Industry Talk: Diving Deep into the Citibank Homerun Mortgage Program (Video)
In the ever-evolving landscape of home financing, it's crucial to stay informed about the latest programs and offerings that can make homeownership more accessible and affordable. This week on "Industry Talk," we had the privilege of hosting Ricardo Carrillo, a seasoned expert in the mortgage industry. Carrillo brought to light some of the standout features of the Citibank Homerun Mortgage Program. This program, designed with the modern homeowner in mind, offers a suite of benefits that can significantly ease the home-buying journey. From eliminating the burden of mortgage insurance to providing substantial credits for closing costs and even expanding property purchase options, the Homerun Mortgage Program is setting new standards in the realm of home financing. Dive in as we unpack the key highlights and understand what they mean for prospective homeowners.
Key Highlights
No Mortgage Insurance: Mortgage insurance is typically required by lenders when homebuyers make a down payment of less than 20% of the home's purchase price. This insurance protects lenders in case the borrower defaults on the loan. By not requiring mortgage insurance, the Citibank Homerun Mortgage Program can offer significant savings to borrowers. Without this additional monthly cost, homeowners can potentially save thousands of dollars over the life of the loan.
Up to $7,500 Credit in Closing Costs: Closing costs are a collection of fees charged by lenders, municipalities, and other entities for the processing and securing of a mortgage loan. These can include appraisal fees, title insurance, and more. They typically range from 2% to 5% of the home's purchase price. By offering up to $7,500 in lender-paid assistance towards these costs, the Citibank Homerun Mortgage Program can significantly reduce the upfront financial burden on homebuyers. This can make the home-buying journey smoother and more accessible, especially for first-time buyers who might be concerned about the initial expenses.
Eligibility for 2-Unit Property Purchase: Most traditional mortgage programs focus on single-unit properties, which are typically standalone homes. However, 2-unit properties, often referred to as duplexes, offer a unique opportunity for homeowners. They can live in one unit and rent out the other, generating rental income. The Citibank Homerun Mortgage Program's inclusion of 2-unit property purchases indicates a broader approach to homeownership, recognizing the potential benefits of such properties. By allowing eligibility for 2-unit property purchases, the program offers borrowers expanded investment and living options, potentially helping them build wealth through real estate.
