Buying a home can be challenging for low- and moderate-income mortgage applicants for a number of reasons. First, those who don’t earn a lot of money often struggle to come up with funds for a down payment. Also, mortgage applicants with less-than-stellar credit might struggle to get approved for a home loan.
But one lender is looking to make homeownership more attainable for those who may have struggled to purchase property in the past. And that’s a very positive thing, especially at a time when mortgage rates have gotten higher and home prices remain inflated on a national level.
A much-needed expansion
Citi already has a program called HomeRun in place that seeks to help disadvantaged buyers purchase a home. Now, it’s expanding that program in the hopes of reaching more people. The goal in doing so, Citi says, is to promote racial equity and financial inclusion.
