Page 2 - AAG095_AAG Advantage for Purchase - Realtors

AAG is:
AAG Advantage

for Purchase

Caring Driven Ethical

Call today to learn more!
FAQs 800-608-6004

1. What sources are allowed for the down Example
payment?
AAG 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 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
for closing. Use $883,288 as a down payment

Use $616,712 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 Two
non-FHA approved condos.
+883,288
DOWN PAYMENT
4. What property types are not eligible? +$616,712

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

Main requirements: Borrower must be age 62 or Three
older. The home must become the homeowner’s
primary residence and be occupied by the buyer $ 1,116,712 at your client’s disposal and
within 60 days from the closing date. Construction $0 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. homeowner’s insurance and home maintenance costs.

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