VA Mortgage Wyomissing, PA

The VA Mortgage has enabled more than 22 million veterans and active military families to purchase homes since 1944. If you plan to buy a home in Wyomissing, PA and believe you are eligible, contact a VA-approved lender like Bellco Federal Credit Union to get started on your loan application!

Not yet a member of Bellco FCU? Individuals who live, work, worship, or attend school in Berks County, including immediate family members, such as your spouse, children, siblings and parents, are eligible to join Bellco FCU.

Open a primary Member Savings account with as little as $5 and follow a few simple steps. Once you join, 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 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 servicemen and women secure great rates and terms and to give lenders like Bellco FCU confidence that the loan will be repaid. 

Who Qualifies for a VA Mortgage?

The primary eligibility requirements for a VA Mortgage are:

  • 90 consecutive days of military service during active wartime.

  • 181 days of active military service during peacetime.

  • More than 6 years in the National Guard or Reserves.

  • An unmarried spouse of a service member who died in the line of duty or from a service-related disability.

What are the Features of VA Mortgages?

The VA home loan program offers so many benefits that most veterans and service members will be hard-pressed to find a better home buying or refinancing option.

  1. No down payment. Most mortgage programs, such as conventional loans and FHA, require at least a 3.5% to 5% down payment. With a VA loan, most borrowers can finance 100% of the home's value without making any down payment. 

  2. 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 with a foreclosure or bankruptcy in your history.

  3. 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.

  4. 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.

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.

If you’re interested in buying a home in Wyomissing, PA with a VA mortgage, contact one of Bellco FCU’s knowledgeable loan advisors. They will sit down with you, review your finances, and find the product that fits your needs.