As a Home Lending Officer for Citibank, I would like to share with you information about a popular portfolio loan program that we have to offer your clients purchasing a new home for the first time or trading up into a larger home. As you may be aware with the new Qualified Mortgage programs the maximum loan to value on a Conventional loan is 95% or FHA is 96.50% but both of these loans have a monthly mortgage insurance premium which these days can be expensive and thus reduces your clients borrowing power and so I would like to share with you information about the CitiBank HomeRun Loan. The HomeRun loan is a CitiBank portfolio product that offers the following:
• 97% financing available for Single Family Homes & 95% Condos and Co-op's.
• 1% or 3% borrower contribution required
• No Mortgage Insurance
• Alternative credit evaluation allowed for borrowers with limited or no credit history
• Available for purchase transactions
• Eligible properties include condos, co-ops, PUDs
• 1 to 2 month reserves required
• 3% seller contribution on CLTVs greater than 90%
• Minimum credit score of 640 SFR and 660 for Condos & Co-op's are required
• Income limited to 80% of area median income & No income limit in select areas.
• Conforming loan limits apply
• Available for purchase transactions
• Owner occupied only (cannot own other property at closing
The HomeRun Loan offers a very competitive rate and usually has a lower monthly payment than other conventional loans or FHA loan because there’s no monthly insurance premium thus the homebuyer may qualify for a slightly higher loan amount. In addition, the homebuyer may qualify for up to $3,000.00 in Closing Cost Assistance from Citibank.
To learn more about this program, please give me a call at 202.642.4305 or email me at noel.shepherd@citi.com.
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