BankAmerica Mortgage Launches 'Credit Flex'

BankAmerica Mortgage, San Francisco, has launched a flexible credit home mortgage product aimed at expanding homeownership opportunities for low-income households.Called Neighborhood Advantage Credit Flex, the 30-year fixed-rate product is being offered in conjunction with PMI Mortgage Insurance Co. "One of the most innovative features of this new product is that it uses a streamlined approach to measure creditworthiness," said Arthur Ringwald, group executive vice president of BankAmerica Mortgage. "For example, borrowers without a credit history may simply document that they have paid their rent on time during the past 12 months." In addition, borrowers can have a higher debt-to-income ratio (up to 45%) than is allowed under existing community lending mortgage products. Credit Flex will be available in 24 states and Washington, D.C. The website address of BankAmerica Corp., the parent corporation, is http://www.bankamerica.com.