Skip nav to main content.
LAPFCU Logo

Heroes Home Loan

100% NEW HOME FINANCING*

  • Saving up for a large down payment can be a huge challenge for first-time homebuyers. And if you do find financing with less than 20% down payment, it usually means that you still have to pay for expensive private mortgage insurance.

    But our exclusive Heroes Home Loan for active-duty sworn and civilian law enforcement personnel will help make your homeownership dream come true, with no down payment and no private mortgage insurance. Choose a stable 30-yr fixed rate at 5.250% / 6.217% APR or 40-yr fixed rate at 5.250% / 6.059% APR.

    Requirements:
    Cannot have owned a CA home in the last 2 years 700 FICO® Score minimum 3 months of payment reserves in savings 45% debt-to-income ratio maximum complete first-time buyer online class $250 non-refundable application fee

    Purchase your first home with:

    • No down payment
    • No private mortgage insurance
    • 30 or 40-year fixed rate available

    Get started!

    1. Complete the homebuyer education course at educate.frameworkhomeownership.org.

    2. Email mortgageloanofficers@lapfcu.org your certificate of completion and request an appointment to apply for the loan.

    3. Pay a $250 application fee that will be credited back to you when the loan closes.

    4. Your Mortgage Loan Officer will take the application over the phone, and you’ll receive a pre-approval letter within 2 business days.

For assistance, speak with a Mortgage Loan Officer at (877) 695-2732, ext. 7777.

Questions? Call us 877-695-2732

Disclosures

*The Heroes Home Loan program is valid only for first-time homebuyers who are active-duty sworn and civilian law enforcement personnel. Property must be: (1) located in California, (2) owner-occupied primary residence; and (3) a single-family residence, condo, and planned unit development. Requires an LAPFCU checking account and automatic payments, an impound/escrow account for taxes and insurance, completion of first-time homebuyer course at educate.frameworkhomeownership.org, minimum FICO of 700, maximum debt-to-income ratio of 45%, 30 or 40-year fixed rate term only, first lien position, and three months of payment reserves. If you have six months of mortgage payments in your savings, proof of rental history will be waived. Cannot be a homeowner within the past 24 months. There is a $250 application fee for this program that will be credited back at closing; however, if the transaction does not close, the $250 will not be refunded. You have up to 6 months to close on a property before the application fee is forfeited. Maximum loan amount based on conforming high balance loan limits (currently $822,375). May not be combined with any other offer. All loans are subject to credit approval and applicable LAPFCU policies. Program subject to change or cancellation at any time. No co-signers allowed for this program. 30-year fixed rate term payment example (rate effective July 1, 2021): A $500,000 loan with no down payment would have a fixed rate of 5.250%/6.217% APR would have 360 monthly payments of $2,761.02. 40-year fixed rate term payment example (rate effective July 1, 2021): A $500,000 loan with no down payment would have a fixed rate of 5.250%/6.059% APR would have 480 monthly payments of $2,494.35. Payment example does not include closing fees, taxes, insurance, loan level pricing adjustments or third-party vendor fees. All advertised rates and terms are subject to change at any time without notice. All loans are subject to credit approval and applicable LAPFCU policies. Your actual payment may vary. Other restrictions may apply, please call (877) 695-2732, ext. 7777 for complete details and to apply for the program. 0621-09