Page 2 - AAG095_Jumbo for Purchase Brochure for Realtors

AAG is:
Advantage

for Purchase

Caring Driven Ethical

FAQs Call today to learn more!

1. What sources are allowed for the down
payment?
Advantage for Purchase Loan Example
The sale of the existing home, gift money, seller
concessions, home buyer’s savings and other
assets are all sufficient ways to source the required Your client, a homeowner age 70, sells their
funds for closing.
existing home for $2,000,000

2. What sources cannot be used for the Step One
cash required to close? Purchase a New Home

Credit card cash advances, personal loans, bridge
loans and subordinate financing cannot be used Your client finds a NEW home for $1,500,000 4
for closing. Use $876,925 as a down payment

Use $634,500 from an Advantage for Purchase
3. What property types are eligible? loan to complete new purchase.

Single-family residences, Planned Unit
Developments (PUDs), FHA approved condos and Step Two
non-FHA approved condos.
+876,925
DOWN PAYMENT
4. What property types are not eligible? +$634,500

Co-ops, second homes (investment properties), LOAN TO COMPLETE PURCHASE
boarding houses, bed and breakfast
establishments, and manufactured homes.
$1,500,000 + Closing Costs
5. What are the Eligibility Requirements?

Main requirements: Borrower must be age 62 or Step Three
older. The home must become the homeowner’s
primary residence and be occupied by the buyer $1,123,075 at your disposal and $0
within 60 days from the closing date. Construction monthly mortgage payments.
must be complete, and the property must be
habitable. Borrower must meet loan-to-value Borrower must continue to pay property taxes,
requirements. homeowners insurance and home maintenance costs.

For industry professionals only – not intended for distribution to the general public.