Page 2 - AAG095_B2B Jumbo for Purchase Brochure
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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 funds for   Your client, a homeowner age 70, sells their
        closing.
                                                                          existing home for $2,000,000

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

        Credit card cash advances, personal loans, bridge loans
        and subordinate financing cannot be used for closing.     Your client finds a NEW home for $1,500,000  4
                                                                        Use $876,925 as a down payment
        3. What property types are eligible?                      Use $634,500 from an Advantage for Purchase

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

        Co-ops, second homes (investment properties),                          +$634,500
        boarding houses, bed and breakfast establishments,                  LOAN TO COMPLETE PURCHASE
        and manufactured homes.



        5. What are the Eligibility Requirements?                 $1,500,000 + Closing Costs
                                                       1
        Main requirements: Borrower must be age 60 or older.
        The home must become the homeowner’s primary                                Step Three
        residence and be occupied by the buyer within 60 days
        from the closing date. Construction must be complete,        $1,123,075 at your disposal and $0
        and the property must be habitable. Borrower must               monthly mortgage payments.
        meet loan-to-value requirements.
                                                                     Borrower must continue to pay property taxes,
                                                                  homeowners insurance and home maintenance costs.
        1 The Advantage product options have a minimum age requirement of 60
        in all states, with the exception of UT and TX in which the minimum age
        requirement is 62. The Advantage “Select” product option has a minimum
        age requirement of 62 for all states.                 For industry professionals only – not intended for distribution to the general public.
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