A smiling person points to a mobile phone displaying the Citi logo in front of a Citibank branch.

Citibank takes the final step to the delight of Americans: their dream will come true

Citibank earns the applause of thousands of clients with this spectacular mortgage: everything is made easy for you to buy your home

Citibank has launched a special mortgage in the United States that many had been waiting for. It's their HomeRun program, an option designed for clients who want to buy a home without bearing the full financial burden of a very high down payment. This mortgage is ideal for those who are starting to dream of owning their own home.

The main advantage of HomeRun is its low down payment. Only 3% (3%) is required for single-family homes, 5% (5%) if we're talking about a condominium or co-op, and 10% (10%) for two-unit properties. In addition, clients only need to contribute at least 1% (1%) of that payment with their own funds, and the rest can come from assistance, gifts, or subsidies.

Citibank gives everything for their clients' housing: this mortgage is spectacular

Another great benefit is that private mortgage insurance (PMI) isn't required for HomeRun, even if the down payment is low. This reduces initial costs and also the monthly payment. In many conventional loans, PMI insurance makes everything more expensive, but Citibank removes that obstacle.

A smiling woman in a yellow sweater is in front of a bank ATM.
Citibank makes its customers happy with this promotion | Getty Images, en.catalunyadiari.com

The program offers competitive interest rates, very similar to those in the market, thanks to HomeRun being Citi's own mortgage (portfolio loan). Generally, the rate is only 0.25%–0.5% (0.25%–0.5%) higher than that of government-backed loans, such as FHA or VA.

Advantages of Citibank's program: everything in favor of the client

This program is also very accessible in terms of credit and qualification. Citibank allows a minimum score of 640, and considers profiles with alternative history, such as rent or utility payments, which benefits those with limited credit. In addition, the debt-to-income ratio can reach up to 50% (50%), higher than the standard 43% (43%).

Among other advantages of the program is the elimination of geographic restrictions (as long as the property is in areas served by Citibank or in moderate-income census tracts), which expands access possibilities. It's also valid for both first-time buyers and those who've already owned properties, and covers both purchases and refinances, although not cash-out.

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Citibank has brought a smile to millions of customers | Getty Images, Citibank

A mortgage designed for their clients: Citibank makes many smile

We can't forget to mention that Citibank offers a credit of up to 7,500 USD to cover closing costs or reduce the rate. All this, if the client meets certain income criteria and completes a homebuyer education course.

For all these reasons, HomeRun is an excellent alternative. Most importantly: it helps their clients achieve that great dream in a realistic, affordable way and with support. A mortgage designed for their clients, with adapted conditions, unique facilities, and a true commitment to the well-being of Americans.