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.1,2 See the difference a lower down payment can make.
Low Loan Origination Fee
Wings has a low origination fee on all our mortgage loans3 while other lenders often charge 1% of the loan amount. With a fixed fee, you could save hundreds, even thousands, in fees!
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.1,2,4
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.2,5
1First‑time homebuyer mortgage options may be available to qualified borrowers with a minimum down payment of 3%, subject to credit approval and program eligibility. Loan terms, interest rates, annual percentage rates (APRs), fees, and monthly payments are based on borrower and property qualifications, including credit score, income, assets, loan‑to‑value ratio, occupancy, and other underwriting criteria. Depending on the loan program, mortgage insurance may be required, which increases the total cost of the loan. Monthly payments may include principal, interest, mortgage insurance, property taxes, homeowner’s insurance, and other escrow items. Not a commitment to lend. Membership eligibility required.
2Adjustable-Rate Mortgage (ARM) Disclosure: ARM interest rates are fixed for an initial period and may increase or decrease thereafter according to the loan terms. As a result, monthly principal and interest payments may increase or decrease after the initial fixed-rate period. ARM product descriptions identify the initial fixed-rate period and how often the interest rate may adjust thereafter. For example, a 5/6 ARM is fixed for 5 years and may adjust every 6 months thereafter; a 7/6 ARM is fixed for 7 years and may adjust every 6 months thereafter; a 10/6 ARM is fixed for 10 years and may adjust every 6 months thereafter; and a 5/1 ARM is fixed for 5 years and may adjust annually thereafter.
3Additional third-party closing costs will apply. Please speak to a Loan Officer for details.
4Additional third-party closing costs will apply. No-PMI option rate is 0.25% higher than Adjustable-Rate Mortgage rates published at wingscu.com/mortgage.
540-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 $832,750) |
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 | 7.125% | 7.276% | 1.0 | $350,000 | $2,358.01 |
| 20 Year | 6.875% | 7.069% | 1.0 | $350,000 | $2,687.35 |
| 15 Year | 6.500% | 6.698% | 1.0 | $350,000 | $3,048.88 |
| 10 Year | 6.375% | 6.654% | 1.0 | $350,000 | $3,951.96 |
| Adjustable-Rate Loan (up to $832,750) |
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 |
|---|---|---|---|---|---|
| 5/1 ARM - 40 Year5 | 6.875% | 7.245% | 1.0 | $350,000 | $2,143.30 |
| 5/6 Month SOFR ARM6 | 6.375% | 6.582% | 1.0 | $350,000 | $2,183.54 |
| 7/6 Month SOFR ARM7 | 6.625% | 6.686% | 1.0 | $350,000 | $2,241.09 |
| 10/6 Month SOFR ARM7 | 6.750% | 6.789% | 1.0 | $350,000 | $2,270.09 |
| Jumbo Loan (greater than $832,750) |
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 Fixed | 7.125% | 7.247% | 1.0 | $950,000 | $6,400.33 |
| 5/6 Month Jumbo SOFR ARM6 | 6.375% | 6.555% | 1.0 | $950,000 | $5,926.76 |
| 7/6 Month Jumbo SOFR ARM7 | 6.625% | 6.659% | 1.0 | $950,000 | $6,082.95 |
| 10/6 Month Jumbo SOFR ARM7 | 6.750% | 6.761% | 1.0 | $950,000 | $6,161.68 |
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 ($11,285.00 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.
65/6 Month SOFR ARM Caps, first adjustment ±2.00%; subsequent adjustments ±1.00%; lifetime cap +5.00% over the initial rate. Floor: 2.75%.
77/6 Month and 10/6 Month SOFR ARM Caps, first adjustment ±5.00%; subsequent adjustments ±1.00%; lifetime cap +5.00% over the initial rate.
Floor: 2.75%.
Origination Fee: $1,250 or 1% of loan amount, whichever is lower. Additional third-party closing costs will apply.
Rate = Index (30 Day CME Term SOFR) + Margin.
Adjusts every 6 months after the first change.
Floor: 2.75%.
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) interest rates are fixed for an initial period and may increase or decrease thereafter according to the terms of the loan. As a result, monthly principal and interest payments may increase or decrease after the initial fixed-rate period.
ARM product descriptions indicate the initial fixed-rate period and how often the interest rate may adjust thereafter:
• 5/6 ARM – fixed for the first 5 years; rate may adjust every 6 months thereafter.
• 7/6 ARM – fixed for the first 7 years; rate may adjust every 6 months thereafter.
• 10/6 ARM – fixed for the first 10 years; rate may adjust every 6 months thereafter.
• 5/1 ARM – fixed for the first 5 years; rate may adjust annually thereafter.
Rates and APRs shown are examples only and may not reflect the actual rate or APR for which an applicant qualifies. Rates are subject to change. ARM products are subject to additional terms and conditions.
Membership with a $5 Share Account required.
Rates effective as of October 2, 2026 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
- Appleton
- Atlanta
- Baxter
- Blaine
- Brooklyn Center
- Chaska
- Chisholm
- Columbia Heights - Central Avenue
- Coon Rapids
- Delta Building C
- Detroit/Taylor
- Eagan
- Eden Prairie
- Edina
- Lakeville
- Madison - Appointment Only
- Maple Grove
- Minneapolis - Chicago Ave
- Minneapolis - Rand Tower
- Minnetonka
- MSP International Airport
- Northfield
- Orlando
- Otsego
- Plymouth
- Rochester
- Savage
- St. Paul - Highgrove
- Thief River Falls
- Windsor
- Woodbury
