

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 | |
---|---|---|---|---|
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
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 videoWebinars to help you on your mortgage journey
Community Impact Webinar Series: Attend one of the upcoming online webinars to hear
more details about these programs.
Helpful tips and advice for homebuyers
Send us an email
Reach out with questions. We’ll typically respond within one business day.
Give us a call if you have any question or if you're ready to get started.
1-847-609-2365
*Special offers are subject to change. The closing cost discount offer is available on purchase
applications received from March 1, 2021 through May 31, 2021. The $1,000 closing cost discount consists of a
$500 or $800 closing cost discount and up to a $200 Auto Pay closing cost discount, depending on loan amount.
They are available subject to the following:
Closing Cost Discount: The closing cost discount may be applied to the purchase mortgage at
closing. It is available for conventional or jumbo loans (loans in excess of $548,250) secured by 1-4 unit
homes used as primary residences, second homes, or investment properties. Loan amounts up to $399,999 qualify
for a $500 closing cost discount and loan amounts $400,000 and up qualify for an $800 closing cost discount.
The closing cost discount cannot be applied to refinances.
Auto Pay Closing Cost Discount: The closing cost discount is available when you authorize
BMO Harris to withdraw your loan payment each month from an eligible BMO Harris checking account using Auto
Pay. This discount can only be applied to the purchase or refinance of a primary residence. Closing cost
discount of $100 with Auto Pay from your BMO Harris Smart Money™ Account, BMO Harris Smart
Advantage™ Account or BMO Harris Select Checking® account. Closing cost discount of $200
with Auto Pay from your BMO Harris Premier™ Account or BMO Harris Portfolio
Checking® account. FHA
loans do not require Auto Pay to receive this discount.
- 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.
-
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.
-
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.
Community Impact Webinar Series: Attend one of the upcoming online webinars to hear more details about these programs.
Helpful tips and advice for homebuyers
Give us a call if you have any question or if you're ready to get started. 1-847-609-2365
*Special offers are subject to change. The closing cost discount offer is available on purchase applications received from March 1, 2021 through May 31, 2021. The $1,000 closing cost discount consists of a $500 or $800 closing cost discount and up to a $200 Auto Pay closing cost discount, depending on loan amount. They are available subject to the following:
Closing Cost Discount: The closing cost discount may be applied to the purchase mortgage at closing. It is available for conventional or jumbo loans (loans in excess of $548,250) secured by 1-4 unit homes used as primary residences, second homes, or investment properties. Loan amounts up to $399,999 qualify for a $500 closing cost discount and loan amounts $400,000 and up qualify for an $800 closing cost discount. The closing cost discount cannot be applied to refinances.
Auto Pay Closing Cost Discount: The closing cost discount is available when you authorize BMO Harris to withdraw your loan payment each month from an eligible BMO Harris checking account using Auto Pay. This discount can only be applied to the purchase or refinance of a primary residence. Closing cost discount of $100 with Auto Pay from your BMO Harris Smart Money™ Account, BMO Harris Smart Advantage™ Account or BMO Harris Select Checking® account. Closing cost discount of $200 with Auto Pay from your BMO Harris Premier™ Account or BMO Harris Portfolio Checking® account. FHA loans do not require Auto Pay to receive this discount.
- 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.
-
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.
-
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.