The Los Angeles Police Federal Credit Union (LAPFCU) has expanded its service area and membership base to include city, county, state and federal law enforcement agencies in 10 counties.
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Active-duty sworn and civil law enforcement personnel across Southern California now have access to a first-time homebuyer program with no private mortgage insurance required and no down payment through the Los Angeles Police Federal Credit Union (LAPFCU). Ta.
Available to borrowers who have not been homeowners in the past 24 months, LAPFCU’s Heroes Home Loan requires a minimum 700 FICO score, three months’ worth of payment reserves from savings, and a debt-to-income ratio of up to 45% ( DTI) is required.
Eligible homebuyers can take out loans up to Fannie Mae and Freddie Mac’s conforming loan limits for high-cost areas, which increase to $1,209,750 starting January 1.
LAPFCU has expanded its service area to include Imperial, Kern, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties throughout Southern California.
As part of its expansion, LAPFCU also serves a broader range of local, county, state and federal law enforcement agencies.
John Romer
“Expanding our reach is an important way to advance our mission and support more people doing the important work of protecting and serving our communities.” LAPFCU Chairman and CEO John Romer said in a statement. “We look forward to helping more members achieve their financial goals while providing the dedicated support they deserve.”
LAPFCU previously expanded into Orange, Riverside, San Bernardino and Ventura counties in 2022, and Romer took over leadership of the credit union last year.
Founded in 1936 and based in Van Nuys, LAPFCU manages $1.34 billion in assets on behalf of more than 46,000 members, according to records kept by the National Credit Union Administration.
The company employs 17 registered mortgage loan originators, according to the National Multistate Licensing System.
Many credit unions offer mortgage loans through credit union servicing organizations (CUSOs). CUSO partners with mortgage technology providers to help credit unions originate, underwrite, and service mortgage loans.
Beavercreek, Ohio-based myCUmortgage has signed 15 new credit union partners so far this year, representing more than 355,000 members and more than $5.64 billion in assets.
Dark Matter Technologies, a Jacksonville, Fla.-based mortgage technology provider, is providing credit unions that are part of CUSO Home Lending, a credit union servicing organization and licensed mortgage company based in Hampden, Maine, with Empower Loan Origination System is now available.
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