VA Mortgage Loans

VA Mortgage Loans are home loans available to Holyoke Credit Union members who have served or are serving in the U.S. Military. VA loans can be used for the purchase or refinance of owner-occupied primary residences. The Department of Veterans Affairs (VA) does not lend money or issue credit, which means military personnel must work with a participating VA lender such as Holyoke Credit Union to apply for a VA loan. These loans are guaranteed by the VA.


  • 100% financing available on purchases
  • One-to-four family units and condos
  • No mortgage insurance
  • No prepayment penalty
  • Lenient credit and income requirements
  • Fixed and adjustable rates available


  • Veterans
  • Active-duty personnel
  • Reservists/National Guard members
  • Some surviving spouses  

Other considerations:

  • VA Funding Fee* of 1.25% to 3.3%
  • Eligibility requirements
  • Maximum loan amount
  • Some restrictions on property type

*The VA Funding Fee is a fee applied to every VA purchase or refinance loan. The proceeds go directly to the VA to help cover losses on the few loans that go into default. The funding fee is based on several factors including down payment amount, the nature of the borrower’s service and whether the borrower has had a VA loan in the past. Borrowers with service-connected disabilities can secure a funding fee exemption. Regular military personnel pay slightly lower funding fees than Reservists and National Guard members. Borrowers have the option to finance the VA funding fee or pay it in cash, but the fee must be taken care of at time of closing.