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Article: Fannie Mae to Offer 'Smart Commute' Home Loan Program in Atlanta.

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Knight Ridder/Tribune Business News
Article date:
January 26, 2004
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By Janet Frankston, The Atlanta Journal-Constitution Knight Ridder/Tribune Business News

Jan. 26--Beginning today, Fannie Mae will offer the opportunity for metro Atlanta home buyers to get more house if they give up some car.

"Smart Commute" --- already offered in 16 metropolitan areas, including Minneapolis, Pittsburgh and Salt Lake City --- allows people to qualify for larger mortgages if they buy houses near transit lines and promise to use them. The Federal National Mortgage Association, or Fannie Mae, started the program in May 2001.

The financing tool is designed for people who want to be intown but cannot afford its higher housing ...

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