If you are looking for competitive rates and terms on VA home loans in Reading, PA, start at Bellco Federal Credit Union!
Originally known as the Bell Telephone Credit Union, Bellco FCU, a member-owned, not-for-profit federal credit union, opened its doors 80 years ago and continues to provide unique financial products and services to individuals and small businesses in Berks County.
Bellco FCU offers membership to individuals who live, work, worship, or attend school in Berks County, including immediate family members, such as your spouse, children, siblings and parents. Join today and take advantage of a variety of flexible home loan options.
What is a VA Home Loan?
VA home loans are designed to help eligible veterans, reservists, active-duty service members, and some surviving spouses purchase a primary residence by offering excellent loan terms that most conventional and FHA mortgages are unable to match.
These home loans are not issued by the U.S. Department of Veterans Affairs. Instead, the VA guarantees a portion of each qualified mortgage to ensure that service men and women can secure great rates and terms and to give lenders like Bellco FCU confidence that the loan will be repaid.
VA mortgages are available for the purchase or refinancing of primary residences that you will live in full-time, e.g., single-family homes, condos, townhouses, manufactured (modular) homes, and some multi-unit properties (up to a 4-plex), as long as you occupy one of the units as your primary residence.
Advantages of VA Home Loans
The VA home loan program offers so many benefits that it will be difficult for most veterans and servicemembers to find a better home buying or refinancing option.
- No down payment required. Most mortgage programs, such as conventional loans and FHA, require at least 3.5% to 5% down payment. With a VA mortgage, most borrowers can finance 100% of the home's value without making any down payment.
- Lower interest rates and easier qualifying. Interest rates on VA mortgages are typically lower than those of conventional loans. The VA also tries to accommodate as many buyers as possible, so you may find it easier to qualify, even if there is a foreclosure or bankruptcy in your history.
- No private mortgage insurance (PMI). With a VA mortgage, there is no monthly private mortgage insurance (usually a requirement with other programs when you put less than 20% down). The savings can tremendously increase your buying power.
- The benefit never expires. Once you have earned eligibility for the VA home loan, it never expires. If you served 20, 30 or even 50 years ago and never used your benefit, you may still be able to get a VA mortgage. Obtain your DD Form 214, and Bellco FCU can request your VA Certificate of Eligibility for you.
- Reuse your benefit again and again. Previously used VA entitlements can be “restored” in order for you to purchase another home as long as the home you bought with the previous VA loan has been sold and the loan paid off in full. Reuse your benefit again and again.
If you are looking for the best VA home loans in Reading, PA, get in touch with a VA-approved lender like Bellco FCU to start your loan application.