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Save on your mortgage with up to $2,000 off closing costs., footnote *  
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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
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 to $7,500 $1,000 to $7,500 $1,000 to $9,000 Up to $10,000 or more
Mortgage insurance required No Yes Yes Yes
Minimum credit score 640 580 620 640

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

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 Harris 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 Harris 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. The closing cost discount offer is available on purchase applications received from June 1, 2023 through July 31, 2023. The closing cost discount offer consists of an $800, $1,300 or $1,500 closing cost discount depending on loan amount and a $500 Auto Pay closing cost discount. 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 conforming or jumbo loans (loans in excess of $726,200) secured by 1-4 unit homes used as primary or secondary residences and investment properties. Loan amounts up to $399,999 qualify for an $800 closing cost discount, loan amounts between $400,000 and $999,999 qualify for a $1,300 closing cost discount and loan amounts of $1,000,000 or greater, qualify for an $1,500 closing cost discount. This closing cost discount does not apply to refinances.

Auto Pay Closing Cost Discount: The Auto Pay closing cost discount is available when you authorize BMO to withdraw your loan payment each month from an eligible BMO checking account using Auto Pay. Closing cost discount of $500 with Auto Pay from your BMO Harris Smart Money, trademark, Account, BMO Harris Smart Advantage, trademark, Account, BMO Harris Select Checking, registered trademark, account, BMO Harris Premier, trademark, Account or BMO Harris Portfolio Checking, registered trademark, account. FHA and State Bond Program loans do not require Auto Pay to receive this discount.

  • 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 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.
  • 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.