News Wire: CitiMortgage ACCESS Program

News Wire: Citi's ACCESS program will give first-time home buyers more access
by Hassan Nicholás

Citibank sheds a little hope for anxious first-time home buyers.

If you are an anxious buyer waiting for the City of LA to replenish funds into it's first-time home buyer program you are surely not alone. In fact, these days it seems as though there is a collective frustration with down payment assistance programs in general. Subject to local government budget allocations, strict income guidelines, property location restrictions, and other caveats down payment assistance programs can bottleneck the home buying process. Though for many, it is a "necessary" frustration - the difference between buying and not owning a home.


Fortunately, banks are beginning to realize this. Through CitiMortgage's ACCESS Loan Program a borrower can obtain a 1st mortgage with the option of an 8% second in down payment assistance for over 100% financing. That's more than CalHFA's 3% in down payment assistance. And the differences don't stop there. Below we highlighted the main points.

• 30 to 40 year fixed rates

• Longer interest-only periods than other programs (10 years)

• NO sales price limits

• NO recapture tax if home sold later

• Duplexes, 2-unit properties are eligible

• Income limits much higher (mid $80k for one person household)

• Household income not used, only qualifying

• Funds are consistently available, backed by private funding

• NO first time home buyer requirement

So, could this be a competitor to CalHFA? Possibly. Especially considering that the state's rate is still in the 7s, ACCESS could prove to be a fierce competitor for government-sponsored down payment assistance programs.

Ready to give it a try? Contact our partner mortgage broker Ira Smith @ 310-217-2500 ext. 201

Note: LATMAP through CFRC will be able to broker these loans through our Savvy, Sound and Safe Home Loan Program (SSSHLP) too!