'Smart Commute' Mortgage TravelsWell

October 28, 2004, 1:00 a.m. EDT 1 Min Read

SAN ANTONIO, Texas - (10/28/04) -- San Antonio FCU has teamed withlocal transportation officials and Fannie Mae to offer breaks onhome mortgages to people who buy homes near public transportation.Under the 'Smart Commute' program, individuals who buy a homewithin a quarter-mile of a bus stop in the city will be eligible tohave their estimated transportation savings added to their incomes,increasing the amount they are eligible to borrow. The program addsup to $200 a month ($250 for a couple) to the monthly qualifyingincome of wage earners seeking a mortgage. Credit unions and otherlenders in at least five other states are also offering SmartCommute mortgages.

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