is subject to PMI.
Membership with a $5 Share Account required.
Rates effective as of November 20, 2024 and subject to change.
1Rates are based on an evaluation of your credit history and other factors, so your rate may differ.
2The APR (Annual Percentage Rate) and monthly payment examples assume a 30% downpayment, a credit score of 780 or higher and $4,896.00 ($9,426.00 JUMBO) estimated borrower pre-paid finance charges. If the down payment is less than 20%, private mortgage insurance (PMI) may be required on the loan and could result in an increased APR and payment.
3Points are an amount paid to the mortgage lender at closing used to lower the interest rate. One point is equal to one percent of the loan amount (for example, 1 point on a $100,000 mortgage would equal $1,000).
4Monthly payment examples do not include any applicable taxes or insurance premiums. Actual payments could be higher.
5For first-time homebuyers only.
Rate Locks - 60 Days - No Fee
Origination Fee: $1,200 or 1% of loan amount, whichever is lower. Additional third-party closing costs will apply.
Additional Fixed Rate Terms:
The 30-year fixed rate mortgage product with 3% minimum down payment (97% LTV) available to first-time home buyers only.
Fixed rate mortgages may be subject to FNMA fees based on credit score, LTV and other factors which may apply.
Additional Adjustable-Rate Mortgage (ARM) Terms:
Adjustable-Rate Mortgage (ARM) rates are subject to change according to product terms.
ARM product with 10% down payment (90% LTV) with no PMI are subject to a rate/APR add on of 0.125%. Active checking account with ACH direct deposit(s) of $1,000 or more per month and 5 or more debit card transactions per month required. Available for ARM products up to $1,000,000.
ARM product with 3% minimum down payment (97% LTV) with no PMI are available to first-time home buyers only subject to a rate/APR add on of 0.25%.
3% minimum down payment (97% LTV) available to all homebuyers on ARM products but is subject to PMI.
Membership with a $5 Share Account required.
Rates effective as of November 20, 2024 and subject to change.
Common Questions About Buying Your First Home.
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.
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.
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.
Open a First-Time Homebuyers Mortgage Loan at:
- Apple Valley
- Apple Valley Mortgage
- Atlanta
- Baxter
- Blaine
- Brooklyn Center
- Chaska
- Chisholm
- Coon Rapids
- Delta Building C
- Detroit/Taylor
- Eagan
- Eden Prairie
- Edina
- Lakeville
- Maple Grove
- Minneapolis - Central Avenue
- Minneapolis - Chicago Ave
- Minneapolis - Rand Tower
- Minnetonka
- MSP International Airport
- Northfield
- Orlando
- Otsego
- Plymouth
- Rochester
- Savage
- St. Paul - Highgrove
- Thief River Falls
- Woodbury