Skip navigation
    Support
    Branches
    Sign In
      Navigation skipped

      Save on your mortgage with up to $2,000 off closing costs., footnote *  
      Learn more

      Open the door to homeownership with a low down payment mortgage.

      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 Homebuyer Specialist today to find the loan that’s right for you.

      Low down payment mortgages section

      Let’s find a low down payment mortgage that’s right for you.

      Buy a home

      Refinance

      Buy a home, low down payment mortgage comparison table
      blank Neighborhood Home Loan Product FHA loans Home Possible Housing Finance Agency Program Veterans Affairs
      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 100% Financing
      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 As little as no funds from borrower
      Down payment and closing cost assistance available $1,000 to $7,500 $1,000 to $7,500 $1,000 to $9,000 Up to $10,000 or more Not applicable
      Mortgage insurance required No Yes Yes Yes No
      Minimum credit score 640 580 620 640 580

      Neighborhood Home Loan Product

      Buy a home, Neighborhood Home Loan Product, low down payment mortgage comparison table
      Key benefits Lowest monthly payments
      Minimum borrower contribution As little as 1% of purchase price
      Down payment and closing cost assistance available $1,000 to $7,500
      Mortgage insurance required No
      Minimum credit score 640

      FHA loans

      Buy a home, FHA loans, low down payment mortgage comparison table
      Key benefits Flexible guideline for getting approved
      Minimum borrower contribution As little as no funds from borrower
      Down payment and closing cost assistance available $1,000 to $7,500
      Mortgage insurance required Yes
      Minimum credit score 580

      Home Possible

      Buy a home, Home Possible, low down payment mortgage comparison table
      Key benefits Low rates and down payment assistance up to $9,000
      Minimum borrower contribution As little as no funds from borrower
      Down payment and closing cost assistance available $1,000 to $9,000
      Mortgage insurance required Yes
      Minimum credit score 620

      Housing Finance Agency Program

      Buy a home, Housing Finance Agency Program, low down payment mortgage comparison table
      Key benefits Most down payment assistance available and lowest credit score required
      Minimum borrower contribution As little as 1% of purchase price
      Down payment and closing cost assistance available Up to $10,000 or more
      Mortgage insurance required Yes
      Minimum credit score 640

      Veterans Affairs

      Buy a home, Veterans Affairs, low down payment mortgage comparison table
      Key benefits 100% Financing
      Minimum borrower contribution As little as no funds from borrower
      Down payment and closing cost assistance available Not applicable
      Mortgage insurance required No
      Minimum credit score 580

      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 video, completing your application is fast and simple, opens in a new pop-up

      Webinars 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


      Calculators section

      Calculators

      Our calculators, help you compare loans and crunch your numbers.

      S.A.F.E. Act

      The Secure and Fair Enforcement (S.A.F.E.) for Mortgage Licensing Act protects consumers. This nationwide licensing and registration system provides accurate, accessible information about lenders and their employees.

      BMO Bank N.A. fully complies with the S.A.F.E. Act. Learn more about how the S.A.F.E. Act protects you.

      For further information regarding your Mortgage Loan Originator or BMO Bank N.A., please visit www.nmlsconsumeraccess.org blue BMO icon

      Contact us section

      Send us an email

      Reach out with questions. We’ll typically respond within one business day.
      CRAStrategyTeam@bmo.com

      Give us a call if you have any question or if you're ready to get started. 1-847-609-2365

      footnote * details,Special offers are subject to change. To receive a 0.125% rate discount, you must authorize BMO to withdraw your loan payment each month from an eligible BMO checking account using Auto Pay. Rate discount of 0.125% with Auto Pay from your BMO Smart Money Checking account, BMO Smart Advantage Checking account, BMO Select Checking account, BMO Relationship Checking or BMO Portfolio Checking account. Housing Finance Agency, FHA, VA, and State Bond Program loans are not eligible for the interest rate discount but will receive a $500 closing cost discount if eligible.

      • Footnote 1 details Auto Pay means periodic scheduled payments automatically deducted from your BMO 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.
      • Footnote 2 details BMO offers grant money of up to $13,000 ($6,500 to Minority Borrowers and $6,500 to Borrowers in Majority Minority Census Tracts) purchasing a primary residence, not to exceed 3% of the Purchase Price with a minimum of $3,500, in select counties in AZ, CA, IL, IN, MN, MO, and WI. Separately, BMO offers up to $3,000 grant to borrowers purchasing or refinancing a primary residence in a low- or moderate- income census tract in designated counties in AZ, CA, CO, FL, IA, ID, IL, IN, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, TX, UT, WA, WI and WY. Income and property restrictions apply. BMO’s Welcome Home Grant Program may be subject to other applicable restrictions. Applications must be received between August 1, 2023, and January 31, 2024. Additional down payment assistance options may be available. Contact a Banker for Details.
      • Footnote 3 details Calculator is provided by Leadfusion Inc., which is not affiliated with BMO. 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. Visit its website at www.leadfusion.com third party to review its privacy policy.
      • Footnote 4 details You should always talk to your BMO 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.
      • Footnote 5 details BMO 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.
      • Footnote 6 details 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 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/ Third Party for more information.
      • Footnote 7 details 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 bmo.com/en-us/legal for full details.
      • Footnote 8 details Message and data rates apply. Please contact your wireless carrier for details.
      • Footnote 9 details Veterans, Servicemembers, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veteran Affairs (VA). A Certificate of Eligibility (COE) from the VA is required to document eligibility. Restrictions and limitations apply.