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.

Home Improvement And Septic Repair Loans

MassHousing Can Help

Sometimes you can plan for necessary home repair projects. Sometimes you can't. Either way, MassHousing offers loans to help you improve your homes functionality, safety, and, often times, value. Our Home Improvement and Septic Repair second mortgage loans are designed to provide low-cost financing to eligible owners of one-to-four family properties and condominiums.

Home Improvement Loan

Provides homeowners a rehabilitation loan up to $50,000 to make needed permanent improvements to their home.

  • Loan amounts from $7,500 to $50,000
  • Flexible underwriting
  • Available on one-to-four family properties
  • Borrow up to 100% of appraised value
  • Borrowers must meet income guidelines and have owned and lived in the home for at least one year

Septic Repair Loan

Through a combined effort of the Department of Environmental Protection, the Department of Revenue, and MassHousing, below-market-rate-loans are available for homeowners faced with a septic system unable to meet the Commonwealth's Title V requirements.

  • Low fixed interest rates depending on household income
  • Loan amounts up to $25,000 and are not equity based
  • Available on one-to-four family properties
  • Single family, two-to-four family, and condominium associations with a failed septic system who do not exceed program income limits are eligible
Subject to credit approval. Other restrictions may apply. Applicants are subject to complete underwriting based on program guidelines, not all applicants will qualify.