Anyone planning on buying a house? This might be something worth looking into:
Smart CommuteTM Plus makes it easier for homebuyers to purchase a house located near a COTA (Central Ohio Transit Authority) bus stop. Borrowers who participate in the Smart CommuteTM Plus initiative will also receive a free COTA bus pass for one full year.
The key features of the Smart CommuteTM Plus mortgage include:
- Low down payment – many borrowers will need only $500 of their own funds, and may also qualify for gift, grants or down payment assistance
- Flexible qualifying guidelines – borrowers will be evaluated on the basis of credit and income history, employment and ability to pay, using debt-to-income ratios up to 41%
- Special features to help teachers, police and firefighters to buy a home
- Consideration for households with non-traditional credit
- Savings allowance – to account for the savings you would realize by riding COTA, $200 for a single income household or $250 for a two-income household will be factored into the homebuyer’s monthly income for loan qualification purposes
- Non-traditional credit – consideration for households with non-traditional credit
- Save on transportation cost- to encourage consumers to make the smart choice of using COTA to save on transportation costs, households can own no more than two vehicles.
- Homebuyer education – first time homebuyers are encouraged to participate in free homebuyer education