Partners promise funds for low-income borrowers

A new partnership will benefit hundreds of low- and moderate-income households in Nevada, according to Sen. Harry Reid, D-Nev., who announced the deal Thursday at North Las Vegas Library.

The homeownership partnership between CitiMortgage Inc., a member of Citigroup, and Fannie Mae, the nation's largest source of home mortgage financing, will provide $200 million in mortgages to Nevada over five years.

The partners will expand flexible mortgage products that address the needs of low- and moderate-income borrowers, minority borrowers, new immigrants, and other underserved populations, according to Reid.

"As housing prices continue to increase with demand in Nevada, there is a growing need to increase affordable lending to help ensure that hard-working families are not priced out of the housing market," Reid said.

Mortgage products include:

-- CitiAffordable Mortgage Program and CitiAffordable Purchase Assistance Program, which offer low down payment options and flexible qualifying criteria.

-- MyCommunityMortgage pilot, a suite of flexible high loan-to-value Fannie Mae mortgage options for one- to four-unit properties, with features to help residents with incomes at or below the area median income: $52,100 in Clark County and $58,400 in Washoe County.

The Nevada partnership is part of $12 billion nationwide.

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