Grants of $1,000 or $3,0006 in down payment or closing cost assistance for home purchase or refinance are available to help make home ownership more affordable.

We want to help you reach your
dream of home ownership

Affordable Mortgage Programs

Homeownership may be closer than you think. A BMO Harris Mortgage Banker can show you variety of loans for borrowers with a low to moderate income or who need to make a smaller down payment.

FHA Loans2,3

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

Five Steps to a Smoother Mortgage Process*



You need to:
  • Speak with a BMO Harris Bank® Mortgage Banker

  • Share information about your income, savings, investments, credit history and debts

BMO Harris will:
  • Inform you of the amount of the loan for which you prequalify and provide you a prequalification letter

  • Discuss products, interest rate options and closing costs

  • Identify the product(s) that best fits your financial needs and goals

  • Schedule an appointment for the application interview

  • Identify required documentation and the amount of the deposit needed to process your application


When you choose BMO Harris for your mortgage financing needs, you'll have the resources of an experienced financial lender, as well as the assistance of a professional Mortgage Banker who will walk you through each step and help you understand the process.



You need to:
  • Provide basic information to your banker including your social security number, your income, loan amount, property address and value of the property to be mortgaged

  • Select a product

  • Receive and review the Loan Estimate sent by BMO Harris Bank. The Loan Estimate provides our good faith estimate of the interest rate on the loan, your monthly payments, closing costs and other items that help you decide if this loan is right for you.

  • Complete your mortgage application. This will include information about your employment history, income savings, investments, debts and the property you wish to purchase or refinance.

  • Confirm your preferred method for communication and receipt of documentation

  • Review the Consumer Financial Protection Bureau (CFPB) Your Home Loan Tool Kit that we send you. Review and sign the application documentation.

  • Provide your intent to proceed and submit your application and application deposit. Your intent to proceed must be received before your application deposit will be accepted.

BMO Harris will:
  • Determine who should be contacted to gain access to the property and the best time to schedule the appointment with the appraiser

  • Identify any additional documentation that may be required to render a credit decision

  • Deliver the complete application package to the BMO Harris mortgage application processing team


While we will provide you with a Loan Estimate based on preliminary information, we will need additional information to further process your request, including:

  • Realtor and attorney contact information
  • Documentation about your income such as salary, earnings and wages (for example W-2s, alimony, investment income, social security)
  • Most recent two years’ federal income tax returns
  • Verification of employment if employed
  • Most recent three months’ bank and investment statements — all pages
  • Purchase contract and any and all addendums for the property you are buying
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BMO Harris will:
  • Identify any additional documentation needed to process the loan and render a credit decision— confirm how and when it will be received

  • Order the appraisal, flood certification, title commitment and private mortgage insurance certificate

    - The appraisal will be completed by a state-licensed and/or certified appraiser

  • Send you a copy of the appraisal


Once the appraisal is complete, the application can move into the next step of the process. Ensure that your appraisal appointment is scheduled promptly and kept as agreed. Promptly provide BMO Harris with any additional documentation required to render a credit decision.

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BMO Harris will:
  • Review all employment, income, savings, investments and debt

  • Compare information on the application to paystubs, W-2 forms, tax returns, bank and investment statements, etc. to determine that sufficient income and funds are available for down payment, closing costs and reserves

  • Review the credit report to determine outstanding debt, payment history and your current credit score

  • Review the appraisal to confirm the market value and determine if the property represents sufficient collateral for the loan

  • Determine that qualification requirements are met to approve the loan

  • Deliver the Commitment Letter and identify any closing conditions, if the loan is approved

  • Provide updated regulatory disclosures

You need to:
  • Secure and provide evidence of homeowners (or “hazard”) insurance and flood insurance (if required) coverage for the property being purchased or refinanced

  • Review, sign and return any applicable documents or disclosures that are provided to you by BMO Harris


When you receive the Commitment Letter, updated regulatory disclosures if applicable and appraisal, please review these documents. Identify any conditions required for closing. The loan can be scheduled for closing once BMO Harris has received all required information.

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BMO Harris will:
  • Review and confirm all loan terms and closing conditions

  • Identify a convenient date, time and location for the closing

  • Schedule the closing with the title company

  • Order pay-off letters, subordinations, releases, etc. and clear all closing conditions

  • Send your Closing Disclosure for your review at least three business days prior to closing

  • Prepare and deliver the closing documents to the title company and coordinate final figures for closing; wire the loan proceeds to the title company

  • Provide information on final funds needed for closing and the method of payment required

You need to:
  • Attend the closing at the BMO Harris branch or title company as scheduled and sign all mortgage and legal documents

  • Provide final funds for closing if required. This information will be detailed in the Closing Disclosure.


  • When you attend the closing, bring a legal form of identification (driver’s license, state I.D., passport, etc.) and the necessary final funds in the form of a cashier’s check or secured funds
  • Confirm with your Mortgage Banker or the title company if funds will need to be wired from your bank to the title company's bank
  • Compare the Closing Disclosure to the Loan Estimate
  • Contact your Mortgage Banker in advance of the closing if you have any questions
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You need to:

Speak with a Mortgage Banker. Share general information about your employment history, income, savings, investments, debts and property you wish to purchase or refinance.

BMO Harris will:

Identify product, interest rate options and closing costs. Discuss qualification requirements. Recommend the product(s) that best fit your financial needs and goals. Identify required documentation and deposit necessary. Schedule an appointment for the application interview.

Helpful Hint:

When you choose BMO Harris for your mortgage financing needs, you'll have the resources of an experienced financial lender, as well as the assistance of a professional Mortgage Banker who will walk you through each step and help you understand the process.

Payment Methods

We offer a range of payment options to help you conveniently make your payment on time, every month. Each is safe and secure — just choose what's easiest for you:

  • In person at any of more than 600 BMO Harris locations
  • By mail

Have questions?


Our calculators4,5 help you compare loans and crunch your numbers.


FAQs Will I Pay Higher Interest Rates with an FHA Loan?

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).

Do I Have to Buy Mortgage Insurance on an FHA Loan?

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.

How Much Can I Borrow with an FHA Loan?

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.

Have questions?

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.

4. Calculators are provided by Leadfusion Inc., which is not affiliated with BMO Harris. The results and information provided on this website are estimates and are provided for informational purposes only. Results depend on many factors, including the assumptions you provide. We do not guarantee their accuracy, or applicability to your circumstances. Please note that Leadfusion may have different privacy and security standards than BMO Harris and you should visit its website at to review its privacy policy. BMO Harris does not provide tax or legal advice and you should consult your tax or legal advisor for tax and legal advice.

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.

* This is an overview of the general steps to the mortgage process. This is not a complete description of the mortgage process, and there may be other requirements that apply. This information is not intended to be tax or legal advice. BMO Harris does not provide tax or legal advice and you should consult your tax or legal advisor for tax and legal advice. The Consumer Financial Protection Bureau offers additional home buying resources. You may visit for more information.