CitiMortgage announced this week that it will reduce mortgage rates for disabled veterans via the “Citi Disabled Veterans Mortgage Relief Program.”
The new program will offer an interest rate reduction of 2.5% on existing mortgages for a two-year period.
Surviving spouses of military personnel killed while on active duty may also be eligible.
A little more about the Citi Disabled Veterans Mortgage Relief Program:
– Offered to veterans disabled, wounded or injured in the line of duty.
– Surviving spouses may also be eligible if they are co-borrowers on the mortgage.
– Applicants must provide discharge documents and a letter from the VA confirming they have a service-connected disability.
– Loan must be a first mortgage on a principal residence owned by CitiMortgage.
– Open to both current and delinquent borrowers
– No requirement to prove financial hardship
– FHA loans, VA loans, Rural Development loans, and and loans currently under the Servicemembers Civil Relief Act (SCRA) protection are not eligible.
Homeowners will be evaluated for a permanent loan modification before being considered for the Citi Disabled Veterans Mortgage Relief Program.
The bank and mortgage lender will bring qualifying customers’ loans current if they are delinquent by waiving late fees and forbearing any past due amounts and other uncollected fees.
A notice regarding the program will be included in May 2011 mortgage statements sent to customers.