Buying your first home is a big decision and Wanigas Credit Union is here to help! Our team of mortgage experts will guide you through the First-Time Homebuyer Loan Process, ensuring you have an easy, worry-free experience.
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First Time Home Buyer Program
With the Exclusive Wanigas First Time Home Buyer Program, you choose one of the below options:
- Option 1*: Wanigas discounts your processing fee to $100 AND
You receive a .25% discount on the interest rate of your mortgage**.
- Option 2**: Wanigas discounts your processing fee to $100 AND
Wanigas pays $500 or $750 of the closing costs based on the loan amount**.
*A First Time Home Buyer is anyone who has not previously owned a home and is purchasing their first home. To qualify for the program, the following criteria must be met with your Wanigas member account: Checking Account, a Wanigas Debit Card, established direct deposit with sign-up for automatic payment from your Wanigas account. Some restrictions may apply. This program cannot be combined with any other offer or promotion.
**$500 off for loan amounts below $50,000. $750 off for loan amounts $50,000 and greater.
What First Time Home Buyers Need to Consider:
There is much more that goes into buying a house than just your mortgage. If this is your first time purchasing real estate for yourself or your family, be aware of the various financial factors and how they impact your final purchase price and monthly payment.
The down payment you provide for a home both secures your property and protects it against additional interest charges. Down payments fluctuate widely between buyer goals, loan types, and term lengths. Generally, the minimum down payment is only 3% but, everyone's minimum down payment may vary based on their situation.
Closing Costs & Prepaids
The fees associated with transferring homeownership, as well as completing the sale of a home, are known as closing costs. Although the name suggests they might be an afterthought, you should factor in that closing costs average between 3% to 5% of your total loan. Ensure you have the additional funds to cover closing costs at the time of purchase.
Prepaids are payments made in advance; due to obtain the mortgage (i.e. Homeowners Insurance, etc). Please note the FAQs below for further details.
What you need to apply for a Mortgage:
- Proof of income for all borrowers like a recent pay stub, Social Security award letter or pension statement
- W2's and tax returns for the last two years
- Recent statement of assets like your 401k, stocks, bonds, other bank account statements
First Time Home Buyer's FAQ:
First-time home buyers may have less capital and fewer assets than seasoned homeowners, and therefore lack the ability to provide a large down payment. That's ok! Our First-Time Home Buyer's Program is designed to help you buy a home without a hefty down payment.
For more information, please contact our member help center at (989) 799-6011 or 1-800-675-2285 Ext. 782
PMI is "Private Mortgage Insurance". It is an insurance policy that you will purchase and pay for on a monthly basis. This policy allows you to make a smaller down payment on the mortgage or borrow more than 80% of the value of your home. It insures and protects the lender in the event of loss if you fail to make your mortgage payments. PMI is required on all mortgage loans that have less than 20% equity.
As a Wanigas Credit Union exclusive, our First-Time Home Buyer's Program is limited to qualified buyers who meet our criteria. This specifically includes current eligible members who have not previously owned a home.
To be eligible, you must own and manage a Wanigas Credit Union checking account, carry a Wanigas Debit Card, and have established a direct deposit link to one of your accounts.
Succcessful applicants must sign up for automatic payments drafted directly from a Wanigas account. This program may not be combined with any other active promotions.
If you are interested in applying for a first-time home buyer loan with Wanigas Credit Union, you have several options for submitting your application.
Our online portal makes it fast, easy, and convenient to submit your information hassle-free. You may also call and speak with a mortgage loan officer at (989) 799-6011, or at (800) 675-2285 Extension 782. Finally, you may visit with a Wanigas Credit Union mortgage loan officer in person to discuss your application.
Prepaids are expenses for taxes and insurance that are required to be paid in advance. For example, homeowner's insurance is paid in advance for the first full year. Other expenses that will come due prior to your first payment being due will also be included as a prepaid expense.
Closing costs are one time fees paid at time of closing for a real estate transaction. Our fees are disclosed in advance and our loan officers will thoroughly explain all the charges.
An escrow account is established at time of closing for the future payment of insurance and property taxes that are associated with the real estate property. Flood insurance, if required must always be paid from an escrow account. You will not be required to escrow for homeowner's insurance and property taxes so long as you have 20% equity in your property and your credit score is higher than 680.
Ready to Apply for a Mortgage?
Let us help get you into the home of your dreams. You can apply for your Wanigas Credit Union mortgage online. For more information call (989) 799-6011 or (800) 675-2285 ext. 782.
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