COVID-19 Update - April 2, 2020 - For the safety of our members, staff and the public, HCU will temporarily be closing our West Springfield Branch as of Mon. April 6, 2020. ATMs in West Springfield will remain functional. HCU will temporarily be reducing the hours in the Holyoke and Feeding Hills branches. They will be open Mon.-Fri.: 10am-3pm and Sat. 9am-12pm. Mobile banking, online banking and HCU's Member Solutions Call Center will continue to be available. For more complete information please see the News article "Important Message to Our Members" below.

100% LTV Home Loan

HCU’s newest home loan product, the 100% LTV (Loan-to-Value) Home Loan, is a great option for those borrowers who want or need to borrow up to 100% of their home’s value. A traditional mortgage only allows 97% LTV.

BENEFITS:

  • Fixed monthly payments for the life of the loan
  • Protection from rising rates because interest rate remains the same for the life of the loan
  • Don’t have to be a veteran to get 100% LTV
  • No income limits 

BEST FOR PEOPLE WHO:

  • Are First Time Home Buyers
  • Have no down payment
  • Have limited available funds

OTHER CONSIDERATIONS:

  • Eligibility criteria apply:
    • Borrow up to $424,100
    • 20-30 Year Term – must have credit score of 700 or greater
    • 20 Year Term or less - must have credit score of 680 or greater
    • Must be a single family purchase and primary residence (no condos)
    • Minimum of 1% borrower contribution towards closing costs, prepaids or minimum reserve requirements. Gift funds are permitted to meet minimum borrower contribution
    • 3% maximum seller contribution
    • Minimum 2 months reserves
    • Monthly Borrower-Paid Mortgage Insurance (MI)
    • Full documentation for employment, income and assets