Jumbo Mortgage Wyomissing, PA

When the price of the home you want to purchase in Wyomissing, PA exceeds $417,000, consider a Jumbo Mortgage from Bellco FCU!

Bellco Federal Credit Union is a member-owned, not-for-profit federal credit union that offers unique financial products and services to individuals and small businesses in Berks County, PA. We offer competitively low rates for home purchase, refinance, or construction, and have a number of home financing programs available.

What are Jumbo Loans?

Jumbo mortgages are home loans that are bigger than normal. A loan is considered “jumbo” if it exceeds the conforming loan limit of $417,000 in the contiguous United States for a single-family home. (This goes up to $625,500 in certain “high cost” areas.) Jumbo loans make it possible to finance homes priced between $525,000 and $3.5 million.

Most jumbo loans are adjustable rate. This means that the interest rate will periodically adjust to align with current market rates. Fixed-rate jumbo mortgages—where the interest rate is set for the entire term of the loan or until refinancing—are relatively rare.

Jumbo Loan Requirements

  • Down payment: Down payment requirements will vary by lender, but most will require larger down payments to mitigate their risk. Expect to make a down payment of at least 20 percent.

  • Debt-to-income: Lenders want to be sure that monthly payments are realistic for borrowers. The lower your overall debt payments (mortgage payment plus credit cards and other debt) are to your income, the better. Your monthly mortgage payment can be no more than 38 percent of your income before taxes.

  • Credit:  Most jumbo mortgage lenders will look for high credit scores of at least 700 (out of 850). 

  • Financial reserves: A lender will want to see you have two to three months of cash reserves to cover principle mortgage payments, interest, taxes, and insurance.

The locally knowledgeable Bellco FCU mortgage experts will evaluate your creditworthiness based on your past credit use, debts, assets and your current income. Then we’ll calculate how much you can afford to borrow and guide you through the process.

If the terms of the jumbo mortgage are not right for you, Bellco FCU offers home mortgage options with various terms and requirements, including 15- and 30-year fixed rate mortgages, FHA mortgages, VA mortgages, USDA mortgages, and more. We can assist you with a mortgage program that best fits your goals.

Who Can Join Bellco FCU?

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.

If you are looking for competitive rates and terms on a jumbo mortgage in Wyomissing, PA, Bellco FCU is an excellent choice! We provide valuable benefits that can help you become financially empowered.