FHA Loans Sinking Spring, PA

If you are thinking about a home mortgage, consider that FHA loans from Bellco Federal Credit Union in Sinking Spring, PA offer low down-payments, reduced closing costs, and relaxed credit requirements, and are available to qualified borrowers, regardless if the home is their first, third or tenth home.

Bellco FCU is a member-owned, not-for-profit federal credit union that caters exclusively to the needs of its members and offers a variety of affordable financial services. Our trusted and experienced professionals genuinely listen and offer solutions with the compassion of a true neighbor.

About FHA Home Loans

The Federal Housing Administration (FHA) was created in 1934 to increase homeownership in America by making insured mortgages available to borrowers who lack great credit or a 10% or 20% down payment.  Here are some important facts you should know:

  • The FHA itself does not make home loans. Instead, the agency insures home loans issued by FHA-approved lenders, like Bellco FCU, to minimize the lender’s risk and offer more borrowing power to qualified applicants.

  • The FHA sets maximum loan limits for every state and county. For purchasing a single-family home in Berks County, for example, the limit is $294,515 and increases for a duplex, triplex, or fourplex.

  • Although primarily used by first-time homebuyers, any qualified borrower can apply for an FHA loan, no matter how many homes they’ve owned in the past.

  • FHA loans can be adjustable-rate mortgages or fixed-rate mortgages and are available for both purchases and refinances, including cash-out refinances, for single- and multi-family homes, condos, and mobile and manufactured homes that you intend to use as your primary residence.

  • An FHA mortgage reduces the cash you need to purchase a home. FHA-approved lenders can offer FHA loans with as little as 3% to 5% down. And, your down payment can come from a loan or gift from a family member, employer or charity, something most conventional lenders do not allow.

  • The credit guidelines for FHA loans are easier. You may qualify for an FHA mortgage even if you have less-than-perfect credit or a bankruptcy in your history. 

  • Your interest rate will be determined by your lender, but FHA loans generally have lower interest rates than conventional mortgages. Fees are also left up to individual lenders, but closing costs for an FHA home loan are typically lower than those of conventional mortgages. 

Not a Bellco FCU Member?

Membership in Bellco FCU is open to individuals who live, work, worship, or attend school in Berks County, PA. Simply open a Member Savings account with as little as $5, and establish your membership in a few simple steps.

Bellco FCU membership lasts for a lifetime, no matter where you live. Your spouse, children, siblings and parents will also be eligible to join and take advantage of our competitive rates for mortgages, personal loans, credit cards, and the many other services we offer.

If you are interested in FHA loans, Bellco FCU in Sinking Spring, PA can help! Join today to take advantage of our wide range of financial products and services.