Citadel is the largest non-prime lender in the United States. They offer a variety of loan products that provide financing to borrowers who do not qualify for traditional mortgage financing. This includes those who have lower credit scores, self-employed borrowers, and others who can demonstrate the ability to repay a mortgage, but need alternative methods of proving income.
One of the most popular programs that Citadel offers allows borrowers to use bank statements to prove income instead of tax returns. The loan requirements vary depending on credit, down payment, and other factors specific to the borrower.
What programs do they offer?
Citadel offers a few different loan programs. The most well known is their non-prime loan program which allows lower credit scores, and also offers alternative income documentation (such as using bank statements instead of tax returns). Another program offered by Citadel is their Maggi Plus ALT-A loan product, which also allows bank statement to be used to verify income, and offers competitive interest rates.
What types of mortgages are offered?
Both home purchases and mortgage refinancing is available.
What is the lowest credit score accepted?
There is the possibility of receiving financing from Citadel with a credit score as low as 500. However, the lower your credit score is, the more you will have to put down. You can view their credit score matrix here.
What is the highest LTV?
The highest LTV that Citadel offers is 90%. This means you would need to put 10% down. If you have a low credit score or recent credit issue, you should expect to be required to place a larger down payment.
What are the seasoning requirements for derogatory credit issues?
On their non-prime program, you can be only 1 day out of a bankruptcy, foreclosure, or short sale. On their Maggi Plus program, Citadel has more stringent qualification guidelines related to major credit issues. For this produce, the guidelines state that you can not have had a recent foreclosure or bankruptcy (within the last 2 years). For short sales, you can be 1 year out with a 85% LTV, or 2 years out with a 90% LTV.
What states does Citadel offer mortgages in?
Home loans are offered by Citadel in the following states: AL, AR, AZ, CA, CO, DC, DE, FL, GA, ID, IL, IN, KS, KY, LA, MD, ME, MI, MN, MT, NC, NE, NH, NJ, NV, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI, & WY.
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