Additional Mortgage Options

If you have a lower down payment or credit score, Federal Housing Administration (FHA) Loans, Veteran Affairs (VA) Home Loans, and Opportunities Within Neighborhoods (OWN) could help you buy a home. Or if your home has a high value, you might need a jumbo loan.

Jumbo loans

Loan amounts that stay within the limits set by the Government-Sponsored Enterprises (GSE) Fannie Mae or Freddie Mac are called conforming loans. Jumbo loan amounts are larger than those limits.

General conforming loan amounts:

These are the general conforming loan amounts, but may be adjusted higher depending on the property location.

  • Single family home or residence - $424,100
  • 2-unit home (duplex) - $543,000
  • 3-unit home (triplex) - $656,350
  • 4-unit home (fourplex) - $815,650

Jumbo loans:

  • Often carry a higher interest rate and could mean paying significantly more interest over the loan term.
  • Sometimes require a larger down payment and lower loan-to-value (LTV) ratio than a conventional mortgage.

FHA loans

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). This government-backed program offers lower down payments and fewer credit score restrictions than conventional mortgages. FHA loans are available as both fixed rate and adjustable rate mortgages.

FHA loans can be a good choice for:

  • First-time home buyers
  • Buyers with less than a 20% down payment
  • Buyers with a low credit score
  • Self-employed buyers
  • Buyers with limited employment history

Interested in or have questions about FHA loans? Call 1-800-248-4638 to speak with a Citi mortgage representative.

Frequently asked questions

What is the FHA loan limit?

VA home loans

If you're a current or former member of the U.S. Armed Forces or a surviving spouse of a service member, you could qualify for a Veterans Affairs (VA) home loan. This is a mortgage guaranteed by the Department of Veterans Affairs.

VA loans often have lower interest rates, mortgage closing costs and down payment requirements than conventional loans.

Interested in or have questions about VA loans? Call 1-800-248-4638 to speak with a Citi mortgage representative.

Opportunities Within Neighborhoods (OWN)(SM)

OWN programs offer mortgage help to qualified borrowers with low or moderate income or borrowers buying homes in low- and moderate-income areas. Reduced down payment options and flexible credit requirements are just some of OWN's benefits.

HomeRun

HomeRun is Citi's exclusive loan program. You could qualify for HomeRun if you earn less than 80% of the Area Median Income. The program is available regardless of income in some areas.

HomeRun's benefits include:

  • Interest rates comparable to conventional loan rates
  • Down payments as low as 3%
  • No mortgage insurance requirement
  • Products offering the stability of a fixed rate
  • Flexible credit guidelines
  • Homeownership education and counseling
  • Loans up to $424,100 and as much as $636,150 available in some higher-cost areas
  • 1-2 units, condos, co-ops and PUDs are eligible

Mortgage revenue bond and MCC programs

If you're a first-time homebuyer, you could be eligible for a government bond and mortgage credit certificate (MCC) program to help you purchase your home. Program eligibility requirements, benefits and geographic availability vary.

Community assistance programs

We also work with federal, state and local housing agencies and nonprofits that can further assist you with down payment and closing costs. Program availability and eligibility vary, but a Citi mortgage representative can help you find program options.

To learn more about these programs and find out if you qualify, visit your local branch or call 877-287-1433. Be sure to mention offer code 13253.

Opportunities Within Neighborhoods is a registered service mark of Citigroup, Inc. The programs are available only in Citibank assessment areas and are subject to geographic, income, property, and product restrictions. Certain additional restrictions may apply on bond program loans available in Citibank assessment areas.

Need mortgage help?

1-800-248-4638

Mon-Fri: 8:00 AM to 10:00 PM ET
and Sat: 9:00 AM to 7:00 PM ET