Planet buys your existing home up to 7 days before you close on your newly built home.
Enjoy up to 14 more days in your existing home, avoiding the hassle of moving into and out of short-term rentals or paying for storage facilities.
No more worrying about when to list your house for sale, how to sell your house fast, or the cost to sell your home. No paying for short-term rentals. Just an easy move from your existing home to your new home. Only with Purchase EDGE. Only from Planet Home Lending.
Before Purchase EDGE:
Home selling stresses including listing, showing, and closing on your existing home
Aligning the closing date of your existing home with the move-in date of your newly built home
Packing and paying to move into and out of short-term rental or storage facilities
With Purchase EDGE:
Flexibility if delays change your closing date
A buyer for your existing home up to 7 business days before closing on your new home
Up to 14 calendar days to move stress-free into your new home after closing on your existing home
If you choose to work with Planet for the financing on your new home, you will get great continuity of service from one home to another and beyond. We’re proud to be true partners on the next part of your homeownership journey — and give you the edge in a competitive market.
Purchase EDGE FAQ
Am I eligible for Purchase EDGE?
To be eligible for Purchase EDGE, you must own your existing home with at least 20% equity and be able to qualify for a mortgage for your new-build or resale home. This program is not available in California. For more information, talk to your Planet mortgage professional.
I’d love to buy a home from a particular builder, but they won’t take a contingency. What should I do?
Call Planet. Your builder doesn’t have to be working with Planet for you to take advantage of Purchase EDGE and buy with no contingency.
What if my builder moves my closing date more than once?
No problem! We wait until you and your builder have final confirmation of the closing date and then purchase your existing home up to 7 business days before you close. Then you have 14 calendar days from the purchase date to move from your existing home to your new home, making your move stress-free and on your schedule.
Do I need to get the mortgage for my new home from Planet to use Purchase EDGE?
Yes, Planet offers Purchase EDGE to borrowers financing their new-build or resale home purchase with Planet, but the use of Purchase EDGE is optional. We’re excited to help you finance your new home. Fortunately, we offer a wide array of home loan options and have experience working with buyers, sellers, and builders across the country.
What costs are associated with Purchase EDGE from Planet?
Typically, the total costs associated with Purchase EDGE include a program fee, real estate agent fees, an annualized carrying cost (or actual carrying costs, whichever is less), and any applicable transfer taxes. Fees are based on a percentage of the existing home’s sale price. Talk with your Planet mortgage professional today to learn more. Other actual costs, including third-party costs and closing costs will continue to apply.
Purchase EDGE Guarantee
Search for your dream home with confidence with Purchase EDGE Guarantee. Then make a contingency-free offer on your new home with a buyer in your back pocket for your existing home. Only from Planet Home Lending!
Here’s how it works:
You want to buy your new home but do not want to wait until you sell your existing home or have a sale contingency in your contract on your new home.
You enter into the Purchase EDGE Guarantee program with Planet Management Group, LLC (“PMG”), a subsidiary of Planet Home Lending, LLC (“Planet”).
PMG will then execute a purchase and sale agreement on your existing home with a closing date up to 120 days from execution. This will allow you to exclude that debt from your debt-to-income ratio on your new home financing.
You then have 120 days from the closing date of your new home to sell your existing home.
You must list your existing home within 10 business days after the closing date on your new home.
You must list your existing home for no more than 10% above the Estimated Value identified by PMG and agreed upon in your program agreement.
If your existing home has not sold after 120 days, PMG will buy your existing home in accordance with the executed purchase and sale agreement.
If you want to sell sooner, PMG will buy your existing home no earlier than 7 business days before you close on your new home, in accordance with the executed purchase and sale agreement.
There’s no need to wait to sell your existing home before you buy. No more homebuying or selling stress. No need to settle for a less-than-perfect new home. Give yourself peace of mind.
Purchase EDGE Guarantee FAQ
Am I eligible for Purchase EDGE Guarantee?
To be eligible for Purchase EDGE Guarantee, you must:
Own your existing home,
Have 20% equity in the home (or 40% equity when including a bridge loan),
Be in the market for a new construction or resale property, and
Obtain a FNMA or FHLMC Conventional Loan on the new purchase property.
For full eligibility details, talk to your Planet mortgage professional — contact us with questions anytime.
With Purchase EDGE Guarantee, do I need to get the mortgage for my new home from Planet?
No, obtaining your new purchase mortgage loan with Planet is not required, but Planet is here for your home mortgage needs.
What costs are associated with Purchase EDGE Guarantee from Planet?
Typically, the total costs for Purchase EDGE Guarantee vary depending on whether you are able to sell your home, or PMG steps in as the buyer. If you sell your home, the costs associated include the Purchase EDGE Guarantee program fees. If PMG purchases your home, there are no program fees, but PMG will purchase at the agreed-upon purchase price. If you are unable to sell your home prior to the expiration of the 120-day period and PMG must purchase your home, you may lose equity. In California, for the Purchase EDGE Guarantee, we are offering no program fees. Other actual costs, including third-party costs and closing costs will continue to apply. Talk with your Planet mortgage professional today to learn more and see if this program is right for you.
Purchase EDGE Programs Terms and Conditions:
The Purchase EDGE and Purchase EDGE Guarantee programs provide options for Planet Management Group, LLC (“PMG”), a wholly-owned subsidiary of Planet Home Lending, LLC (“Planet”) to guarantee the purchase of the consumer’s existing home. Purchase EDGE programs require the consumer to enter into the Purchase EDGE or Purchase EDGE Guarantee Program Agreement, which provides full details as to the program costs and each party’s responsibilities. This program is not an offer or an inducement by Planet to enter into an agreement to make a loan, nor a guarantee or lock of a specific interest rate or number of discount points.
The Purchase EDGE Guarantee program is only available in conjunction with conventional loan products.
The closing date must be at least 21 business days or later from the date of the fully executed purchase contract for the new purchase property. Purchase contracts must be executed prior to the program expiration date.
All conditions listed in the purchase contract must be satisfied.
Borrower(s) must have a loan-to-value ratio not to exceed 95% for Conventional loans, and 96.5% for FHA, and 100% for VA loans for the new purchase property.
Borrower(s) must satisfy all underwriting requirements and conditions, both during the pre-approval process and full loan application.
Borrower(s) must provide all required documentation and pay any applicable costs within the timeframes allotted.
Planet must receive a clear final title policy and have a valid and enforceable lien in first position.
Other terms, conditions, and limitations may apply depending on which Cash 4 Homes option is chosen.
The Purchase EDGE and Purchase EDGE Guarantee Programs are available in all Planet licensed states, except the U.S. Virgin Islands, Puerto Rico, AK, D.C., HI, MA, and NY and are limited to eligible metropolitan statistical areas. Additionally, the Purchase EDGE is not available in CA. Rural properties are not eligible. Loan programs ineligible for Purchase EDGE and Purchase EDGE Guarantee include, but are not limited to, Bond Loans, USDA, Renovation, Jumbo, Non-QM, Down Payment Assistance Programs, and Manufactured Housing. Planet and PMG do not have control over third-party delays, including but not limited to appraisers, title companies, and other settlement providers. It is recommended to review all program documentation with a qualified attorney before entering into any agreements. Program is subject to change or termination without notice and expires on December 31, 2024. Additional terms and conditions apply.
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