Neighborhood Champions offers mortgage alternatives

Bank of America introduced a new nationwide program designed to provide flexible mortgage financing for individuals working in specific industries. The program, Neighborhood Champions, comprises three specialized mortgage programs Police and Firefighter Flex, Medical Worker Flex and Teacher Flex.

To be eligible for the program, individuals must be full-time educators or employees at the primary, secondary or college education levels; part-time teachers; full-time sworn members or employees of a police or other law enforcement department or related profession; full-time firefighters or employees of a fire department or related profession; or full-time medical professionals including, but not limited to, nurses, nursing assistants, medical technicians or employees of a hospital, nursing facility or doctor's office.

"We want to make sure the professionals who make the neighborhood a better place can live there, too," said Robert Gray, Bank of America senior vice president of mortgage lending, in a news release. "Teachers, police officers, firefighters and medical workers often do not have the income or assets to meet the requirements of most traditional loans. Making it easier for them to own a home of their own is an investment in our communities."

On average, people in these occupations working in central cities have less than a 1-in-3 chance of finding a home they can afford, and a 3-in-10 chance in the surrounding suburbs, according to a June 2003 study, "Homeownership for Heroes," conducted by the National Association of Home Builders for the Homeownership Alliance. The median incomes earned by these occupations, including elementary school teachers, police officers and licensed practice nurses, is below the minimum needed to qualify for the median price home in the United States $156,000, according to a recent study by the National Housing Conference.

The Neighborhood Champions program has no income restrictions, allows undocumented income to be considered, features flexible credit guidelines, flexibility with credit scores and credit histories, and requires little or no downpayment.

Both 30-year fixed-rate mortgage loans and adjustable rate mortgages are available through the Neighborhood Champions program.

Loans are available for purchasing or refinancing a home.