Jumbo Mortgage Reading, PA

Talk to Bellco Federal Credit Union today about a jumbo mortgage and get on the path to owning your dream home! If you have your heart set on a first home or vacation home that exceeds conventional loan limits, a jumbo loan may be the ideal solution.

Bellco FCU is a member-owned, not-for-profit federal credit union that caters exclusively to you and your needs 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.

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. Once a member, you’ll be able to take advantage of the wide range of services we offer.

About Jumbo Mortgages

Jumbo loans are mortgages that exceed the conventional loan limits set by Fannie Mae and Freddie Mac. Those limits vary by area. In Pennsylvania, the conventional loan limit for a single-family home is $417,000, but there are some areas of the country where the limit can be as high as $625,500.

Jumbo mortgages enable you to purchase a home priced between $525,000 and $3.5 million with one loan, rather than draining your cash reserves or forcing you to carry a second mortgage. 

By utilizing a jumbo mortgage, you will enjoy the benefits of one loan that offers flexible terms and competitive interest rates and can be paid off early without prepayment penalties.

Qualifications and Requirements

Jumbo mortgages often have strict borrowing standards. To qualify for a jumbo loan, your lender will want to verify that you have the income and liquid reserves to cover the payments. 

  • You should be prepared to make a down payment of 20% or more.

  • You will typically need a credit score of 700 or better.

  • Your debt to income ratio should not exceed 43%.

  • You must have reserve funds available to cover three months of mortgage payments (to include taxes and insurances).

  • The lender will require documents to prove income, liquid assets, property ownership, and all other loans.

  • Self-employed individuals must be prepared to provide two years of tax returns as well as two months of bank statements.

The locally knowledgeable mortgage professionals at Bellco FCU can help you find the precise loan terms that suit your current and long-term goals.

If a jumbo mortgage is not what you need, Bellco FCU offers many other home loan options, such as fixed-rate mortgages, adjustable-rate mortgages, FHA home loans, VA home loans, USDA mortgages and more. We can help you explore all of your options.

Don’t give up on buying the home of your dreams! Bellco FCU in Reading, PA can assist you with the jumbo mortgage process and work with you from application to closing to turn your home ownership dreams into a reality.