Building on the work of Fisher [Phys. Rev. B 40, 546 (1989)], we develop the perturbation theory for the Bose-Hubbard model and apply it to calculate the effects of a degenerate gas of spin-polarized fermions interacting by contact interactions with the constituent bosons. For the single-band Bose-Hubbard model, we find that the net effect of the screening of the boson on-site interaction by the fermions is to suppress the Mott-insulating lobes in the Bose-Hubbard phase diagram. For the more general multiband model, we find that, in addition to the fermion screening effects, the virtual excitations of the bosons to the higher Bloch bands, coupled with the contact interactions with the fermions, result in an effective increase (decrease) of the boson on-site repulsion (hopping parameter). If the higher-band renormalization of the boson parameters is dominant over the fermion screening of the interaction, the Mott-insulating lobes in the Bose-Hubbard phase diagram are enhanced for either sign of the Bose-Fermi interactions, consistent with the recent experiments.