Operation Welcome Home Loan

We thank you for your service!

Holyoke Credit Union has a first-time homebuyer mortgage for veterans. 

HCU, in conjunction with MassHousing, is offering 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 who are active duty Military; Veterans who served honorably; a member of the reserves; National Guard member; or the surviving spouse of a deceased service man or woman who died on active duty, purchasing a home in Massachusetts

Eligible Properties

Single family and condominiums up to 97% LTV 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 , and 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.

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 CLTV 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 propertiesprojected 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 HCU, please contact one of our Mortgage Specialists.

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