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.

Operation Welcome Home Loans

We thank you for your service! Holyoke Credit Union offers members who are veterans of or currently enlisted in the U.S. Military a first-time homebuyer mortgage in conjunction with MassHousing. This first-time homebuyer mortgage offers a low-fixed rate mortgage with up to 100% financing for single-family homes.



30-year, fixed-rate MassHousing/Fannie Mae first mortgage combined with up to 3% MassHousing silent second mortgage at 0% interest with all payments deferred until the first mortgage is prepaid or the property is sold.

Eligible Borrowers

First-time homebuyers purchasing a home in Massachusetts who are active duty military, veterans who served honorably, reserve members, National Guard members, or the surviving spouse of a deceased service member who died on active duty.

Eligible Properties

Single-family homes and condominiums with up to a 97% loan-to-value (LTV) ratio on the first mortgage. Second mortgage not to exceed 3% of the sales price.

Two- and three-family properties up to 95% LTV on the first mortgage. Second mortgage not to exceed 3% of the sales price. (Borrower must contribute 3% of their own funds on two- and three-family financing.)

Income Limits

Standard MassHousing income limits apply.

Loan Limits

Fannie Mae Loan Limits for the first mortgage.

Additional Eligibility Requirement

Participants must receive a First-Time Homebuyer certificate in order to be eligible for this mortgage product.


All homebuyers eligible for the Buy Holyoke Now Program will receive $500 off closing costs. Must be purchasing a home in Holyoke for the first time and borrowing mortgage funds from Holyoke Credit Union to qualify.

Benefits for veterans:

  • Up to 100% financing on single-family homes and condos
  • Up to 95% financing on two- and three-family properties
  • Competitive interest rates and fees
  • Conventional loan fees and closing costs
  • Simple and easy mortgage process and procedures
  • Up to 105% maximum combined loan-to-value (CLTV) ratio with use of eligible community second programs
  • No special property or appraisal requirements, condos follow conventional guidelines
  • Non-spouse co-borrowers allowed
  • For multi-family properties, projected rental income may be factored into total income for determining eligibility
  • MIPlus™ unemployment benefits for eligible Reservists and National Guard Members called to active duty

To learn more about MassHousing loans offered through Holyoke Credit Union, please contact one of our Mortgage Specialists