BMO Financial Group has announced a $2 million commitment to expand its Welcome Home Grant program to California.
The program offers up to $16,000 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 journey to homeownership. When paired with other home financing programs, eligible borrowers in California can receive up to $26,500 or more in combined assistance.
The Welcome Home Grant program will be now available in seven California markets: Los Angeles, San Francisco, Oakland, San Diego, San Jose, Anaheim and Riverside. The program, which launched in March 2022, is available in seven other markets including Chicago, Phoenix, Milwaukee and Minneapolis.
“BMO is committed to helping eligible homebuyers make real financial progress through homeownership, which has historically been an important element of getting ahead financially,” said Eric Smith, vice chairman of BMO. “The Welcome Home Grant program removes barriers to homeownership for low- to moderate-income and minority communities. At BMO, we are driven by our Purpose, to Boldly Grow the Good in business and life, and to be a catalyst for an inclusive society, including through offerings that help to close the racial wealth gap.”
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