BMO extends “Welcome Home Grant” down payment program for homebuyers in Chicago and Phoenix
- Successful program extended to October 31, 2022
- The candidates from Chicago and Phoenix the region may be eligible for up to $20,000 to help with the down payment and closing costs
CHICAGO, August 30, 2022 /PRNewswire/ – BMO Financial Group today announced the extension of its Welcome Home Scholarship down payment program Chicago and Phoenix. The program offers grants to eligible borrowers to help pay the down payment and closing costs, helping homebuyers in underserved communities access the credit they need and accelerate their dream of home ownership.
When combined with other home financing programs, eligible borrowers can receive up to $20,000 in combined support. With the help of these programs, homebuyers can contribute as little as $1,000 of their own funds and lock in a 30-year fixed rate mortgage.
“Our Welcome Home Scholarship is designed to support our communities and help families make their dreams of homeownership a reality,” said Bernard NarinRegional President, Chicago South and Arizona, BMO Financial Group. “Expanding this program provides resources that are essential to help revitalize underserved neighborhoods, helping the communities we serve make real financial progress. Welcome Home Scholarship embodies our commitment to a thriving economy, a sustainable future and an inclusive society in all the communities we serve. »
BMO offers the following success stories from homebuyers who have used the Welcome Home grant program:
Clarencia McCormick: Clarencia McCormick is a single mother of three children, living in the southern suburbs Country Club Hills, IL. She was determined to buy a house for herself and her family because their rent was to double. She first applied for a loan in August 2021 but was refused. Since then, Clarencia has focused on improving her credit rating, paying off her debts and increasing her savings. When she met her local BMO banker in March of this year, she was able to use the Welcome Home Scholarship program to qualify for a loan. Thanks to the support of BMO, Clarencia was able to make real financial progress and become the owner of her own house.
Ismael Gomez: Ismael Gomez always dreamed of owning a house in Phoenix, Arizona. However, Ismael struggled to save enough money to make this dream a reality. When a BMO representative reached out to Ismael, the two discussed BMO’s down payment and grant programs for homebuyers. Ismael soon realized that home ownership was indeed possible. After prequalifying for a mortgage in March 2022, Ismael found accommodation in June and closed a month later. Ismael’s dream of home ownership came to life through Ismael’s hard work and the real financial progress Ismael was able to achieve with the Welcome Home Scholarship program.
The program illustrates BMO’s efforts to support an inclusive economic recovery by United States. In 2020, BMO announced BMO EMpower – pledging $5 billion over the next five years to address key barriers facing minority businesses, communities and families.
Funds are reserved for complete applications until October 31, 2022. For more information on the program, please visit https://www.bmoharris.com/main/personal/mortgages/low-down-payment-mortgages/
About BMO Financial Group
Serving customers for 200 years and counting, BMO is a highly diversified financial services provider – the 8th largest bank, by assets, in North America. With total assets of $1.04 trillion as of April 30, 2022 and a diverse and highly engaged team of employees, BMO offers a wide range of personal and commercial banking, wealth management and investment banking products and services. investment to more than 12 million customers and leads through three operating groups: Personal and Commercial Banking, BMO Wealth Management and BMO Capital Markets.
The Web: www.bmo.com Twitter: @BMOmedia
SOURCE BMO Financial Group