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Many borrowers think USDA home loans are just for farmers, but nothing could be further from the truth! Bellco Federal Credit Union in Wyomissing, PA offers USDA mortgages for low and moderate-income borrowers who wish to purchase a primary residence in rural areas.

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What is a USDA Home Loan?

The USDA Single Family Guaranteed Rural Housing Loans are backed by the US Department of Agriculture and made by private lenders such as banks, mortgage companies and credit unions like Bellco FCU.

All USDA guaranteed loans are 30 year fixed-rate mortgages; there are no adjustable rate terms available. In addition to traditional single-family homes and condos, these loans can also be used to help purchase manufactured and modular homes.

To qualify, the home you want to finance must be located in a USDA-eligible area of Pennsylvania. These are typically communities located outside of major metropolitan areas and communities of fewer than 35,000 people; however, homes in nearly every area of Pennsylvania and the United States can be purchased with USDA home loans.

The benefits of USDA home loans include:

  • No down payment (100% financing option available)
  • Not limited to first time home buyers
  • Flexible credit guidelines
  • Competitive interest rates
  • Better terms than FHA or conventional loans
  • No prepayment penalty
  • USDA Loans are assumable

Borrowers must be U.S. citizens or have permanent residency. Household income must fall within the USDA’s annual maximum income limits, which vary by area, and you should have a history of paying your bills on time. Your monthly mortgage payment, including the principal amount, interest, and taxes; cannot exceed 29% of your monthly income.

Bellco FCU is a qualified USDA lender. We are a member-owned, not-for-profit credit union that provides unique financial products and services to individuals and small businesses in Berks County.

Not a Member of Bellco FCU?

You are eligible to join Bellco FCU if:

  • You live, work, worship, or go to 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 will be able to remain a member for life, regardless of where you live or work.

If you are interested in USDA home loans in Wyomissing, PA, contact an approved lender like Bellco FCU to start your loan application. Our locally-knowledgeable loan advisors are here to help you establish an affordable home loan that best meets your needs.