BMO’s Welcome Home Grant Program reaches new communities, assisting more homebuyers
BMO committed $1 million to provide underserved communities assistance to accelerate their path to homeownership. This commitment supports BMO’s Welcome Home Grant Program to further expand in five new markets including Milwaukee, Minneapolis, St. Louis, Indianapolis and SE Wisconsin/NE Illinois (Lake County, IL, Kenosha County, WI).
Launched in Chicago and Phoenix in 2022, the program provides eligible homebuyers in minority communities up to $13,000 in down payment and closing cost assistance.
These grants can also be combined with additional down payment assistance programs to receive up to $25,000 or more. 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.
Organizations including the National Association of Real Estate Brokers (NAREB), the premier network of black real estate professionals, have also partnered with BMO to provide access and resources to promote housing opportunities.
Courtney Jones, 3rd Vice President of the National Association of Real Estate Brokers (NAREB) said, “For many underserved communities, the primary barrier to homeownership is affordability and lack of funding for a down payment. BMO’s Welcome Home Grant program can make homeownership a reality for many individuals and families. The expansion of the program into these communities will provide a critical boost and help people achieve progress towards owning their own home.”
The Welcome Home Grant Program is part of BMO EMpower 2.0, our more than $40 billion commitment to address key barriers faced by minority businesses, communities and families in the U.S. and ensures that more families can make real progress toward homeownership.