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Citi Mortgage Review: Diverse Mortgage Offerings With High Customer Satisfaction

Review Updated
Kimberly Rotter
By: Kimberly Rotter

Our Mortgages Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures our experts’ opinions aren’t influenced by compensation. Terms may apply to offers listed on this page.  Citi is an advertising partner of The Ascent.

Citi is an award-winning mortgage lender with a strong reputation for helpfulness and efficiency. In addition to its discounts and other incentives, Citi can accommodate most borrowers with its well-rounded selection of mortgage loans. Take a look at our Citi Mortgage review to find out whether Citi is the best mortgage lender for you.

Citi Mortgage

Best for: Diverse loan offerings

Rating image, 4.5 out of 5 stars.
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

The diverse set of loan products and terms and relationship discounts make it a top pick, particularly for first-time home buyers and people interested in FHA loans. The high customer satisfaction ratings are the cherry on top.

Min. Credit Score Minimum Credit Score 580 FHA 620 other mortgage products

  • 580 - 620

Min. Down Payment

  • 0%-3%

Key Features

  • No PMI mortgage
  • High customer satisfaction
  • Available in all 50 states

Loan Types

  • Conventional
  • FHA
  • VA
  • Jumbo

Fixed Rate Terms

  • 30y, 15y

Adjustable Rate Terms

  • 10/1, 7/1, 5/1

Full Citi Mortgage review

This mortgage lender is a good fit for: Current Citi customers who want to save money on lender fees. Citi Mortgage is also great for borrowers looking for a low down payment mortgage with no private mortgage insurance.


  • Variety of loans
  • Low down payment mortgage program
  • Rate discount for current customers
  • Great reputation


  • No zero down mortgage
  • No rate or fee transparency
  • Low Better Business Bureau rating

Top perks

Wide variety of loan options

Citi Mortgage offers a wide selection of loans that can meet the needs of most borrowers who want to purchase a home or refinance a mortgage. Citi's menu includes the typical fixed-rate mortgage and adjustable-rate mortgage options. Citi Mortgage also offers low down payment mortgages and some government-backed loans. Citi's jumbo loan program is available to home buyers who need mortgages that exceed federal lending limits.

3% down payment loan option

Citi's HomeRun Mortgage program is the bank's homespun answer to low down payment mortgages. Qualified borrowers can make a down payment as low as 3% and pay no private mortgage insurance (PMI) on a 30-year fixed-rate loan. HomeRun Mortgage loans are for:

  • Primary residence only
  • Purchase loan or rate term refinance (no cash out)
  • Conforming loans only
  • Condos and co-ops okay

In certain high-cost markets, if you use nontraditional credit data to qualify, or if you want to buy a two-unit property, the down payment requirement for this loan type is 5%.

Discounts for Citi customers

Every Citibank deposit account holder is eligible for a substantial discount. Even better, where other mortgage lenders offer a one-time discount off the lender fee, Citi Mortgage reduces the mortgage interest rate. Borrowers who qualify get the benefit of the discount for the entire life of the loan. Here is the breakdown:

Citibank Account Balance Interest Rate Discount or Closing Credit
$1 - $49,999.99 $500 off closing costs
$50,000 - $199,999.99 0.125% off interest rate
$200,000 - $499,999.99 0.25% off interest rate
$500,000 - $999,999.99 0.375% off interest rate
$1,000,000 - $1,999,999.99 0.5% off interest rate
$2,000,000 or more 0.625% off interest rate

Lender paid closing cost assistance

Citi will give qualified borrowers up to $7,500 as a lender credit to reduce closing costs. The program is only valid in areas where Citi has branches and accepts deposits. It's valid for any loan type, so long as the home will be your primary residence. To qualify, your income must be no more than 120% of the area median income where you live, or your new home must be in a low- to- moderate income census tract. Borrowers also must complete a home buyer education course.

SureStart® pre-approval

Citi offers a pre-approval process that results in a firm commitment to lend. Citi reviews the applicant's income and asset documents, and gives its approvals in writing. This service is free.

Options for applicants without a deep credit history

Not all creditworthy applicants qualify for a mortgage based on traditional credit history. Some people are new to credit. Others prefer to live a cash lifestyle. Some may be new to the U.S. Whatever the case, Citi Mortgage is willing to evaluate alternative credit data for applicants who need it.

Highly rated

Citi's banking and mortgage businesses are consistent consumer favorites. They've ranked:

  • No. 2 in the J.D. Power 2023 U.S. Retail Banking Advice Satisfaction Study
  • No. 3 in the J.D. Power 2022 Primary Mortgage Origination Satisfaction Study
  • 4.83 out of 5 stars on Zillow
  • Kiplinger's 2023 second-best bank for high-net-worth individuals

What could be improved

Zero down mortgage option

Borrowers looking to buy a house with zero down payment may need to look elsewhere. Citi does offer the VA loan, which is available with zero money down. But for purchase loan borrowers who don't qualify for that program, a down payment is required. Gift money can be used for the down payment, but the borrower must contribute at least 1% of the purchase price. There is no USDA loan program.

Fees and rates transparency

Most mortgage lenders charge an origination fee, and many let you know how much it is up front. Citi charges this fee, but you have to contact a loan officer to find out how much it costs. A breakdown of fees on the website, possibly alongside today's rates, would be helpful.

