Fannie Mae plans to launch its Smart Commute initiative program in Baltimore. The program provides larger mortgages as a reward to home buyers who choose to live near transit stations. It will be the 12th market to participate in the program. The initiative requires that the property being purchased must be within the city limits and within a quarter-mile of a bus station or no more than a half-mile from a rail station. Borrowers who pledge to use public transportation can add up to $250 a month to their potential income, allowing them to buy a more expensive home.
Learn more about markets featured in this article: Baltimore, MD.