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FAIRWINDS Credit Union Launches New Home Savings Account for First‑Time Homebuyers FAIRWINDS My First Home Savings Account Offers $1,500 Credit Toward Closing Costs
ORLANDO, FL - FAIRWINDS Credit Union is making the dream of home ownership a reality for first-time homebuyers with its new FAIRWINDS My First Home Savings Account plan. The new account offering, which is set up as a 12-month term certificate of deposit, is designed to provide a convenient and efficient way for future homebuyers to save for a down payment on their first home.
FAIRWINDS members who open a My First Home Savings Account can earn a $1,500 credit toward their closing costs at FAIRWINDS Credit Union when they save at least $250 a month over a 12-month period, putting money back in their pockets to help with moving expenses, new furniture, home décor and other necessities for their new home. The account also offers a higher interest rate than a standard savings account, and requires only a $100 minimum deposit to open.
“The FAIRWINDS My First Home Savings Account is a rewarding way for our members to achieve their dream of owning a home,” said Jim Adamczyk, senior executive vice president and chief lending officer at FAIRWINDS Credit Union. “In this sellers’ market where home values are on the rise nationwide, it is more important than ever to start saving for a home, and we are excited to help our members accomplish that.”
In Orlando, home prices rose 10.6 percent from January 2016 to January 2017, with a median home value of $199,000, according to a report from the Orlando Regional Realtor Association.
The FAIRWINDS My First Home Savings Account allows members to make unlimited deposits at any time. The money can be withdrawn from the account at no penalty with a purchase contract for a home. Deposits can be made via ACH, branch deposit, mail, remote deposit or online transfer.
To learn more, visit www.fairwinds.org. Prospective homebuyers can also register for one of FAIRWINDS’ complimentary Home Buying Experience workshops to learn more about the process, ask questions and hear from industry experts.
Update: As of June 1, 2017 the monthly deposit has been reduced to a minimum of $100.