Citi's Better Business Bureau rating

Citi Mortgage gets high marks from people who get new loans. But it earns a grade of "F" with the Better Business Bureau (BBB). The BBB says the reasons for the poor rating are:

  • Failure to respond to complaints
  • Failure to resolve complaints
  • Government actions against the company

The recent government actions against Citibank related to failing to preserve audio recordings of its traders, and failure to establish adequate high level internal controls. The former is important because they help regulators make sure Citi employees are following trading laws. The latter is important because they are designed to prevent large banks from failing. 

Alternatives to consider

Bank of America Mortgage is a great option for borrowers who want to choose from a variety of loans. You'll find a full menu of conventional loans and government-backed loans at Bank of America (BofA). Like Citi, BofA offers a mortgage discount to its customers. BofA could be an especially good choice for borrowers who need help coming up with a down payment. Among other programs, BofA offers non-repayable grants to borrowers who qualify. Grant programs can be combined for a total of $17,500 and in some cases more.

Chase Mortgage is another possibility for buyers short on cash reserves. Chase offers grants that can reduce closing costs, as well as a special low down payment loan for which all of the funds can come from gifts. Chase could also be a great choice for borrowers who want to close on a loan quickly. The bank guarantees an on-time closing as soon as three weeks after receiving final paperwork, or it pays you $2,500. In 2023, the Closing Guarantee was temporarily raised to $20,000.

Bank of America Mortgage
Chase Mortgage
Rating image, 5.0 out of 5 stars.
5.0 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Rating image, 4.5 out of 5 stars.
4.5 stars
Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair
= Poor
Min. Down Payment
  • 0%-3%
Circle with letter I in it. 0% VA loans 3.5% FHA 3% Conventional loans, Affordable Loan Solution® mortgage, Freddie Mac Home Possible® mortgage 5% Other loans
  • 0% - 3.5%
Circle with letter I in it. 0% VA and FHA loans 3% Dreamaker loans 3.5% FHA 5% Conforming
Credit Score
  • 600
Circle with letter I in it. 620 FHA 600 Other mortgage products 640 Affordable Loan Solution® 680 Jumbo Loans
  • 580 - 620
Circle with letter I in it. 620
Key Features
  • Wide range of financial products
  • Preferred Rewards program
  • Ability to apply entirely online
  • No PMI offering
  • Loans up to $5 million
  • Low down payment loan option
  • Up to $5,000 home buyer grant
  • High marks for customer service
Next Steps

How to qualify

If you are trying to qualify for a mortgage, you're likely familiar with what mortgage lenders look for in a prospective mortgage holder. To qualify for a mortgage with Citi, you need to provide information about yourself and the property you want to buy.

Keep in mind that Citi's mortgage underwriters look at your application as a whole. But for most loans, these are some of the most important factors:

  • A debt-to-income ratio, or DTI, of less than 50%. If yours is lower, even better.
  • Stable employment or source of income.
  • Sufficient cash in reserve and for the down payment.

You should have no recent late payments or overdrafts, and no unpaid collection accounts. These may not be immediate deal breakers, but they are red flags and could complicate your application.

Your credit score is a major factor in determining your mortgage interest rate. Citi usually requires a credit score of 620, but mortgages for people with poor credit are also available. You can qualify for an FHA loan with a FICO® Score as low as 580 and a 3.5% down payment. Some lenders offer FHA loans to borrowers with a score as low as 500 with a 10% down payment.

Once you're ready to get a loan offer, you can give Citi your information and go forward with pre-approval. Pre-approval does not obligate you to take on a loan. But it does help you compare offers.

How are Citi Mortgage's refinance rates?

Citi Mortgage's refinance rates tend to be among the lowest, but keep in mind that the lowest rates are reserved for the best-qualified applicants. If you don't have an excellent credit score or a 20% down payment, your interest rate might be higher.

How are Citi Mortgage's rates compared to the national average?

Citi's mortgage rates trend about the same or a little lower than the national average. Note that Citi also offers a relationship discount. If you qualify, you can get a lower interest rate and save money over time. The amount of the discount benefit depends on the amount of assets you hold at Citi. Citi customers who don't qualify for the rate discount can get a closing cost credit instead.

Citi Mortgage is right for you if:

You're a current Citibank customer with at least $50,000 in deposits. You can get the most bang for your buck with a loan from Citi Mortgage because of the interest rate reduction. That discount lasts for the life of the loan. This benefit is particularly valuable for high net worth individuals with significant assets at Citi.

You're a well-qualified borrower short on cash. Bypassing PMI payments with a HomeRun Mortgage loan could lead to impressive savings, especially in the first few years of the loan.


  • Yes. Citi can accommodate a wide range of applicants, including borrowers who need to make a low down payment, and borrowers who need a loan that exceeds government limits. Citi is also a great choice for applicants who qualify for up to $5,000 in closing cost assistance.

  • Yes. Citi offers refinance loans with very competitive rates and costs.

  • This depends on the loan you want. You'll need a 620 credit score for a conventional loan or VA loan at Citi, but only a 580 for an FHA loan (even lower if you can make a bigger down payment). You may need a higher credit score for a jumbo loan. Citi will also look at your existing debt, the amount of your down payment or equity, and how much cash you have on hand.

  • Citi offers the following types of mortgage loans:

    • Conventional loan
    • FHA loan
    • VA loan
    • Jumbo loan
    • Refinance mortgage
    • Fixed-rate loan
    • Adjustable-rate loan
    • Low down payment mortgage with no PMI

Our Mortgages Experts