CU In Mortgage Program For Homes Near Bus Stop
State Employees' Credit Union has joined with Fannie Mae to offer the secondary mortgage giant's "Smart Commute" mortgage program, which rewards members for purchasing a home within a quarter-mile of a bus stop. The program is designed to encourage the use of public transportation by giving members credit in the qualifying process for the savings that can be realized by using public transportation. For a single borrower, the monthly income used for loan qualification will be increased by $200; for households with two employed borrowers, $250 will be added to the qualifying income. Typically, this additional income credit will allow for the members to qualify for about a $10,000 larger mortgage amount, the credit union said.