COTA’s Smart Communte Program Helps Columbus Home Buyers

June 29th, 2007 categories: Real Estate News, For Home Buyers, For Home Sellers, Mortgage/Finance

Those looking to purchase Columbus Real Estate within 1/4 mile of a bus stop (and, let’s face it, probably darn near half of Columbus Real Estate within I-270 is within 1/4 mile of COTA Bus stop) can receive:

• Down payment assistance
• Property tax incentives in specified Columbus neighborhoods
• Special financing for specified new homes

Oh, and free Bus Passes For A Year!

The idea is that you can save on commuting expenses and have more disposable income to pay your housing expenses.  Sounds good on paper, right?  This program has been around for a long time and I think I’ve blogged about it before but it’s worth mentioning every couple years.

Mortgages under the Smart Commute Plus Initiative offer:

• Low down payment – Many borrowers will need only $500 of their own money to purchase the home of their dreams.
• Flexible qualifying guidelines – Include features to help teachers, police and firefighters buy a home.
• Savings allowance – to account for the savings you would realize by using COTA, $250 for a two-income household and $200 for a single income household will be factored into your monthly income for loan qualification purposes.

For more, go here and here.

To figure out if the home you want me to help you purchase is within the specified areas, use this handy Fannie Mae Property GeoCoder. (you have to register)

Get help finding your new home now.