Smart Commute

Metuchen Savings Bank's The Smart Commute Mortgage is designed to promote homeownership in neighborhoods near public transit.  It recognizes the transportation savings that home buyers can realize by purchasing a home located in a community served by public transportation.

Consumer Benefits

• More flexible than standard mortgage financing.
• Unlike traditional 30 year fixed rate mortgage, Smart Commute offers potential home buyers more flexible qualifying guidelines, including a down payment of 3 percent from the borrower's own funds, and use of the Smart Commute Savings as additional borrower income in qualifying for the mortgage.
• Eligible borrowers may receive free one month NJ Transit pass.

Borrower eligibility requirements

• Borrowers cannot own or lease more than two motor vehicles (including cars and trucks, but excluding recreational vehicles and motorcycles).
• Purchase money mortgages only, no refinances.

Eligible properties

• Available on a location by location basis. 
• Homes must be located in transit accessible communities as determined by Fannie Mae's methodology. 
• Eligible properties must be within 1/2 mile of a NJ Transit bus stop or train station.