Harris Helps Low-Income Homebuyers with Down Payment and Closing Costs

CHICAGO, April 6 /PRNewswire-FirstCall/ -- Harris today announced its participation in a statewide affordable housing program known as Downpayment Plus®, which focuses on providing financial assistance to qualified low-income homebuyers in Illinois who need help with down payment and closing costs associated with buying a home.

To qualify for grant consideration, an applicant's aggregate annual household income must be 80 percent or less than the area median family income, adjusted for family size. Qualified families must apply for home financing at Harris and meet the bank's loan underwriting criteria. A qualified household may be eligible to receive up to $4,000 in subsidized assistance for the acquisition of an owner-occupied one or two family dwelling.  A homebuyer must contribute at least $750 in cash towards the purchase of the home.

"This is the 11th year Harris has participated in the program, and in this economy, we're more excited than ever for the doors it will open -- literally and figuratively -- for individuals and families in Illinois," said Carl Jenkins, Director of Community Investments for Harris. "For people hoping to purchase a home but lacking enough out-of-pocket funds for down payment and closing costs, Downpayment Plus could help make their dream of homeownership a reality."

To simplify the process for customers, Harris will apply for the grants on behalf of its borrowers. Borrowers may not apply for grants directly, and must receive homeownership education to help ensure that they understand the home buying process and the financial responsibilities of homeownership.

Prospective borrowers can learn more by contacting a mortgage specialist at any Harris location. Downpayment Plus grants are funded by the Federal Home Loan Bank of Chicago using funds set aside from earnings for the purpose of assisting low income families. Funds are available to qualified applicants on a first-come, first-served basis until program funds are depleted. The program is administered by the Illinois League of Financial Institutions.

About Harris

Harris is an integrated financial service organization providing more than 1.2 million personal, business and corporate clients with banking, lending, investing and wealth management solutions. The organization is a member of the BMO Financial Group (NYSE, TSX: BMO), which also provides corporate and investment banking services in the U.S. under the BMO Capital Markets name.

Harris® is a trade name used by various financial service subsidiaries of Harris Financial Corp.  Banking products and services are provided by Harris N.A., The Harris Bank, N.A. and their bank affiliates, Members FDIC.  Brokerage products are offered through Harris Investor Services, Inc. (HIS), a registered broker/dealer, member FINRA/SIPC, and SEC-registered investment adviser.  Insurance and annuities are offered through Harris Bancorp Insurance Services, Inc. (HBIS). Investment banking services are provided by BMO Capital Markets Corp. (BMOCM), a registered broker dealer and member NYSE, FINRA and SIPC.  HIS, HBIS and BMOCM are affiliated companies and are wholly owned subsidiaries of Harris Financial Corp.  Products offered by HIS, HBIS and BMOCM are Not Insured by the FDIC or any Federal Government Agency, Not a Deposit of or Guaranteed by Any Bank or Bank Affiliate, May Lose Value.  The purchase of insurance or an annuity is not a condition to any bank loan or service.  Financial planning and investment advisory services are provided by Sullivan, Bruyette, Speros & Blayney, Inc., an SEC registered investment adviser.  Family Office Services are provided by Harris myCFO, Inc.  Investment advisory services are offered by Harris myCFO Investment Advisory Services LLC, a SEC-registered investment adviser and wholly-owned subsidiary of Harris myCFO, Inc. Investment advisory services to institutional clients are provided by Harris Investment Management (HIM), a SEC-registered investment adviser.   Not all products and services are offered in every state and/or location.

SOURCE Harris Bank

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