BMO says it will commit $1 million to expand its Welcome Home Grant down payment program to five new markets including Minneapolis, Milwaukee, St. Louis, Indianapolis, and Lake County, IL – Kenosha County, WI. The bank said its efforts would help underserved communities achieve progress towards homeownership.
“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.”
The program, 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. 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.
“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.”
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