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If you are looking for a mortgage with a low down-payment, reduced closing costs and relaxed credit requirements, FHA loans from Bellco Federal Credit Union in Reading, PA, are a popular option.

Bellco FCU is one of the top credit unions in Berks County, PA. Whether you are looking for FHA loans or other types of mortgages, credit cards, auto loans, or an excellent savings program, join today to take advantage of our wide range of financial products and services!

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Important Facts About FHA Loans

The Federal Housing Administration (FHA) does not make home loans. This government agency insures home loans issued by FHA-approved lenders, like Bellco FCU, to minimize the lender’s risk and to offer greater borrowing power to qualified applicants.

Here are some important facts to know about FHA home loans:

  • The FHA sets maximum loan limits for every state and county. The loan limit for purchasing a single-family home in Berks County, for example, is $275,665. The limit increases for multi-unit homes.
  • While primarily used by newly married couples, recent college graduates, and other first-time homebuyers, borrowers can take advantage of FHA home loans regardless if the home is their first, third or tenth home.
  • 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 will be used as your primary residence.
  • Conventional lenders typically require a 20% down payment. FHA-approved lenders can offer FHA loans with as little as 3% to 5% down. And the money for your down payment can come from a loan or gift from a family member, employer or charity, something most conventional lenders do not allow.
  • FHA loans have easier credit guidelines. You may qualify for an FHA mortgage even if you have less-than-perfect credit or a bankruptcy in your history.
  • Although the FHA does not regulate or determine fees (this is up to the lender), the closing costs for an FHA home loan are typically lower than with a conventional mortgage. The interest rate you pay will also be determined by your lender, but FHA loans generally have lower interest rates than conventional loans.
  • An FHA mortgage helps reduce the cash you need to purchase a home.

Are You Eligible to Join Bellco FCU?

Joining a credit union like Bellco FCU makes you a partial owner and gives you a say in any decisions we make. Open a Member Savings account with as little as $5, and establish membership in just a few steps. This is not a fee; it is a share in the credit union and provides you with voting rights.

Once you become a member of Bellco FCU, which 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 buying a home and interested in FHA loans, Bellco FCU in Reading, PA can help! We offer members cutting-edge technology, competitive interest rates, and other valuable benefits that can help them become financially empowered.

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