About Military Loan Financing
The most popular product available for military personnel that are looking to finance a purchase is the VA loan, or Veteran's Administration loan. Find out what costs veterans are not allowed to pay for with help from a financial specialist in this free video on loans and money management.
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Hi, this is Matt McKillen with Innovative Financial Group. The question posed to me today is: What types of programs are available for military that are looking to financing the purchase of a home? The most popular product available is what's called the VA loan or veteran's administration loan. You can only get this loan if you've served active duty in the military. What it does is it provides you up to 100 percent financing to purchase a property. And on top of that, the seller is required to pay your closing costs. There are certain costs that you, as a veteran, are not allowed to pay for. To give you an example, I had a client recently that just closed on a VA loan. They purchased a home for about 130,000 dollars. Because of the fact that they did not have to put any down payment whatsoever and that the seller paid their closing costs, my veteran went to the closing table and purchased the home and literally only had to write a check for 350 dollars. That's less than first, last, and security deposit on an apartment. So if you have any experience in the military, if you were active duty or you have an honorable discharge or retired military, the VA loan is the best avenue for you to purchase a property. Again, my name is Matt McKillen. I'm with Innovative Financial Group.