Citi Jumbo Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option from Citi for loan amounts up to $1.5 million; max cash-out amount is $350,000.
Program Description
Citi funds jumbo mortgages for cash-out refinance loan amounts of up to $1.5 million. A jumbo cash-out refinance can help you access your home equity and use the proceeds however you see fit. Citi has 15 and 30-year fixed-rate and adjustable-rate options and allows for cash-out amounts up to $350,000. Only available for primary residences with in between 1 and 2 units.
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Citi Jumbo Cash-Out Refinance
Min. Credit Score
740
Min. Equity
20%
Max Loan Amount
$1,500,000
Qualification variables shown here are for 1-Unit Primary Residences, and loan amount ranges vary based on US County. Register Now to see if this loan program is a good fit for you, find your county limits, and find more options for purchasing a home.
Pros & Cons
- Cash out up to $350,000
- No mortgage insurance
- Loan amounts limits are higher than standard conventional refinance limits
- Low debt-to-income (DTI) ratio requirements
- No borrower income or purchase price limits
- Stricter qualifying requirements
- 18 months reserves needed
- Only available for 1 and 2-unit primary residences
Cash-Out Refinance
Your Current
Equity %
- 20%
Minimum RetainedEquity
=
Your Available
Cash-Out
A cash-out refinance allows you to access equity in your home and use the proceeds as you see fit. By registering for a free account, you can get a better idea of how much cash you could access when refinancing your home.
Program Availability
Citi Jumbo Cash-Out Refinances are available in all 50 states, Washington D.C., Puerto Rico, and the U.S. Virgin Islands.
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“Tapping into your home's equity opens up endless possibilities. You'll receive your lump sum of cash 3 days after you close for whatever you wish: home improvements, large purchases or paying off other debts."
Occupancy & Property Types
Qualification factors for this program can vary based on how you intend to occupy the property and what type of property you are purchasing. By registering for a free account , you can check program limits for all property and occupancy types.
Occupancy Types
Available Property Types for Primary Residence
Income & Purchase Price Limits
Your Debt-to-Income Ratio (DTI), as well as purchase price and income limits, are important factors when qualifying for a home loan program. By registering for a free account , you can find the exact program limits for this program and others in your area and for your unique scenario.
Debt-to-Income Limit
43.00%
Purchase Price Limit
No Limits
Income Limit
No Limits
Qualification variables shown here are for 1-Unit Primary Residences, and loan limit ranges vary based on US County. Amounts may be rounded. Exact amounts can be accessed by registering for a free account.
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Key Features
- Loan amounts up to $1.5 million
- Access your home equity and use the proceeds as you see fit
Additional Conditions
- Cash reserves must cover both the closing costs and the mortgage payments for at least 18 months
- Higher credit score requirements
- Simultaneous second mortgage financing is not allowed when refinancing
Other Limitations
In some circumstances, there are specific requirements you must meet or homebuyer education courses you must attend in order to be eligible for the loan program.
No other program limitations
A Homebuyer Education Class is not required for this loan program.
Mortgage Insurance & Fees
Most mortgage programs require mortgage insurance when you are financing more than 80% of the purchase price or appraised value. Some programs may also have an associated funding fee, paid at the time of closing, or an annual fee. Learn all about the different fees here.
No Mortgage Insurance
This program does not require Private Mortgage Insurance (PMI).
Type: No Funding Fee
This program does not have a funding fee.
Type: No Annual Fee
This program does not have an annual fee.
Estimated Closing Costs: 2.5%
These amounts are just an estimate. Your closing costs include things like loan origination fees, discount points, appraisal fees, title insurance, taxes, deed recording fees, and other charges.
Similar Loan Programs
If you think this home loan program may be a good fit for you, you may also want to check out the following programs that share many similarities with the current program.
Wells Fargo Jumbo Cash-Out Refinance
Best For: Large Loan Amounts, High Credit Scores, Cash-Out
Cash-out jumbo refinance option for loan amounts up to $2 million; also available for second homes and investment properties.
Citi Jumbo Purchase Loan
Best For: Large Down Payments, Large Loan Amounts, High Credit Scores
Citi's fixed and adjustable-rate jumbo mortgage options can go up to $3 million with flexible qualification and competitive interest rates.
Related Resources
2023 Cash-Out Refinance Guide
Owning a home is a big investment and like with many long-term assets, it comes with a few added responsibilities. To keep your home appreciating in value and to make sure you continue to enjoy it, it's important to keep it maintained and updated.
Read More
A Rundown On Closing Costs and How They Affect You
It can be tricky to sift through all the figures , so we broke down what they are, how much they cost, who's responsible and how to minimize your expenses.
Read MoreVisit our Mortgage Education Center for more resources.
* Some loan programs may not be offered by all featured lenders of ReviewMyMortgage.com and qualification guidelines may vary between them. Our team makes their best effort to keep loan program information up to date. Loan programs may change without warning. ReviewMyMortgage.com does not guarantee or offer any loan products. ReviewMyMortgage.com is strictly an educational resource hub for consumers
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