'Smart Commute' Program Expanding To Atlanta
Fannie Mae said last week it is now offering its "Smart Commute" program to homeowners in the Atlanta area.
The program allows people to qualify for larger mortgages if they buy homes near mass transit lines and promise to use them. Several credit unions are participating in the program, now offered in 16 metropolitan areas. America First CU has written about a dozen Smart Commute mortgages in two cites north of Salt Lake City on the bus line.
Under the program, household savings through switches to mass transit, including car payments, insurance, gas and maintenance, are added to a borrower's income to determine eligible mortgage amounts.
Ed Roberts can be reached at eroberts