Citi expands program to increase homeownership in diverse communities

Citi is expanding a program to encourage homeownership in diverse communities, as part of a new set of initiatives to broaden access to its lending products.

The program, called HomeRun, seeks to help eliminate the key barriers to homeownership, particularly with regard to cost and affordability. The program, which offers down payments as low as 3% with no mortgage insurance requirement, is paired with a lender paid assistance program that helps offset closing costs.

Separately, Citi is launching two new pilots aimed at giving more credit access to people with limited or no credit information, as well as providing access to capital to small businesses…