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Citibank offers conforming, jumbo, FHA, VA, and HomeRun mortgages.
Citi; Alyssa Powell/Business Insider
The bottom line: Citibank Home Mortgage Loans is one of Personal Finance Insider’s best low credit score mortgage lenders. It offers a good range of affordable mortgage options, but you have to talk to a representative over the phone before you can complete your application. If you’re looking for a bit more hand-holding, this lender might be a good choice for you. But if you want a streamlined, completely online experience, you might want to look elsewhere.
Overall lender rating
FeatureInsider rating (out of 5)Loan types3.5Affordability4.5Customer satisfaction4.5Trustworthiness2.5Total3.75
Pros and cons
ProsCons
New and existing customers with a deposit account have access to special pricing
Accepts alternative forms of credit on its HomeRun mortgages
Offers up to $5,000 in closing cost assistance to low-income borrowers in eligible areas
Can’t see customized rates onlineYou have to speak to a representative on the phone before you can finish an online application
Citibank mortgage interest rates
Citibank shows sample mortgage rates for its 30-year and 15-year fixed-rate mortgages on its website. To see these rates, click “check out today’s rates” on Citibank’s main home lending page.
Getting rates customized to your own situation is a bit more complicated. To get a custom rate, you’ll need to go through the same process you’d go through to apply for a mortgage with Citibank: fill out a form with your name, phone number, and email address so a mortgage representative can call you.
Citibank vs. Chase mortgages
Citi
Chase Bank
Types of mortgages
Conforming, jumbo, FHA, VA, HomeRun mortgage
Types of mortgages
Conforming, jumbo, FHA, VA, Chase DreaMaker
Alternative forms of credit
Yes*
Alternative forms of credit
No
Citibank Home Mortgage LoansChase Mortgage
*Citibank allows non-traditional credit only on its HomeRun mortgages
Citibank and Chase have similar mortgage offerings, including similar specialty low down payment mortgage products. Citibank’s low down payment mortgage is called the HomeRun mortgage, and it lets borrowers put as little as 3% down with no mortgage insurance requirement. Chase’s DreaMaker also allows 3% down payments and gives borrowers $500 if they complete a homebuyer education course.
Both lenders also offer closing cost assistance up to $5,000 for borrowers in eligible areas.
If you’re already a Citibank customer, you might prefer to get a Citibank mortgage so you can take advantage of its customer pricing.
Citibank vs. Bank of America mortgages
Citi
Bank of America
Types of mortgages
Conforming, jumbo, FHA, VA, HomeRun mortgage
Types of mortgages
Conforming, jumbo, FHA, VA, HELOC
Alternative forms of credit
Yes*
Alternative forms of credit
No
Citibank Home Mortgage LoansBank of America Mortgage
*Citibank allows non-traditional credit only on its HomeRun mortgages
Citibank and Bank of America are also fairly similar in the mortgages they offer. Both lenders have a 3% down, mortgage insurance-free option, and both offer closing cost assistance for qualifying borrowers.
Some lenders, like Citibank, have put a pause on their home equity offerings due to current market conditions, which means that HELOCs may be a little harder to come by. If you’re in need of a HELOC, Bank of America still offers them, giving this lender a leg up over Citibank and others that aren’t currently accepting HELOC applications.
Both Citibank and Bank of America offer perks for current customers, so if you already have an account with one of these banks, you might prefer to take advantage of the discounts available to you.
How Citibank mortgages work
Citibank originates mortgages nationwide. To get a mortgage with Citibank, you’ll need to fill out an online form with your name, phone number, and email address, or create an account. Once a mortgage representative has called you to discuss your options and which mortgage type is best for you, you can use the online portal to apply, upload documentation, and track your application.
Citibank offers conforming, jumbo, FHA, VA, and HomeRun mortgages. HomeRun mortgages are available to low-to-moderate-income borrowers and allow down payments as low as 3% without having to pay mortgage insurance. Citibank will also consider non-traditional credit from qualifying borrowers for these mortgages, but if you go this route, you’ll need to put at least 5% down.
FHA mortgages require a minimum down payment of 3.5%, while VA mortgage borrowers can get a mortgage with 0% down. Conforming mortgage borrowers must put at least 5% down.
Citibank also offers up to $5,000 in closing cost assistance to eligible low-to-moderate-income borrowers and special pricing for new or existing deposit account customers. However, you’ll need a relatively high balance to take advantage of the more attractive pricing perks. If your balance is below $50,000, you’ll get $500 off your closing costs. Those with higher balances can get a certain fraction of a percentage off their interest rate.
You can call Citibank’s home lending line to start an application or ask questions about its mortgages Monday through Friday from 8 a.m. to 10 p.m. ET or Saturday from 9 a.m. to 7 p.m. ET.
Is Citibank trustworthy?
Citibank has earned an F rating from the Better Business Bureau due to complaints that were not responded to or unresolved, and due to government action against the bank. BBB grades are based on a business’ honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
In 2020, Citibank was ordered by the Commodity Futures Trading Commission to pay a $4.5 million penalty. The CFTC said the bank failed to prevent the deletion of subpoenaed audio recordings due to a known issue with its audio preservation system. Citibank was also fined $400 million by the Office of the Comptroller of the Currency, which claimed that Citibank failed to fix long-term risk management issues.
Citibank ranked No. 3 in J.D. Power’s 2023 Primary Mortgage Origination Satisfaction Study.
Citibank mortgage FAQ
Does Citibank offer mortgages?
Yes, Citibank offers mortgages. Though you might be more familiar with Citibank as the bank where you have your checking and savings accounts, Citibank offers a wide variety of financial products, including mortgages, personal loans, and investing accounts.
What are Citibank’s mortgage rates?
Citibank displays a couple of sample rates on its website, but to get a personalized rate, you’ll need to talk to a mortgage representative. On its Zillow lender profile, many reviewers noted that their rates were lower than expected.
Is Citibank a good mortgage lender?
Citibank might be a good choice for you if you’re looking for affordable mortgage options, such as a low down payment mortgage with no mortgage insurance, or if you need personalized help finding the mortgage that’s right for you.