Welcome Home Grant Program expands to new markets in California, assisting more homebuyers in BMO’s growing footprint
BMO’s Welcome Home Grant Program is now available for eligible homebuyers in seven new markets including Anaheim, Los Angeles, Oakland, Riverside, San Diego, San Francisco and San Jose in California.
Homebuyers can now receive up to $16,000 in down payment and closing cost assistance. These grants can also be combined with additional down payment assistance programs to receive up to $26,500 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.
The Welcome Home Grant Program launched in Chicago and Phoenix in 2022 with a focus on eliminating barriers and enabling growth in underserved communities. Since March 2022, the program increased its grant amount, reached new customers with the expansion to five new markets and committed $2 million in down payment assistance to support 150 homebuyers in minority communities.
The lending performance of the program has also improved significantly due to our engagement with real estate agents in minority communities and our efforts to communicate about the program with non-profit partners and community leaders.
Brenda J Rodriguez, Executive Director of Affordable Housing Clearinghouse in California said, “This program expansion will allow BMO to assist more homebuyers in underserved communities across the U.S., assisting individuals and families with a critical boost to help achieve their dream of homeownership.”
With the program’s expansion to new markets, more homebuyers across BMO’s footprint can overcome hurdles and accelerate their progress toward building equity and wealth.
“BMO is committed to helping eligible homebuyers make real financial progress through homeownership, which has historically been an important element of getting ahead financially,” said Eric Smith, Vice Chair, BMO U.S. “The Welcome Home Grant program removes barriers to homeownership for low- to moderate-income and minority communities. At BMO, we are driven by our Purpose, to Boldly Grow the Good in business and life, and to be a catalyst for an inclusive society, including through offerings that help to close the racial wealth gap.”
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.
