Los Angeles Police Federal Credit Union (LAPFCU) expands its service area and membership base to include municipal, county, state and federal law enforcement agencies in 10 counties
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Active-duty sworn and civilian law enforcement personnel throughout Southern California now have access to a zero-down payment first-time homebuyer program with no private mortgage insurance requirement through the Los Angeles Police Federal Credit Union (LAPFCU).
Available to borrowers who haven’t been a homeowner in the last 24 months, LAPFCU’s Heroes Home Loan requires a minimum 700 FICO Score, three months of payment reserves in savings, and a maximum 45 percent debt-to-income ratio (DTI).
Qualifying homebuyers can take out a loan up to Fannie Mae and Freddie Mac’s conforming loan limit for high cost areas, which will be increased to $1,209,750 on Jan. 1.
LAPFCU has expanded its service area to all of Southern California, including Imperial, Kern, Los Angeles, Orange, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara and Ventura counties.
As part of the expansion, LAPFCU also serves a wider range of municipal, county, state and federal law enforcement agencies.
John Roemer
“Extending our footprint is an important way to advance our mission and assist more people who do the important work of protecting and serving their communities,” LAPFCU President and CEO John Roemer said in a statement. “We look forward to helping more members achieve their financial goals while providing the dedicated support they deserve.”
LAPFCU had previously expanded its footprint into Orange, Riverside, San Bernardino and Ventura counties in 2022, and Roemer took over leadership of the credit union last year.
Founded in 1936, LAPFCU is based in Van Nuys and manages $1.34 billion in assets on behalf of more than 46,000 members, according to records maintained by the National Credit Union Administration.
It employs 17 registered mortgage loan originators, according to the Nationwide Multistate Licensing System.
Many credit unions provide mortgages through credit union service organizations (CUSOs), which partner with mortgage technology providers to help credit unions originate, underwrite and service home loans.
So far this year, Beavercreek, Ohio-based myCUmortgage has signed 15 new credit union partners representing more than 355,000 members and $5.64 billion in assets.
Jacksonville, Florida-based mortgage tech provider Dark Matter Technologies makes its Empower Loan Origination System available to credit unions that belong to CUSO Home Lending, a credit union service organization and licensed mortgage company based in Hampden, Maine.
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