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

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.