Los Angeles Police and Firefighters Can Get No-Down-Payment Loans
Under a program sponsored by mortgage giant Freddie Mac and several local lenders, qualified Los Angeles police and firefighters may buy homes within the city with no down payment required.
The plan, launched last week, offers three ways for officers and firefighters to purchase homes: Qualified buyers may receive financing for 100% of their home’s purchase price; borrowers with serious credit problems may participate in a debt management program on the way to obtaining mortgage financing within 18 months; and buyers who have reestablished their credit after past difficulties or who wish to purchase multiunit properties can apply for a mortgage known as Community Gold.
Freddie Mac spokesman Douglas Robinson said his organization and six local lenders developed the program at the suggestion of Mayor Richard Riordan, who has sought to increase the number of officers living within the city limits.
Another homeownership incentive program approved last year offers similar loan products for police and firefighters but is partially subsidized by the city. The loan programs announced Feb. 17 use no city funds.
All sworn city police officers and firefighters are eligible to apply for the loan programs, said Los Angeles police spokeswoman Charlotte Broughton.
For more information, officers should call program coordinator Maria Espinoza in the city Housing Department at (213) 367-9059.