With many lenders shutting down programs for first-time borrowers and tightening underwriting requirements for everyone else, it's nice to see a lender show some consideration for the nation's 16 million-strong police, fire fighters, teachers, and medical workers.

Bank of America is introducing its new "Neighborhood Champions® Protected Mortgage," which includes an insurance feature in the mortgage that will repay all or a portion of the first two-cosigners on the outstanding mortgage balance, up to $300,000, in the event of accidental death, permanent paralysis or dismemberment.

Even better, the loans are available at 100 percent financing, competitive loan rates, little or no down payment options and flexibility on credit scores and credit histories, says B of A. Borrowers don't even have to qualify.

Best by far, the insurance feature has been grandfathered into about 8,000 existing "Neighborhood Champions" borrowers' programs and the insurance is available to any borrower in the Neighborhood Champions program regardless of loan size.

The inspiration for came from B of A mortgage customer Adam Pierce, a 26-year-old Orange County, Florida sheriff's deputy who was shot while on duty in 2005 and left paralyzed.

"My fellow officers, along with professional firefighters, face the constant danger that we could be wounded or killed in an instant," Deputy Pierce said in a statement. "While we understand and accept the dangers in our mission, programs like Bank of America's Neighborhood Champions Protected Mortgage give us some peace of mind that our families would be financially protected, if something were to happen to us."

Additionally, teachers, police officers, firefighters, medical workers and related occupations are eligible to receive a new rate discount on a Bank of America home equity line of credit or home equity loan.

Highlights of the NCProtected Mortgage program:

• The new feature of accidental death, dismemberment and paralysis insurance will cover the first two listed co-borrowers.

• All Neighborhood Champions Protected Mortgage loans, regardless of size, are eligible for the insurance.

• Insurance benefits are provided for covered accidental loss of life, limb, sight or hearing and include full or partial payoff of the loan, depending on the type of loss and the loan balance.

• The loan payoff will be based on the loan balance or $300,000, whichever is less, up to the policy maximum of $300,000.

• Insurance coverage also includes COBRA extension of up to $2,500 and adaptive home and vehicle coverage of up to $3,000.

• Insurance is provided by Minnesota Life Insurance Company. In New York, insurance is provided by Securian Life Insurance Company, an affiliate of Minnesota Life Insurance Company.

• Insurance premiums paid by Bank of America may be taxable; customers should contact their tax advisor.

• Eligible borrowers include full time educational staff in primary, secondary schools, colleges and universities, and part time teachers; full time sworn officers and law enforcement employees; full time firefighters and fire department employees; full-time medical staff including nurses, nursing-pharmacy-dental assistants, medical technicians and employees of a hospital, nursing facility or doctor's office.

• Little or no down payment is needed from the borrowers own pocket. Gifts or other sources count toward the down payment. Bottom line: this is ideal for workers with limited savings or assets.

• Flexible credit guidelines -- even for those without traditional credit histories. We consider a wide range of credit scores. A favorable 12 month payment history (rent, three monthly bills) may be sufficient.

• Homebuyers in the designated occupations may apply for mortgage financing through the Neighborhood Champions Protected Mortgage Program, receive guidance about the process of financing a home or learn more about this exclusive program by contacting a national Bank of America mortgage loan officer at 1.866.823.5446, locate a local mortgage loan officer by calling 1.800.344.9403, or visit bankofamerica.com/loansandhomes.