- Auto pay1 from your BMO Harris checking account
- BMO Digital Banking®,7
- BMO Harris Bank by Phone®,8


Open the door to homeownership with a low down payment mortgage.
Low Down Payment Mortgages
Our low down payment mortgages can help make buying a home more affordable. Plus, down payment assistance may be available for qualified home buyers. Talk to a BMO Harris Homebuyer Specialist today to find the loan that’s right for you.
Let’s find a low down payment mortgage that’s right for you.
Neighborhood Home Loan Product | FHA loans | Home Possible | Housing Finance Agency Program | |
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Key benefits | Lowest monthly payments | Flexible guideline for getting approved | Low rates and down payment assistance up to $9,000 | Most down payment assistance available and lowest credit score required |
Minimum borrower contribution | As little as 1% of purchase price | As little as no funds from borrower | As little as no funds from borrower | As little as 1% of purchase price |
Down payment and closing cost assistance available | $1,000 - $7,500 | $1,000 - $7,500 | $1,000 - $9,000 | Up to $10,000 or more |
Mortgage insurance required | No | Yes | Yes | Yes |
Minimum credit score | 660 | 680 | 660 | 640 |
Neighborhood Home Loan Product
FHA loans
Home Possible
Housing Finance Agency Program
Neighborhood Home Loan Product | FHA loans | Home Possible | |
---|---|---|---|
Key benefits | Lowest monthly payments and flexible loan terms | Flexible guideline for getting approved | Low rates and flexible loan terms |
Closing cost assistance available | $1,000 - $3,000 | $1,000 - $3,000 | $1,000 - $3,000 |
Mortgage insurance required | No | Yes | Yes |
Maximum loan-to-value ratio | 95% | 96.5% | 97% |
Minimum credit score | 680 | 680 | 680 |
Neighborhood Home Loan Product
FHA loans
Home Possible
Five Steps to a Smoother Mortgage Process6
Prequalification
You need to:-
Speak with a BMO Harris Bank Mortgage Banker
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Share information about your income, savings, investments, credit history and debts
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Inform you of the amount of the loan for which you prequalify and provide you a prequalification letter
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Discuss products, interest rate options and closing costs
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Identify the product(s) that best fits your financial needs and goals
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Schedule an appointment for the application interview
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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.
Application
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
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Select a product
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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.
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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.
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Confirm your preferred method for communication and receipt of documentation
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Review the Consumer Financial Protection Bureau (CFPB) Your Home Loan Tool Kit that we send you. Review and sign the application documentation.
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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.
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Determine who should be contacted to gain access to the property and the best time to schedule the appointment with the appraiser
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Identify any additional documentation that may be required to render a credit decision
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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
Processing
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
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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
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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.
Underwriting
BMO Harris will:-
Review all employment, income, savings, investments and debt
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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
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Review the credit report to determine outstanding debt, payment history and your current credit score
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Review the appraisal to confirm the market value and determine if the property represents sufficient collateral for the loan
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Determine that qualification requirements are met to approve the loan
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Deliver the Commitment Letter and identify any closing conditions, if the loan is approved
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Provide updated regulatory disclosures
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Secure and provide evidence of homeowners (or “hazard”) insurance and flood insurance (if required) coverage for the property being purchased or refinanced
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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.
Closing
BMO Harris will:-
Review and confirm all loan terms and closing conditions
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Identify a convenient date, time and location for the closing
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Schedule the closing with the title company
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Order pay-off letters, subordinations, releases, etc. and clear all closing conditions
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Send your Closing Disclosure for your review at least three business days prior to closing
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Prepare and deliver the closing documents to the title company and coordinate final figures for closing; wire the loan proceeds to the title company
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Provide information on final funds needed for closing and the method of payment required
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Attend the closing at the BMO Harris branch or title company as scheduled and sign all mortgage and legal documents
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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
Speak with a Mortgage Banker. Share general information about your employment history, income, savings, investments, debts and property you wish to purchase or refinance.
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.
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.
Discover how easy it is to apply online
Our online application is a quick and easy way to apply for a mortgage. You can access your application from any device, upload documents and check your loan status, getting notifications throughout the process. Watch this video to learn how fast, simple and secure your application can be.
Play videoHelpful tips and advice for homebuyers
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
- Auto pay1 from your BMO Harris checking account
- BMO Digital Banking®, 7
- BMO Harris Bank by PhoneSM, 8
- In person at any of more than 600 BMO Harris Locations
- By mail
Have questions?
-
Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Sat 8 a.m. - 1 p.m. (CT) Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Sat 8 a.m. - 1 p.m. (CT)
Have questions?
-
Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Sat 8 a.m. - 1 p.m. (CT) Call 1-888-482-3781
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Sat 8 a.m. - 1 p.m. (CT)
- Auto Pay means periodic scheduled payments automatically deducted from your BMO Harris checking account, as applicable, to pay the loan and may not be available for FHA loans. When you sign up for Auto Pay, you authorize the Bank to draw your account for all amounts then due, including any late fees and any other charges. Checking account opening subject to bank approval.
- Under the BMO Harris Bank 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. Additional down payment assistance options may be available.
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Calculator is provided by Leadfusion Inc., which is not affiliated with BMO Harris. The calculator provides estimates. We do not guarantee their accuracy or applicability to your circumstances. Results depend on many factors, including the assumptions you provide. Leadfusion may have different privacy and security standards than BMO Harris. Visit its website at
www.leadfusion.com
to review its privacy policy.
- 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.
- BMO Harris Bank offers affordable mortgage programs and works with various government and community organizations that offer down payment and closing cost assistance. Affordable mortgage programs may be subject to income limitations and other application restrictions. The amount of down payment and closing cost assistance available varies based on Income and property location.
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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
http://www.consumerfinance.gov/owning-a-home/loan-options/
for more information.
- Certain conditions and limitations apply. Digital Banking Guarantees apply to personal accounts only and do not apply to commercial or business accounts. Please see the BMO Digital Banking Agreement found at bmoharris.com/legal for full details.
- Message and data rates apply. Please contact your wireless carrier for details.
Apply for your Mortgage now!
Here’s all you need to get your application started:
- Your Social Security Number
- Details on your assets and income
We’ll guide you through the rest.
A mortgage banker will be available throughout the process to answer any questions you have and will follow up after you have submitted your application.
Give us a call
Give us a call to ask us any questions or apply by phone.
Mon - Thu 8 a.m. - 7 p.m. (CT)
Fri 8 a.m. - 6 p.m. (CT)
Sat 8 a.m. - 1 p.m. (CT)