Citi Works with Builder Financing Firm

CitiMortgage, St. Louis is offering an extensive suite of mortgage and construction loan financing options designed exclusively for HouseRaising Inc. homebuyers. The partnership allows CitiMortgage to be the sole lender with "the right of first offer on all construction and permanent mortgage financing" to HouseRaising, a Charlotte based company that provides a patented homebuilding and management process to buyers who act as contractors in building their own homes. According to senior vice president of CitiMortgage's retail lending business, Fred Bolstad, the lender's goal is "to provide as many outlets for homeownership as we can." HouseRaising chairman and CEO, Charles Skibo noted that one of the main advantages to the partnership consists in the CitiMortgage broad range of lending options and its geographic presence that serve both HouseRaising and its customers. HouseRaising said the new CitiMortgage product features a single closing process, fixed rate financing, flexible reserves for change orders, a built-in review of the contractor and construction/renovation project, and a range of financing and payment options.