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.

FHA Mortgage Loans

FHA Mortgage Loans are available through Holyoke Credit Union for the buying and refinancing of homes. These loans offer a wide range of benefits and consumer protection that conventional loans may lack. FHA Mortgage Loans generally require lower down payments, have more lenient credit requirements, and are easier to qualify for than conventional mortgages. 

FHA loans are insured by the Federal Housing Administration. The FHA does not lend money or issue credit. To apply for an FHA loan, you must work with a participating FHA lender such as Holyoke Credit Union. 


  • You can qualify even with a low credit score
  • Can be a 1- to 4-family home or condo, but must be owner occupied
  • Will lend up to 96.5% with 3.5% down
  • Will consider debt ratios as high as 40%/50% with a credit score of 580
  • Allows parental co-signer who does not need to live with you
  • The deposit may be a gift or a grant

Best for people who:

  • Have less than perfect credit
  • Have little or no credit history
  • Have stable, dependable income

Other considerations:

  • The amount of your FHA loan depends on the following factors:
    • Loan limits by county
    • Appraised value of your property
    • The amount you may qualify to borrow based on your credit and payment history
  • FHA 203K Loan (Rehab Property)
    • Same approval guidelines as standard FHA
    • Rehabilitation loan on new or current homes

 Contact one of our Mortgage Specialists to find out more.