BMO Financial Group announced the extension of its Welcome Home Grant down payment program in Chicago and Phoenix. The program offers 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 dream of homeownership.
When paired with other home financing programs, eligible borrowers can receive up to $20,000 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.
“Our Welcome Home Grant program is designed to support our communities and help families make their dream of homeownership a reality,” said Bernard Narine, Regional President, Chicago South and Arizona, BMO Financial Group. “The extension of this program provides resources that are critical in helping revitalize underserved neighborhoods, helping the communities we serve make real financial progress. The Welcome Home Grant embodies our commitment to a thriving economy, sustainable future, and inclusive society throughout the communities we serve.”
BMO offers the following success stories of homebuyers who utilized the Welcome Home Grant program:
Clarencia McCormick: Clarencia McCormick is a single mother of three children, living in south suburban Country Club Hills, Illinois. She was determined to buy a home for herself and her family, as their rent was set to double. She originally applied for a loan in August 2021 but was denied. Since then, Clarencia focused on improving her credit score, paying down debt, and enhancing her savings. When she met with her local BMO banker in March of this year, she was able to utilize the Welcome Home Grant program to qualify for a loan. With BMO’s support, Clarencia was able to make real financial progress and own her own home.
Ismael Gomez: Ismael Gomez always had a dream of owning a home in Phoenix, Arizona. However, Ismael was having trouble saving enough money to make that dream a reality. When a BMO representative connected with Ismael, the two discussed BMO’s down payment and grant assistance programs for homebuyers. Ismael quickly realized that homeownership was indeed possible. After prequalifying for a mortgage in March 2022, Ismael found a home in June and closed one month later. Ismael’s home ownership dream was brought to life due to Ismael’s hard work and the real financial progress Ismael was able to achieve with the Welcome Home Grant program.
The program exemplifies BMO’s efforts to advance an inclusive economic recovery in the United States. In 2020, BMO announced BMO EMpower – pledging $5 billion over the next five years to address key barriers faced by minority businesses, communities and families.
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