Page 2 - AAG095_B2B Jumbo for Purchase Brochure

Advantage Advantage for

Purchase Loan
for Purchase 3. Example

What property types are eligible?

FAQs Single-family residences, Planned A homeowner age 70,
Unit Developments (PUDs), FHA-
approved condos, and non-FHA- sells their existing home
for $2,000,000.
approved condos.

Step One

Purchase a New Home
1. 4.
The homeowner finds a NEW
What sources are allowed for the What property types are not home for $1,500,000. 5
down payment? eligible?
Use $832,865 as a down
The sale of the existing home, gift Co-ops, second homes payment.
money, home buyer’s savings, and (investment properties), Use $685,500 from an
other assets are all sufficient ways boarding houses, bed and Advantage for Purchase
to source the required funds for breakfast establishments, and loan to complete purchase.
closing. manufactured homes.

Step Two

+$832,865
2. 5.
down payment
What sources cannot be used for What are the eligibility

the cash required to close? requirements? +$685,500
loan to complete purchase
Credit card cash advances, Main requirements: Borrower
personal loans, bridge loans, and must be age 55* or older. $1,500,000 +
subordinate financing cannot be The home must become the Closing Costs

used for closing. homeowner’s primary residence
and be occupied by the buyer
within 60 days from the closing
date. Construction must be Step Three
complete, and the property must $1,167,135 at your disposal
be habitable. Borrower must meet and $0 monthly mortgage

Call today to learn more! loan-to-value requirements. payments.
*The Advantage product options have a (Borrower must continue
minimum age requirement of 55 in all states, to pay property taxes,
with the exception of NY, and WA in which the
minimum age is 60, and UT, NC, and TX in which homeowners insurance, and
Caring Driven Ethical the minimum age requirement is 62. home maintenance costs.)