NYPD Home was an employer-assisted housing program administered by the New York Department of Housing Preservation and Development (HPD). Uniformed members of the New York City Police Department (NYPD) who successfully completed two-year probationary periods were eligible to receive 95 percent to 100 percent mortgage financing for primary homes purchased in New York City. Lenders also contribute up to $3,500 per loan in closing costs. The home could be a condominium, cooperative, or single-, two-, or three-family home.
After loan origination, the loan was sold to Fannie Mae if it met conforming loan limits. Low-cost mortgage insurance in the program was provided by the New York City Residential Mortgage Insurance Corporation (REMIC). In order to participate, every purchaser was required to participate in a homeownership counseling course, and a landlord-tenant education course, if applicable. Police officers with unsatisfactory credit profiles were eligible to participate in NYPD Home after successfully completing a credit counseling program arranged by a participating lender.