Neighborhood Champions Program
School teachers, police officers, fire fighters and medical workers - typically among the least likely to qualify for and own a home in the communities they serve and protect every day - now can find the dream of home ownership within reach using a special mortgage program introduced by Bank of America.
How the Program Works
The Neighborhood Champions™ program, which is made up of three specialized mortgage programs: Police and Firefighter Flex™, Medical Worker Flex™ and Teacher Flex®, accepts a higher debt ratio for borrowers, relaxes credit standards so that qualified borrowers can obtain nearly 100% financing; and allows applicants with no credit history to demonstrate their creditworthiness through bill-paying patterns.
Who is Eligible
Full-time educators or employees at the primary, secondary or college/university 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; and 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 employees.
Designed to make sure the professionals who make the neighborhood a better place can live there, too.
Teachers, police officers, fire fighters and medical workers often do not have the income or assets to meet the requirements of most traditional loans.
- On average, people in these occupations working in central cities have less than a one-in-three chance of finding a home they can afford, and just a three-in-ten 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.
- Further, the median incomes earned by these occupations - including elementary school teachers, police officers and licensed practical 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 (NHC).
Making it easier for teachers, police officers, fire fighters and medical workers to own a home of their own is an investment in our communities.
Both 30-year fixed-rate mortgage loans and 7/1 adjustable rate mortgages are available through the Neighborhood Champions™ program, and are available for both purchase and refinance transactions.
Little or no down payment is required. Borrowers may need as little as the lesser of 1 percent of the purchase price or $500 from their own funds for a one-unit, or 3 percent for a two-unit from the borrower’s funds. Remaining closing costs and/or down payment may come from a gift, grant or other flexible source.
The Neighborhood Champions™ program has no income restrictions, allows undocumented income to be considered and features flexible credit guidelines. Borrowers without an established credit history may need only a favorable 12-month payment history that includes rent and at least three other monthly bills.
In addition to the Neighborhood Champions™ mortgage product features, other free and discounted banking services are available to those who secure their mortgage through Bank of America.
For More Information
REALTORS® with clients in the teaching, police, fire and medical professions can learn more about this exclusive program or have their clients apply for the Neighborhood Champions™ mortgage financing by contacting a Bank of America mortgage specialist at 1 (800) 900-9000.