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FHA (Federal Housing Administration) home loans may be available to borrowers who may benefit from more flexible eligibility requirements or who may need to make a lower down payment.
A few key benefits include:
- Lower down payment options, often just 3.5% of a home's purchase price
- Flexible credit and underwriting requirements
- Available for home purchases or refinances
- Flexible down payment and closing cost options, including the ability to use gifted funds
Home Possible Mortgage Product3
- Down payment requirements as low as 5% for qualified borrowers with low to moderate income
- Down payment and closing cost assistance may be available to help reduce your down payment
- Available for a home purchase or refinance
Housing Grant Programs3
- Special grants for customers with low to moderate income
- Financial assistance for closing costs or down payment
- Can be used with local or state grants or financial assistance
- In person at any of more than 600 BMO Harris locations
- By mail
Usually, no. Because FHA loans are insured by the federal government, they often carry competitive rates (although you should always compare them with other loan types).
Yes. FHA loans require an upfront mortgage insurance premium of up to 1.75% of the loan amount that is paid at closing. In most cases, the upfront mortgage premium is included in your loan amount, so you are essentially paying it over the life of the loan. Additionally, annual mortgage insurance premiums may also apply and are paid in monthly installments.
The maximum amount you can receive from FHA -insured mortgages varies from county to county, and from state to state. The National Housing Act provides formulas for HUD to determine maximum mortgage limits for loans insured by FHA.
1. With Auto Pay, your periodic scheduled payments for your mortgage loan are automatically deducted from your BMO Harris Select Checking® or BMO Harris Portfolio Checking® account, as applicable and may not be available for FHA loans. Checking account opening subject to bank approval.
2. Standard FHA fixed rate mortgages are available in AZ, FL, IL, IN, KS, MN, MO, WA, and WI. U.S. FHA insured loans help to protect the lender if a borrower defaults on an FHA loan and the lender sustains a loss. Depending on the characteristics of the loan, a mortgage insurance premium is collected from the borrower upfront, on an annual basis (remitted monthly) or both. Premium rates vary depending on the program and specifics of the mortgage transaction. The collection of these premiums allow for more flexible guidelines and options typically not available through conventional financing.
3. Program availability varies by location and is subject to eligibility criteria.
5. You should always talk to your BMO Harris Mortgage Banker to determine the product that is right for you. The calculator headings are merely labels for your convenience. The calculator results are estimates only and should not be construed as advice or a recommendation.
Special offers subject to change at any time without notice.
6. Under the BMO Harris Affordable Housing Grant Program, $1,000 in grant money is available for borrowers buying or refinancing properties located in moderate income census tracts in select counties in AZ, FL, IL, IN, KS, MN, MO, WA and WI. $3,000 in grant money is available for borrowers buying or refinancing properties located in low income census tracts in select counties in AZ, FL, IL, IN, KS, MN, MO, WA and WI. Grant can only be applied to the purchase or refinance of a primary residence. BMO Harris Affordable Housing Grant Program may be subject to other applicable restrictions.
Mortgage Application - Let's Get Started!
Thank you for your interest in a mortgage with BMO Harris Bank. It's quick and easy to complete our form in as little as 20 minutes! Here's what you'll need to know:
- Your Social Security Number
- Information about the property
- Your income, assets and expenses
- In WI, AZ and other community property states, you may be required to provide information about your spouse and your joint assets and liabilities.
After you submit your application online, you will be promptly contacted by one of our registered BMO Harris Mortgage Bankers. Our Mortgage Banker will be happy to answer any questions you may have and will also request additional documentation necessary to process your application.