About Government Loans for First-Time Home Buyers

Video Transcript

"Hi this is Matt McKillen with Innovative Financial Group. The question posed to me today what government loans are available for first time home buyers? Well the two most popular government loan programs available are FHA loans and what are called VA loans. First off VA loans is through the Veteran's Administration and that's a loan that can give you up to 100% of the value of the purchase price of a home with zero down payment. In order to qualify for a VA loan, you must have served in the armed forces, have an honorable discharge, you can be retired, you don't have to be active duty but you have to have had that affiliation with the military and left on good terms. The second program available is what's called the FHA loan. Now that loan is probably our most popular loan going right now to purchase a property. It's backed through the Federal Housing Authority and it requires a down payment of three and a half percent. It's great 30 year fixes rates, they do also allow for the seller to pay a good majority of the closing costs plus it is available to anybody that can qualify the loan on a full dock basis plus they're a little bit more liberal with credit scores. Again my name is Matt McKillen and I'm with Innovative Financial Group."