Information about the Police and Fire Retirement System Mortgage Program

 

Any currently employed member of the Police and Firemen Retirement System with at least
one year creditable service is eligible for a mortgage loan.

PFRS Mortgage rate is now 3.02% (3.114% APR) - effective February 15, 2013- August 14, 2013.
PFRS members must have at least one year in the pension system when purchasing a home.  (First time buyers and trade up buyers are eligible).  No money is available for refinances at this time.

 

See your State Delegate for a current copy of participating lenders, and a loan application.

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NOTICE TO APPLICANTS

The State Treasurer has obtained and is relying on an opinion from tax counsel that there is an adequate basis, in accordance with prevailing guidelines, to conclude that it is reasonable for the Police and Firemen's Retirement System to take the position that mortgages issued under this program should not be treated as taxable distributions. If it is ultimately determined that these mortgages are taxable distributions, you could be required to pay tax on the mortgage proceeds as well as penalties.

We suggest you consider consulting your own tax advisor before submitting your application.

PARTICIPATING LENDERS

Following is a list of participating lenders offering the Police and Firemen’s Mortgage Program.
For detailed information on program requirements, contact one of the lenders listed below.