Page 2 - AAG095_B2B Jumbo for Purchase Brochure

Advantage for
Advantage Purchase Loan

for Purchase 3. Example

What property types are eligible?
A homeowner age
FAQs Single-family residences, Planned 70, sells their existing
home for $2,000,000.
Unit Developments (PUDs), FHA
approved condos and non-FHA
approved condos.
Step One

Purchase a New
Home

The homeowner
1. 4. finds a NEW home for
4
$1,500,000 .
What sources are allowed for the What property types are not
down payment? eligible? Use $876,925 as a down
payment.
The sale of the existing home, gift Co-ops, second homes
money, seller concessions, home (investment properties), Use $634,500 from an
buyer’s savings and other assets boarding houses, bed and Advantage for Purchase
loan to complete
are all sufficient ways to source the breakfast establishments, and purchase.
required funds for closing. manufactured homes.

Step Two
+$876,925

down payment
2. 5.
+$634,500
What sources cannot be used for What are the Eligibility loan to complete purchase

the cash required to close? Requirements?
Credit card cash advances, Main requirements: Borrower $1,500,000 +
personal loans, bridge loans and must be age 60* or older. Closing Costs
subordinate financing cannot be The home must become the

used for closing. homeowner’s primary residence
and be occupied by the buyer
within 60 days from the closing Step Three
date. Construction must be $1,123,075 at your
complete, and the property must disposal and $0
monthly mortgage
be habitable. Borrower must meet payments. Borrower
Call today to learn more! loan-to-value requirements. must continue to
pay property taxes,
*The Advantage product options have a minimum homeowner’s
age requirement of 60 in all states, with the
exception of UT and TX in which the minimum age insurance, and home
Caring Driven Ethical requirement is 62. maintenance costs.