Please be advised that on Sunday, June 23, 2019, from 10:00 pm to approximately 2:00 am, HCU's online banking and VRU system will be unavailable due to system upgrades. We apologize for any inconvenience.

Purchase and Rehabilitation Program

If you are a first-time homebuyer purchasing a home in need of repair, MassHousing’s Purchase and Rehabilitation Loan might be just the program for you. Mortgages covering the purchase price of the home, plus necessary rehabilitation costs, are available through MassHousing-approved rehabilitation lenders including Holyoke Credit Union. A Purchase and Rehabilitation Loan is a terrific product to improve the basic livability of a property and to make a house your home.

  • The Purchase and Rehabilitation Program can assist with most repairs that will improve the basic livability, safety, and utility of a property.
  • All code violations must be repaired.
  • Available for one-to-four family properties.
  • The Purchase and Rehabilitation option carries the same interest rate and point structure as a MassHousing mortgage.
  • Maximum loan amount may not exceed 97% of the lesser of the sales price plus rehabilitation cost or the estimated appraised value after rehabilitation.
  • Minimum rehabilitation amount is $7,500 for all property types.
  • Rehabilitation costs include the amount required to pay for the repairs, as well as other allowable expenses:
    • Title update fees
    • Required contingency reserve equal to 10% of the total rehabilitation cost
  • The lender or Local Rehabilitation Agency (LRA) may charge a fee of $1,500 based on the cost of the rehabilitation.
  • Licensed contractors must complete all rehabilitation work.
  • At the time of the loan closing, the borrower will be responsible for the full mortgage payment on the total principal amount.

Subject to credit approval. Other restrictions may apply. Applicants are subject to complete underwriting based on program guidelines, not all applicants will qualify.