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Have you thought about taking advantage of a VA mortgage to purchase a home in Reading, PA? These flexible, no-down-payment loans have allowed more than 22 million veterans and active military families to purchase a home since 1944.

Before you visit your local bank to research VA mortgage loans, consider the benefits of joining Bellco Federal Credit Union, such as better rates, lower fees, and personalized service.

Bellco FCU offers membership to people who live, work, worship, or attend school in Berks County, including immediate family members, such as your spouse, children, siblings and parents.

By opening a primary Member 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 the rest of your life, even if you change jobs, retire, or move away from Berks County.

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Facts About VA Mortgages

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 mortgage terms that most conventional and FHA mortgages cannot match.

Here are a few things service members should know about VA mortgages:

  • VA home loans are not issued by the U.S. Department of Veterans Affairs. Instead, the VA guarantees a portion of each qualified mortgage loan to help service men and women secure great rates and terms and to give lenders like Bellco FCU confidence that the loan will be repaid.
  • They are available for the purchase or refinance 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), provided you occupy one of the units as your primary residence.
  • VA mortgages cannot be used for investment or rental properties, bare land, second homes, vacation homes, or homes in a foreign country.
  • Qualified borrowers can finance 100% of the home's value without making any down payment. There is also no prepayment penalty, which means you can make extra payments whenever you want and save a bundle in interest over the life of your loan.
  • The VA mortgage program tries to accommodate as many military buyers as possible with a simple and accessible mortgage, so, even with a foreclosure or bankruptcy in your history, you may find it easier to qualify for a VA loan.
  • With a VA home loan, there is no monthly private mortgage insurance (usually a requirement with other programs when you putting less than 20% down). There is, however, a VA Funding Fee (about 2% of the loan amount) on both purchase and refinance loans. This fee can be rolled into the loan amount and is waived completely for veterans with service-connected disabilities.
  • VA home loans are reusable. If you later decide to sell your home and pay off your existing VA loan, you can apply for reinstatement of your home loan benefits and reuse them again and again.

When you are ready to apply for a VA mortgage in Reading, PA, contact a VA-approved lender like Bellco FCU to start your loan application. Our locally-knowledgeable loan advisors are here to help you establish the affordable home mortgage loan that suits your needs.

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