Nashville Launches 'Smart Commute' Program

The Smart Commute Initiative, which helps homebuyers qualify for a mortgage with savings from the use of public transportation, has been launched in Nashville, Tenn., according to Fannie Mae, a participant in the program.Under the program, if eligible homebuyers choose a home within a quarter of a mile of a Nashville Metropolitan Transit Authority bus stop, participating lenders will be able to add a portion of their potential transportation savings to their qualifying income, Fannie Mae said. This could "increase their homebuying power and help them buy more home for their money," the government-sponsored enterprise said. Union Planters Bank, SunTrust Mortgage Inc., and NBC Mortgage will originate the mortgages under the Smart Commute program, and Fannie Mae will purchase the eligible loans.