Neighborhood Champions Program

The 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.

Program Features

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.