BMO Harris Employer Assisted Housing Program Frequently Asked Questions

Qualifications

1. Q: Who qualifies for the BMO Harris Employer Assisted Housing Program?

A: To qualify for the BMO Harris Employer Assisted Housing Program employees must: • Be first-time homebuyers (or have not owned a home within the past 36 months) • Be full-time or part-time employees (20 hour minimum) of BMO Harris N.A. (or any affiliate) in , , , , , Washington, , or . • Have completed one year of satisfactory service. • Be in good standing with satisfactory or better performance appraisal, attendance and punctuality records as confirmed by BMO Harris Bank N.A. Human Resources. • Be able to qualify for mortgage financing from BMO Harris Bank N.A., subject to credit approval and underwriting guidelines. • Be able and willing to contribute at least $1,000 or 1% of the purchase price, whichever is greater, from applicant’s savings. • Demonstrate commitment to working with the EAH program by meeting pertinent conditions stipulated by BMO Harris Bank, including but not limited to credit counseling, home buying education and filling out EAH program reports as required. • Not exceed maximum income eligibility requirements as below:

The combined gross annual income of all the people living in the household must be less than the income limit listed below. The number listed above each limit indicates the number of people living in the household. For example, the combined gross annual income for a 4 person household must be less than $62,500 in Illinois.

For Illinois properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $62,500 $62,500 $62,500 $62,500 $65,700 $70,550 $75,400 $80,300

For Indiana properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $55,500 $55,500 $55,500 $55,500 $58,900 $63,250 $67,600 $71,950

For Wisconsin properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $58,500 $58,500 $58,500 $58,500 $63,350 $68,050 $72,750 $77,450

6530_EAH Program FAQs- 11-10-17.doc - 1 - BMO Harris Employer Assisted Housing Program Frequently Asked Questions For Arizona properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $51,500 $51,500 $51,500 $51,500 $55,300 $59,400 $63,500 $67,600

For Florida properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $53,500 $53,500 $53,500 $53,500 $57,500 $61,750 $66,000 $70,250

For Washington properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $71,500 $71,500 $71,500 $71,500 $71,500 $76,350 $81,600 $84,350

For Kansas properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $59,500 $59,500 $59,500 $59,500 $63,350 $68,050 $72,750 $77,450

For Missouri properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $59,500 $59,500 $59,500 $59,500 $63,350 $68,050 $72,750 $77,450

For Minnesota properties 1 2 3 4 5 6 7 8 PERSON PERSON PERSON PERSON PERSON PERSON PERSON PERSON LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT LIMIT $68,500 $68,500 $68,500 $68,500 $71,100 $76,350 $81,600 $86,900

Grant Information

2. Q: How much is the grant? A: The grant is for $2500.

3. Q: What can this grant be used for? A: The grant can be used for closing costs and/or down payment assistance.

4. Q: Will the grant be reported as income? A: Yes, the grant will be reported as income. Employees will be responsible for any federal, state or local taxes. This income will be included in the employee’s W-2.

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5. Q: Do I need to repay the grant to BMO Harris Bank? A: No, the grant is not repayable.

Application

6. Q: How do I apply for the BMO Harris Employer Assisted Housing Program? A: The application to apply for the BMO Harris Employer Assisted Housing Program can be found on the Employee Banking Intranet site located at: www.bmoharris.com/bestofbmous.

The form is called the “BMO Harris EAH Eligibility Application”. Please send the completed application to the contact listed at the bottom of the form.

Miscellaneous

7. Q: Can the BMO Harris Employer Assisted Housing Program be combined with other offers? A. Yes. An employee may qualify for additional rate reductions and closing cost and down payment assistance.

8. Q: Who should I contact if I have further questions? A. Employees interested in applying for a grant should contact an approved Mortgage Banker. Please call the dedicated Employee Hotline at 1-888-398-2265 to speak with a Mortgage Banker or to be connected with an approved Mortgage Banker in your area.

For all other questions, please contact [email protected].

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