BofA Expands Low-Income Loan Program: Bank of...

BofA Expands Low-Income Loan Program: Bank of America said it will offer $250 million in fixed-rate mortgages through its Neighborhood Advantage program specifically designed to help more people finance homes in lower-income communities in California. The program offers only adjustable-rate loans. The additional loans are possible because the Federal National Mortgage Assn., Fannie Mae, agreed to buy the loans under its largest single home ownership commitment for lower-income areas in the country.