USDA Home Loans Sinking Spring, PA

USDA home loans are backed by the US Department of Agriculture. When borrowers in Sinking Spring, PA, and throughout Berks County meet the income requirements, they can be an excellent home financing option.

Bellco FCU, a member-owned, not-for-profit federal credit union, opened its doors in 1938 and continues to provide unique financial products and services to individuals and small businesses in Berks County.

Credit unions, like banks, accept deposits, make loans, and provide a wide variety of other financial services. But as member-owned and cooperative institutions, we provide a safe place to save and borrow at reasonable rates.

About USDA Home Loans

If you’ve been thinking only farmers can qualify for USDA home loans, think again! 

Also known as Section 502 Loans (named for their place in the USDA charter), USDA loans are 30-year fixed-rate mortgages backed by the US Department of Agriculture. They are reserved for the people who need them most. If you have a high income for your area or have the ability to make a 20% down payment, you will not qualify for a USDA loan.

The home you intend to finance must be in a designated USDA-eligible rural area of Pennsylvania. In general, suburban cities and towns with populations under 20,000 qualify, but bigger cities are eligible if they are “rural in character.” Browse the USDA home loan map to see the many neighborhoods in and around Sinking Spring, PA, that qualify for USDA loans.

Your household income also must fall within the USDA’s annual maximum income limits, which vary by area, and you should have good credit and a history of paying your bills in a timely manner. Your monthly mortgage payment, including the principal amount, interest, and taxes, cannot exceed 29% of your monthly income.

For qualified buyers, USDA loans offer:

  • 100% financing available 

  • No down payment

  • Flexible credit guidelines

  • Competitive interest rates

  • Better terms than FHA or conventional loans

  • Not limited to first time home buyers

  • Financing available for single-family homes and condos, as well as manufactured and modular homes

Like FHA home loans, a government agency sponsors the program, but Bellco FCU handles 100% of the process. We do everything from taking your application to issuing the final loan approval. 

Who Can Join Bellco FCU?

You are eligible to join Bellco FCU if:

  • You live, work, worship, or attend school in Berks County, PA

  • You are in the immediate family (spouse, parents, children, siblings, grandparents) of a Bellco FCU member, no matter where you live

By opening a primary savings account with as little as $5 and following a few simple steps, you can become a member. And, once you join Bellco FCU, you are entitled to remain a member for life, regardless of where you live or work.

Bellco FCU can help you learn more about USDA home loans in Sinking Spring, PA, and find out if you qualify. Get in touch with us to start your loan application.