Purchase EDGE

Purchase EDGE

Here’s how it works:

  • Planet buys your existing home up to 7 days before you close on your newly built home.
  • Enjoy up to 30 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.

Give Yourself the Purchase EDGE!

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 the builder’s delays change your closing date
  • A buyer for your existing home up to 7 business days before closing on your new home
  • Up to 30 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 build, 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 home. For more information, talk to your Planet mortgage professional — to be there for you, we’ll think bigger, work smarter, and try harder.

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 30 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 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 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.

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 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 per 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.

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 — call 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. Talk with your Planet mortgage professional today to learn more and see if this program is right for you.

The Purchase EDGE and Purchase EDGE Guarantee programs provide options to guarantee the purchase of either the consumer’s new build purchase or the consumer’s existing home by PMG. Purchase EDGE and Purchase EDGE Guarantee both 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. Additional terms and conditions may apply. 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. Planet’s Purchase EDGE and Purchase EDGE Guarantee are not available in HI, MA, and all US Territories.