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.

1-Step Construction

The Holyoke Credit Union 1-Step Construction Loan is a construction-to-permanent loan offering our members the flexibility of a double-close loan with the ease and benefits of a single-close loan. Traditionally, construction financing involves two loans – one interim construction loan for the building of the home and one permanent loan for the completed home. Our 1-Step Construction Loan, however, streamlines the mortgage process and saves you both time and money.


  • Simplicity – one application, one approval process, and one set of closing costs
  • Convenience – you can buy the land, close your construction loan, and secure permanent financing all in one day
  • Lock Options – you can lock in your rate during new home construction for up to nine months, thus protecting you from financial market fluctuations*
  • Flexibility – available in fixed-rate and jumbo mortgage options

Best for people who:

  • Build new homes and need construction financing
  • First-time homebuyers looking to save time and money when buying new construction

Other considerations:

  • Borrowers can lock-in the interest rate for the full term of the mortgage before construction begins
  • Borrowers will save money by paying only one set of closing costs
  • Eligible borrowers can finance soft costs and interest reserves

*Locking in an interest rate does not guarantee what specific rate will apply at closing. That will depend on specific loan characteristics and the borrower's credit profile.