USDA Home Loans Reading, PA
If you’ve been thinking only farmers can qualify for USDA home loans in Reading, PA, think again! They can be an excellent home financing option for many borrowers with low and moderate incomes, and Bellco Federal Credit Union can help you find out if you qualify.
Originally known as the Bell Telephone Credit Union, Bellco FCU is a member-owned, not-for-profit federal credit union that has been offering unique financial products and services to people and small businesses in Berks County since 1938.
Like banks, we 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 with exceptional customer service.
USDA Rural Housing Loan Information
USDA loans, also known as Section 502 Loans (named for their place in the USDA charter), are 30-year fixed-rate mortgages that are backed by the US Department of Agriculture.
These loans are one of only two home loan options that allow eligible borrowers to finance 100% of a home’s purchase price with zero down payment (VA home loans are the other), and they often have lower rates than conventional mortgages and other government-backed mortgages, including FHA home loans.
To be eligible, a home must be in a designated USDA-eligible rural area. But you may be surprised at what is considered rural! In general, suburban cities and towns with populations under 20,000 qualify, but bigger cities are eligible if they are “rural in character.”
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. This loan is reserved for the people who need it most. If you have a high income for your area or are able to make a 20% down payment, you will not qualify for USDA.
Homes in almost every area of Pennsylvania and the United States can be purchased with USDA home loans. Browse the USDA home loan map to see the many neighborhoods in and around Reading, PA, that qualify for USDA loans.
Like FHA home loans, a government agency sponsors the program, but your local lender will handle 100% of the transaction. That means we do everything from taking your application to issuing the final approval. Bellco FCU can help you learn more about USDA home loans in Berks County and find out if you are eligible.
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 quickly become a member. And, once you join Bellco FCU, you can remain a member for life, whether you change jobs, retire, or leave Berks County.
USDA home loans can be an excellent home financing option for borrowers in Reading, PA, and Berks County. Contact Bellco FCU today to see if you qualify. We are dedicated to helping our members and their families build better lives!