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 mortgages1 can help make buying a home more affordable. Plus, down payment assistance2 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 assistance2 of $13,000 or more | Most down payment assistance2 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 | $13,000 or more | $13,000 or more | $13,000 or more | $13,000 or more | $13,000 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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Special offers are subject to change.
- Footnote 1 details Relationship Requirement: If the property is not located in one of the following locations: AZ, CA, CO, FL, ID, IL, IN, IA, KS, MN, MO, NE, NV, NM, ND, OK, OR, SD, UT, WA, WI, WY, and EL Paso County, TX (BMO does not offer Home Equity Products in Texas) in order to be eligible for our real estate secured lending products, you must be a pre-existing BMO customer for at least six month at the time of application; contact a Banker for details. A BMO customer relationship includes any consumer or small business deposit account, secured or unsecured loan, or investment account; Alto accounts are excluded. Not applicable to Physicians loans, Private Bank clients or BMO employees.
- Footnote 2 details BMO offers down payment assistance grants of up to $10,000, not to exceed 3% of the Purchase Price with a minimum grant of $3,500, to qualified borrowers who are purchasing a home in, or who are relocating from, a low-moderate-census tract in specific communities in AZ, CA, CO, IL, IN, MN, and WI and specific majority-minority census tracts in CA (the “Welcome Home Grants”). Separately, BMO offers grants up to $3,000 to qualified borrowers purchasing a primary residence in a low-or-moderate-income census tract in designated areas of AZ, CA, CO, FL, IA, ID, IL, IN, KS, MN, MO, ND, NE, NM, NV, OK, OR, SD, UT, WA, WI and WY (the “LMCT Grant”). The LMCT Grant can be combined with a Welcome Home Grant for total assistance of $13,000. Income and property restrictions apply to all grants. Applications must be received between 5/01/2026 and 10/31/2026, or such earlier date that BMO determines, in its sole discretion, that it will no longer offer the Welcome Home Grants. Additional down payment assistance options may be available. Contact a banker for details.
- Footnote 3 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 4 details FHA mortgage loans are available for owner-occupied 1-4 unit primary residences located nationwide except refinances Texas.
- Footnote 5 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 6 details Availability and amount of assistance may be subject to income limitations, property location, and other restrictions.
- Footnote 7 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.
Accounts are subject to approval and are provided in the United States by BMO Bank N.A. Member FDIC.