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

Steps to Home Ownership

Thousands of families and individuals have financed their very first home with us. We can help you too, every step of the way.



You need to:

Speak with a BMO Harris Bank® Mortgage Banker
Share Share general information about your income, savings, investments, and debts

BMO Harris will:

Advise you if you prequalify and provide you a prequalification letter
Discuss products, interest rate options and closing costs
Identify and assist you in selecting the product(s) that best fits your financial needs and goals
Identify required documentation and application deposit necessary to apply
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.



You need to:

Submit a mortgage loan application
Provide documentation supporting your employment history, income, savings, investments, debts and property you wish to purchase or refinance
Select a product
Receive and sign the application documentation and regulatory disclosures
Submit your application deposit

BMO Harris will:

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


When you speak with your Mortgage Banker regarding your application, be prepared. When you provide the following documentation up front, the application can move to the next step of the process:

  • Realtor and attorney contact information
  • Most recent two years' W-2s
  • Most recent two years' federal income tax returns
  • Most recent 30 days of paystubs
  • Most recent three months' bank and investment statements — all pages
  • Purchase contract — and all riders

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BMO Harris will:

Confirm your preferred method for communication and receipt of documentation
Identify any additional documentation needed to process the loan and render a credit decision— confirm how and when it will be received
Determine who should be contacted to gain access to the property and the best time to schedule the appointment with the appraiser:

  • The appraisal, flood certification, title commitment and private mortgage insurance certificate will be ordered
  • The appraisal will be completed by a state-licensed and/or certified appraiser
Notify you of the appraisal results


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 and a copy of the appraisal

You need to:

Secure and provide evidence of homeowners or hazard insurance coverage for the property being purchased or refinanced
Sign and return the Commitment Letter and updated regulatory disclosures


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

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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
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


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.

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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.