BankAmerica Mortgage has started a lending initiative in metropolitan Boston designed to offer low-income and immigrant homebuyers both purchase and renovation loans.

The program is a partnership among BankAmerica Corp., Fannie Mae, and the Metropolitan Boston Housing Partnership Inc. BankAmerica Mortgage, based in Charlotte, N.C., will originate the loans and market the program with nonprofit organizations. Fannie Mae will buy the loans.

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