Citibank Bad Credit Mortgage Reviews

Citibank mortgage plans fall under CitiMortgage, an extension of the Citigroup brand licensed to offer loans in all states across America. They present a comprehensive range of mortgage loans for those with low credit scores and moderate-income.

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    About Citibank

    Borrowers have the flexibility to choose from various mortgage with bad credit options, be it fixed-rate or adjustable-rate. Though it operates throughout the country, it does have fewer physical branches compared to other lenders. Additionally, while down payments start as low as 3.00%, their overall interest rates might be a tad bit higher when compared to other lenders. Still, to balance things, they offer discounts on closing charges and mortgage rates if you already have a Citi account.

    Citibank loans are flexible when it comes to scores and rates, making it easier to access a mortgage with bad credit scores. To qualify, you should have a minimum FICO score of 620. For individuals who wish to learn more about mortgage loans and the application process, Citibank features above-average customer service availability along with a very resourceful website filled with tools, a useful FAQ, and even the ability to monitor your account and mortgage entirely online.

    Overall, CitiMortgage is a worthy option to consider if you’re seeking affordable and flexible mortgages.

    CityBank Financial Terms in a Glimpse

    Minimum Credit Score
    BBB Rating:
    Loan Duration:
    10-30 years
    Loan Amount Range:
    $50,000 - $765,600
    Minimum Down Payment:

    What Citibank Offers

    CitiMortgage has various options catering to both ends of the income spectrum. From adjustable-rate to a fixed-rate conventional mortgage loans and specialty Government loans to jumbo loans, CitiMortgage has an applicable option for every interested borrower. They provide mortgages across the United States. The minimum down payment rates go as low as 3.00% and increase up to 20% depending on your outstanding liabilities and credit score. Another area of flexibility centers on their loan repayment terms which allow you to choose from 10, 15, and 30-year mortgage options.

    Apply Online

    Citi features a detailed website where you can find almost everything you need to make an informed decision. The online application process is straightforward as well. During the application process, you can check the videos and how-to guides for assistance. Although the application process is long, you can track its status in real-time through the online portal which is advantageous.

    Home Loans

    CitiMortgage has been a top player in the mortgage and lending industry since 1979. They understand a borrower’s needs and thus have a comprehensive range of home loans available to cater to nearly every income level and credit score. You can compare the different options on their website, try the mortgage calculators, and submit an application online. The minimum required credit score is 620, and down payments start as low as 3.00%. For VA Loans, certain borrowers may be eligible for a zero down payment loan.

    Adjustable-Rate Mortgage

    This loan type generally features a lower fixed rate initially, then adjusts to market rates for the remainder of the repayment period. You will likely be paying a lower monthly payment after the mortgage loan is initially disbursed, however, this monthly amount might increase if the rates go up.

    Fixed-Rate Mortgage

    Just as the name suggests, you don’t have to worry about fluctuating interest rates in this mortgage plan. You can choose from 10, 15, or 30-year repayment terms. As of today, the rate for a 30-year mortgage loan is 4.375% and the Annual Percentage Rate (APR) is 4.498%.

    FHA Loan

    A Federal Housing Administration (FHA) loan is a great choice if you have a low credit score or a down payment amount that is less than 2.00%. This loan type is available as both a fixed-rate and adjustable-rate mortgage. The maximum loan amount approved ultimately depends on the cost of your area and property.

    VA Loan

    This Veteran Affairs (VA) loan is limited to current or past members of the US Armed Forces and the spouse(s) of a service member. The Department of Veterans Affairs guarantees this mortgage, thus it has the lowest interest rates and closing costs. It also has the lowest credit score requirements and might not require a down payment either.

    HomeRun Mortgage

    This is a great choice for low and moderate-income borrowers. You can be eligible for this loan if you earn 80% or lower than the average median income of your area/locality. There is no insurance involved, and down payment rates start as low as 3.00%. The amount offered can go up to $765,600 depending on the cost of the area.

    Jumbo Loans

    These unique loans are designed for any amount that is outside the conventional loan limits set by Government-Sponsored Enterprises (GSEs) like Fannie Mae and Freddie Mac. This loan comes with a higher interest rate and requires a larger down payment as well. The LTV (loan-to-value) ratio is also higher than any conventional mortgage.

    How Citibank Works

    CitiMortgage offers a lot of online resources, mortgage calculator tools, step-by-step video tutorials, FAQs, and more to ease borrowers into the application process. Borrowers can also connect with designated loan officers via phone or visit a local branch in-person to learn more and apply.

