All Holyoke Credit Union branches will be closed on Monday, May 27 2024 for Memorial Day. Online and Mobile banking are available 24/7.

MassHousing Mortgage

Simply put, the MassHousing Mortgage available through Holyoke Credit Union offers competitive interest rates with low down payment options. This affordable loan from the state’s affordable housing bank is just right for first-time homebuyers, as well as for those looking to upgrade or refinance. With its flexible underwriting and fixed-rate financing, the MassHousing Mortgage is the perfect mortgage loan for low- and moderate-income households.


  • Low down payment program with no cash required on single-family homes and condos
  • Maximum income levels as high as $125,415 (varies by city or town). For Hampden and Hampshire Counties, the maximum income level is $94,770.
  • MI Plus™ mortgage insurance helps pay the mortgage in case of job loss
  • Affordable loan limits
  • Purchase and rehab option available to first-time buyers
  • Approved community second mortgages allowed
  • 30- and 60-day rate locks available
  • Conventional appraisal guidelines
  • Non-traditional credit allowed


  • Competitive interest rates
  • Low monthly payments
  • Low mortgage insurance coverage requirement
  • Up-front third-party-paid mortgage insurance premiums available – eliminating borrower’s monthly mortgage insurance payment
  • Safe, fixed-payment, limited cash-out refinance options
  • Quick underwriting decisions made by lenders overseen by MassHousing
  • No risk-based loan pricing adjustments or mortgage insurance premium adjustments


  • One fixed monthly payment for the life of the loan
  • Borrower’s principal and interest payments, up to a maximum of $2000 per month, are covered for up to six months if borrower becomes unemployed (if the loan carries mortgage insurance)
  • Loan payments made to MassHousing, a customer-oriented service provider
  • MassHousing is a lender you can trust
Subject to credit approval. Other restrictions may apply. Applicants are subject to complete underwriting based on program guidelines, not all applicants will qualify.