BMO announced a $1 million commitment to help underserved communities achieve progress towards homeownership. The commitment supports BMO’s Welcome Home Grant down payment program, which is expanding to five new markets including Minneapolis, Milwaukee, St. Louis, Indianapolis, and Lake County, IL – Kenosha County, WI. The program, which launched in March 2022, is still available in the Chicago and Phoenix markets. It offers up to $13,000 in grants to eligible borrowers to help with down payment and closing costs, helping buyers in underserved communities access the credit they need and accelerate their dream of homeownership.
When paired with other home financing programs, eligible borrowers can receive up to $25,000 in combined assistance. With the help of these programs, homebuyers can contribute as little as $1,000 from their own funds and lock in a 30-year fixed-rate mortgage.
“The $1 million commitment to support the expansion of our Welcome Home Grant program ensures more families can make real progress towards homeownership,” said Scott Freudenberger, Head, Community Reinvestment, BMO. “The Welcome Home Grant exemplifies our commitment to a thriving economy, sustainable future, and inclusive society throughout the communities we serve.”
“BMO’s Welcome Home Grant program can make homeownership a reality for many individuals and families,” said Courtney Jones, 3rd Vice President of the National Association of Real Estate Brokers (NAREB). “For many underserved communities, the primary barrier to homeownership is affordability and lack of funding for a down payment. The expansion of the program into these communities will provide a critical boost and help people achieve progress towards owning their own home.”
The program embodies BMO’s efforts to advance an inclusive economic recovery in the United States. In November 2022, BMO announced BMO EMpower 2.0 – pledging more than $40 billion over the next five years to address key barriers faced by minority businesses, communities and families.
Funds are reserved for full applications until July 31, 2023. Find more information on the program here.