    The application process is divided into parts, and it is fairly easy to track the status of your application online. You can either start with a pre-approval or directly apply after selecting a property. For pre-approval, you can enter your contact details and a mortgage representative will call you.

    Alternatively, you can apply online. All you need to do is fill in the primary details (your info and the property’s details). Next, your request will be processed and depending on the lender, you may be able to continue the application online. Then, you need to provide consent to proceed and move on to the next stage.

    Document Submission – CitiMortgage will ask for multiple documents before processing your application any further. Following the successful validation of your documents, you’ll receive a loan estimate within 3 days. Read the terms and conditions, rates, and fees before accepting an estimate.

    Home Appraisal – After the first step, you will receive a request to provide a home appraisal to the lender. This appraised value depends on factors like property size, comparison with recently sold properties in the same area, and other characteristics that might impact the property’s value.

    Approval & Closure – Once everything is successfully processed, an underwriter will review the loan and give you the final decision. Sign the closing documents, pay the upfront charges, and you’re all set.

    Citibank Fees and Terms

    Citi’s down payment rates range between 3.00% to 20.00% depending on the loan type select and these options are accompanied by flexible repayment terms for fixed-rate mortgages (10, 15, 30-year) and 3/1, 5/1, 7/1- terms for adjustable-rate mortgages. Compared to other lenders, they have a higher credit score requirement (620) and it is worth noting that Citi also charges processing and insurance fees on every approved loan.

    Please note that it is recommended to call a loan officer for better clarity on CitiMortgage’s interest rates because they include reward points and existing clients of Citibank may be able to obtain more favorable terms.

    To get approved sooner, make sure you have the following information and documents handy when applying:

    • Social Security Number (SSN)
    • Primary Residence Address
    • Pay Stubs or Proof of Direct Deposits
    • Bank/Asset Statement (latest 2 months)
    • VA Eligibility Certificate (VA Loan only)
    • Employment History (2 years)
    • Federal Tax Returns (2 years)
    • W-2s (Wage and Tax Statement)
    • Purchase Agreement (in some cases)

    Citibank Customer Service

    For any borrowers seeking more information or wishing to speak to a representative, you can reach their customer service department via phone, email, and in-person when there is a local branch nearby. They also feature a detailed support section on their website that is designed to cater to almost all of your mortgage-related queries and common questions.

    One possible area for improvement for Citi is adding brick-and-mortar office locations given the relative scarcity of in-person options. Moreover, you can’t complete an application online without speaking with a mortgage representative. Although they have multiple payment calculators that help you get an estimate, sometimes it might be difficult to understand as most rates take reward points into consideration and existing Citi clients might also get preferential rate options. Nonetheless, Citi has received multiple awards and has notched an above-average customer satisfaction rate.

    Citibank Pros & Cons


    • Low Down Payment – Find mortgage offers as low as 3.00% (and possibly 0.00% for eligible VA Loans)
    • Reward System – Existing Citi Account holders can gain exclusive discounts on mortgage plans
    • Considers Alternative Credit History – Citi also considers child support payments, rent history, and more when determining loan rates and terms
    • Nationwide Availability – CitiMortgage operates throughout the United States without restriction
    • Multiple Mortgage Products – Find a wide range of mortgages designed to match every borrower’s needs
    • Moderate Income Loans – Low-to-moderate income households can gain access to HomeRun loans


    • Limited Transparency – This provider doesn’t list origination fee details and rates include reward points, potentially confusing borrowers seeking to understand loan terms
    • Narrow Physical Presence – Unlike other lenders, CitiMortgage has fewer offices in rural and suburban areas for individuals preferring an in-person lending experience
    • No USDA loan – USDA loans among the loan types Citi doesn’t offer
    • No Complete Online Application – Prospective borrowers can’t complete every stage of the mortgage application online

    Final Verdict About Citibank

    If you have a low or moderate-income or are an existing Citi account holder, CitiMortgage might be the perfect solution to finance your homeownership ambitions. As a subsidiary of one of the largest banks in the US, Citi is able to offer fair down payments and relatively competitive terms. Although the interest rates aren’t the lowest when compared to other lenders, CitiMortgage offers among the best deals on closing costs.

    Our recommendation is that you check the current rates on their website and compare them with other lenders before applying for a mortgage to finance your dream home.