More About CitiMortgage
While CitiMortgage is qualified to give loans out to people in every state of the U.S, they have fewer physical branches than other lenders. This means a lot of the application processes are done online. This can either be a benefit or a downside depending on your current situation. Nevertheless, they do have robust options for loans when it comes to those with poor credit. Interest rates tend to be higher for those in this area, but are still available.
If you have bad credit and aren't satisfied with interest rates being offered, don't fret. There is still hope to raise your bad credit, especially in the world of auto loans. To qualify for a loan through Citibank, you'll need to have a minimum credit score of 620. Minimum credit scores may be raised due to the ongoing coronavirus pandemic, though. It's been shown that mortgage lenders are beginning to demand higher credit scores as the housing market is being threatened. If you're still interested in a CitiMortgage loan, you'll find they have plenty of options available. They include:
1. Home loans
2. Fixed-rate mortgages
3. Adjustable-rate mortgages
4. VA loans
5. FHA loans
6. Jumbo loans
7. Homerun mortgages
If your credit score is poor and you fall within the range of low to moderate-income, the Homerun Mortgage can be a great option for you. It's one of the most robust loans to take if you're within that category.
Who Qualifies for a Citi Homerun Mortgage
A Citi homerun mortgage isn't offered to just anybody. Because they're intended for low and moderate-income potential borrowers, certain criteria need to be met.
First, you must earn 80 percent or lower than the average median income of your locality. This can be quite tricky if you live in a rural area where the median income is already drastically lower than in most places. However, if you do qualify, there are plenty of benefits to opting in for a Homerun Mortgage. Down payments begin as low as 3 percent and you can receive an offer of up to $765,000. It should be noted that the maximum amount is dependent on the cost of the area you're in. This makes it one of the most robust loans with an extremely low-interest rate, which can be especially helpful to those who are already strapped for cash and income.
While getting a homerun mortgage is a good option for those with low income, it's always better to get yourself back on track with more money in your pocket. If you're interested in investing, consider optimizing a portfolio and checking out some investment ideas.
How Homerun Mortgages Can Help You
Homerun mortgages are versatile, can have low down payments, and come with a wide selection of financing options. Here's a breakdown of the best benefits behind a Homerun Mortgage:
1. Down payments may be as low as three percent
2. Rate term and purchase refinancing options are available
3. Interest rates that are comparable to a conventional loan
4. Loans up to $765,000 for those living in a high-cost area
5. Homeownership counseling and education are available to help you get off on the right foot
Even if you find yourself in a high-cost area, a loan of up to $765,000 can be made available. This is meant for those who've fallen on hard times within an area with a high cost of living. CitiMortgage understands how quickly money can go in these areas and thus is willing to help you out with a better loan. Of course, homeownership comes with a slew of potential problems that may arise. To help you manage your finance and thus your loans better, homeownership counseling and education are made available to help you get started on the path of homeownership in the best way possible.