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Article: Bank of America Launches Major Zero Downpayment Mortgage Program in New Mexico.
- Article from:
- Business Wire
- Article date:
- March 2, 1998
CopyrightCOPYRIGHT 1998 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ALBUQUERQUE, N.M.--(BUSINESS WIRE)--March 2, 1998--Bank of America, one of the nation's largest mortgage lenders, announced today it has launched a major new zero downpayment home loan program that will help thousands of low-income households in New Mexico and 22 other states obtain homeownership.
Under this new mortgage program -- called the Neighborhood Advantage Zero Down(TM) home loan -- Bank of America will provide $500 million in financing nationally, marking the first time that a conventional mortgage requiring no downpayment from borrowers has been offered on such a widespread geographic basis and at such a significant lending commitment level.
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