BMO · Bank
BMO
Review published mortgage options and requirements, then request a personalized quote from the lender.
Key borrower, credit, property-use and reserve requirements have not been verified for this selection.
Availability: Real estate secured lending outside the listed footprint generally requires a BMO relationship of at least six months at application, with stated Private Bank and employee exceptions. Program-specific restrictions differ: physician loans exclude New York and certain grants use designated census tracts. The footprint list is not a complete lending-state registry. Gateway requires Canadian citizenship and a qualifying BMO relationship; Canadian-credit acceptance does not apply to every mortgage program. Application destination branding and purchase/refinance/construction choices were verified without submitting an application.
Our take: Pros & Cons
What we like
- BMO publishes fixed-rate, adjustable-rate, jumbo and low-down-payment mortgages, plus construction, physician and Gateway programs.
- Eligible Gateway applicants can use Canadian credit history when they do not have U.S. credit history, subject to Canadian citizenship and BMO relationship conditions.
- Fixed-rate loans offer 10-, 15-, 20- and 30-year terms.
What to consider
- Properties outside BMO’s listed footprint generally require an existing BMO relationship of at least six months; exceptions apply.
- Gateway Canadian-credit acceptance is program-specific and does not establish acceptance of every foreign credit history, ITIN or visa category.
- ARM interest rates and payments may change after the initial fixed period.
AI-generated lender-level assessment based on published information. Not a verified assessment of Welcome Home Grants; confirm program-specific conditions below.
Additional lender considerations
- BMO offers online applications and access to mortgage specialists.
- Assistance and closing-cost promotions have income, geographic, property, application-date and other restrictions.
- Published U.S. mortgage pages direct borrowers to a specialist for current rates. Calculator illustrations and rate discounts are not standalone advertised mortgage rates.
Newcomer requirements
Welcome Home Grants
Fit not assessed · Check fit
Verified published requirements for this program. Rate-example assumptions are separate and do not establish eligibility or approval.
- State restrictions
- Qualified borrowers purchasing a home in, or relocating from, a low-moderate-income census tract in specific communities in AZ, CA, CO, IL, IN, MN and WI, and specific majority-minority census tracts in CA.
View full lender requirements
- State restrictions
- Qualified borrowers purchasing a home in, or relocating from, a low-moderate-income census tract in specific communities in AZ, CA, CO, IL, IN, MN and WI, and specific majority-minority census tracts in CA.
- Other conditions
- 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.
Questions to confirm with the lender (15)
These requirements have not been verified for this program:
- SSN
- ITIN
- U.S. credit history
- Foreign credit history
- No credit history
- Residency / visa
- Minimum credit score
- Minimum down payment
- Income documentation
- Employment documentation
- Foreign income
- Foreign assets
- Reserves
- Property restrictions
- Occupancy
Requirements last reviewed: Oct 25, 2026 · Official requirements source
Rates and costs
Welcome Home Grants
Rates are available on request
No reviewed advertised rate example is linked to this program.
How to apply
Welcome Home Grants
Document requirements are not confirmed. Ask the lender for its program-specific checklist.
- Confirm the program's identity, residency, credit and property requirements with the lender.
- Use the official application channel to request pricing for your actual scenario.
- Review the lender's written Loan Estimate, including costs and cash to close.
Published eligibility and availability do not guarantee approval. Confirm membership, relationship, property and occupancy conditions with the lender.
Sources and methodology
About this lender
U.S. purchase and refinance mortgages, including fixed and adjustable rates, jumbo, low-down-payment and specialty programs. The Gateway program offers a Canadian-credit pathway for eligible Canadian citizens with qualifying BMO relationships.
Legal lender: BMO Bank N.A.
Lending channel: Direct lending
Provider type: Bank
Lending channels: Direct lending. Origination status: Not stated.
NMLS identifier: 401052
More lender directory information
Parent: BMO Financial Corp.. Former names: BMO Harris Bank N.A..
Direct application information ↗
Real estate secured lending outside the listed footprint generally requires a BMO relationship of at least six months at application, with stated Private Bank and employee exceptions. Program-specific restrictions differ: physician loans exclude New York and certain grants use designated census tracts. The footprint list is not a complete lending-state registry. Gateway requires Canadian citizenship and a qualifying BMO relationship; Canadian-credit acceptance does not apply to every mortgage program. Application destination branding and purchase/refinance/construction choices were verified without submitting an application.
Directory verified: 2026-10-25 UTC · Official directory source ↗
Official mortgage terms · Profile reviewed: Oct 25, 2026
- Official lender source · Last checked Not confirmed
What do APR, points, LTV and reserves mean?
- APR
- An annualized borrowing-cost measure that includes interest and certain loan charges. Read it alongside the interest rate and fees.
- Discount points
- An upfront charge expressed as a percentage of the loan amount. Compare the quoted interest rate and the points together.
- LTV
- Loan-to-value: the loan amount relative to the property's value.
- Reserves
- Assets the lender may require you to retain after closing. Requirements differ by program.