If you are looking for competitive rates and terms on a VA mortgage in Sinking Spring, PA, Bellco Federal Credit Union is a great place to start!
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.
By opening a primary Member Savings account with as little as $5 and following a few simple steps, you can become a member and take advantage of a variety of home loan options with different terms and qualifications, such as VA loans, FHA loans, fixed-rate mortgages, adjustable-rate mortgages, USDA Rural Housing loans, and more, that may be available for primary residences, vacation homes, or investment properties.
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.
What is a VA Home Mortgage?
VA mortgages 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 cannot 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 help service men and women secure great rates and terms and to give lenders like Bellco FCU confidence that the loan will be repaid.
VA Home Mortgage Advantages
The VA offers very flexible credit options, and buyers with less-than-perfect credit and limited funds available for down-payment can still become homeowners. The features include:
- Up to 100% financing of the property value
- No monthly private mortgage insurance premiums
- No prepayment penalty
- The seller may contribute up to 4% of the purchase price
VA mortgages 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. They cannot be used for investment or rental properties, bare land, second homes, vacation homes, or homes in a foreign country.
You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The COE can be obtained by applying online, through the mail, or through a VA-approved mortgage lender, such as Bellco FCU.
Previously used VA entitlements can be “restored” to purchase another home if the home you bought with the previous VA loan has been sold and the loan paid in full. reuse them again and again.
Bellco FCU's locally-knowledgeable loan advisors are here to help. If you are ready to apply for a VA mortgage, get in touch with us in Sinking Spring, PA, to start your loan application.