Save on your mortgage with up to $500 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 assistance1 may be available for qualified home buyers. Talk to a BMO Mortgage Specialist today to find the loan that’s right for you.
Call 1-844-219-6003Let’s find a low down payment mortgage that’s right for you.
| 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 assistance1 of $16,000 or more | Most down payment assistance1 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 | $16,000 or more | $16,000 or more | $16,000 or more | $16,000 or more | $16,000 or more |
| Mortgage insurance required | No | Yes | Yes | Yes | No |
| Minimum credit score | 640 | 580 | 620 | 640 | 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.
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Footnote 1 details
BMO offers affordable mortgage programs and works with government and community organizations that offer down payment and closing cost assistance. The availability and amount of down payment and closing cost assistance varies based on income and property location.
BMO offers grant money of up to $13,000 ($6,500 to borrowers who identify on the loan application with an ethnicity of Hispanic or Latino or Race of Black or African American and $6,500 to borrowers purchasing in a Majority Black or Hispanic Census Tract) 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, 2021, and January 31, 2025. Additional down payment assistance options may be available. Contact a Banker for details. - Footnote 2 details Neighborhood Home Loan Product may be subject to other restrictions and is available to borrowers buying or refinancing properties located in low to moderate income census tracts in select counties in AZ, CA, CO, FL, ID, IL, IN, IO, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI and WY.
- Footnote 3 details FHA mortgage loans are available for owner-occupied 1-4 unit primary residences located nationwide except refinances Texas.
- Footnote 4 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.
- Footnote 5 details Availability and amount of assistance may be subject to income limitations, property location, and other restrictions.
- Footnote 6 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 to review its privacy policy.
- Footnote 7 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.