Guam: Citibank Recognized for Long-Term Support of USDA’s Housing Loans Program
Guam – Citibank’s long-term support as the lead lender for the USDA Rural Development’s Single Family Housing Guaranteed Loans program was recognized at an award ceremony held on September 8.
USDA Rural Development officials, including USDA State Director, Lorraine P. Shin presented a Service Award to Madhu Seshadri, Citi Country Officer and Country Business Manager, Citi Guam. The award was in recognition of Citibank’s eight-year contribution to the program that has assisted over 450 households (totaling $55.2 million of guaranteed funds).
Ms. Shin said, “Congratulations to Citibank for the significant contributions and continued commitment in assisting homebuyers throughout Guam. As well, we wish to commend the Citibank mortgage team for their roles in providing excellent customer service in working with prospective homebuyers to realize their dream of homeownership.”
Madhu Seshadri expressed his appreciation on behalf of Citibank.
“I am delighted to accept this award for Citibank and for our mortgage champions. The partnership with USDA Rural Development is a testimony of Citibank’s commitment to transforming our clients’ dreams into realities. We reaffirm our support in helping deserving low and moderate-income families acquire a safe and affordable home,” said Mr. Seshadri.
USDA Rural Development’s Single-Family Housing Program provides homeownership opportunities to low and moderate-income families through several loans, grant, and guarantee programs. Under the Guaranteed Loan program, an individual or family may borrow up to 100% of the appraised value of the home, which eliminates the need for a down payment.
A common barrier to owning a home for many low-income individuals and families is the lack of funds to make a down payment. The Guaranteed Loan program makes the reality of owning a home available to a much larger percentage of Americans.
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