Live close to work--Good for you, good for all of us

I just found out about this great new program called the 'Smart Commute Initiative.' It basically addresses the link between affordable housing and transportation costs, and recognizes that homeowners who spend less on commuting expenses will be able to assign that money towards the purchase of a home. If buyers choose a home within a half-mile of a railroad station, or a quarter-mile of a bus stop, participating lenders will add a portion of their potential transportation savings to their qualifying income--this will increase their home-buying power and help them get more home for their money.

Transportation costs are of high concern for most working households and are often one of the biggest expenses a family has. Using mass transit instead of a car commute to and from work each day, will save homeowners a significant amount of money on travel expenses and care of an automobile. It also carries a huge benefit to the environment by helping to decrease traffic congestion, limit the impact of vehicular emissions and conserve our valuable natural resources.

So far this has only been rolled out in the Washington DC area, but depending on its success, it will be expanded in and around big cities throughout the US. Keep an eye out for these loans when beginning to look for a new home. They help you and the planet too. Cant lose!