Bank One, Fannie Join Forces

Bank One of Detroit and Fannie Mae have joined in a $12.5 billion community lending alliance -- of which about 25% is earmarked for minorities -- to serve underserved borrowers from the extended Michigan area.Bank One loans on both single-family and multifamily properties will also serve disabled individuals, low-income families receiving Section 8 government rent subsidies, woman-headed households, immigrants, and community development projects. Bank One said it is targeting steadily employed customers who lack downpayment funds. It offers them affordable and customizable mortgage products that require little or no downpayment, accept flexible credit history qualifications, and do not require mortgage insurance. Eligible customers may receive downpayment grants of up to $2,000.