Citi HomeRun® Mortgage

The Citibank HomeRun Mortgage program is a low down payment mortgage program offering affordable monthly payments and flexible credit guidelines to help make buying a home more affordable. This program is only available in certain regions and income limitations may apply. Reach out to your local Citi specialist to see if your region qualifies.

The HomeRun Mortgage program is part of Citi’s commitment to community investment and development. By providing more accessible home financing options, Citi helps foster community growth and stability. The program accepts lower down payments and no private mortgage insurance, removing two of the biggest roadblocks to homeownership.

What’s even better? The HomeRun Mortgage program is available whether you’re buying a home or refinancing your current home mortgage.

As with all home loans, there are a few requirements you’ll need to meet. Here’s a basic overview of the program.

HomeRun Mortgage limits

With a limit of $832,750 in most regions and up to $1,249,125 in some higher-cost areas, you’ll have plenty of leeway to shop around. Of course, your exact limit will depend on your full financial status.

HomeRun Mortgage interest rates

The HomeRun home loan has a fixed interest rate that is competitively priced with the market. For more information on this, you can reach out to a Citi specialist for details.

HomeRun Mortgage down payments

A HomeRun Mortgage allows you to make a down payment of as little as 3% and allows gift funds and down payment assistance from your local state, county or city.

Here are a few more details on how down payments work for each property type:

Single-family homes

• As little as 3% down is required on single-family homes with loan amounts up to $832,750 (and up to $1,249,125 in some higher-cost areas).
• As little as 5% down is required on single-family homes in certain high-cost markets where the maximum loan amount is $1,249,125.
• Your contribution to the down payment can be as little as 1% on loan amounts of up to $832,750 (up to $1,249,125 in some higher-cost markets). The rest can come from gifts or other sources, but it will be subject to certain conditions.

Condos and co-ops

• As little as 3% down is needed to finance a condo or co-op.
• The maximum loan amount is $832,750, except in some higher-cost markets where the maximum loan amount is $1,249,125.

Two -unit properties

• As little as 5% down from the borrower’s own funds. The rest can come from gifts or other sources, but it will be subject to certain conditions.
• Two-unit properties are eligible for 89.99% financing with loan amounts up to $1,066,250, or 85% up to $1,599,375 in certain high-cost markets.

HomeRun Mortgage insurance

The Citi HomeRun Mortgage program does not require PMI for down payments less than 20%—that’s right, zero PMI—a pretty great perk if you’re looking to put less down upfront.

Typically, homeowners who put less than 20% down are required to have PMI. This mortgage insurance cost is 0.5% to 6.0% of the loan amount and is added to the monthly payment.

HomeRun Mortgage credit score

Citi will review your whole financial story when running credit for a home loan. Of course, the higher the score, the better, but HomeRun has flexible eligibility requirements that consider consumers whose credit isn’t perfect. Credit scores are important, but for lower scores that don’t quite hit the mark, there are plenty of factors that can work in your favor, from your employment history to all those on-time rent payments.

HomeRun Mortgage DTI

The HomeRun Mortgage program considers debt-to-income ratios of up to 43%. Let’s take a look at an example of DTI. If your monthly gross income is $3,000, and the maximum DTI ratio is 43%, that means you can allocate up to $1,290 of your monthly income to debt payments, including your mortgage. This DTI limit is comparable to many other mortgage programs that offer low or no down payment options.

HomeRun Mortgage income requirements

The HomeRun program is available in certain Citi-identified regions. If the property you’re eyeing is in one of these regions or your income is no more than 20% above the median income for that area, you may be eligible for the HomeRun Mortgage program.

How is a Citi HomeRun Mortgage different from other loans?

It’s different in all the best ways, and Citi will be there to partner with you from the very start. Here’s what a HomeRun Mortgage delivers: Lower upfront costs, competitive interest rates, simpler credit guidelines, and zero mortgage insurance.

HomeRun Mortgage vs. FHA loan

Interested in a HomeRun Mortgage? Start by submitting your details to Citi for pre-approval. Don’t worry, getting pre-approved doesn’t mean you’re committed—it simply means you can confidently browse open houses knowing you have a solid backing to lend.