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Home Buyers in Charlotte Can Boost Qualifying Income by Riding the Bus

Home buyers in Charlotte, NC, who use public transportation can apply the money they save on commuting costs to qualify to buy a home under the Charlotte Smart Commute Initiative announced last month.

To be eligible, buyers must choose a home within a quarter-mile of a Charlotte Area Transit System bus stop, and as a further incentive to participate in the program they will receive a free two-month bus pass from the transit authority.

Lenders who are participating in the program include Countrywide Home Loans, RBC Centura, State Employees’ Credit Union and Sun Trust Mortgage. Fannie Mae will purchase the eligible loans from the lenders.

Among the advantages of participating in the program:

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• Borrowers’ qualifying incomes can be increased by $200 per month for single wage-earner households and $250 for those with two incomes, which could increase the home-buying power of a typical purchaser of a median-priced home by about $10,000.
• The downpayment requirement can be as low as $500.
• The home buyer can reduce or eliminate the expense and upkeep of a car.

“From the top of our national association to local chapters across the country, home builders are focused on improving housing for working families by enhancing the affordability of homes convenient to local jobs,” said Rick Judson, president of the Home Builders Association of North Carolina.

“Smart Commute increases affordability and encourages quality growth of housing developments close to public transportation,” he said.
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