If you have a borrower who needs to close on the home they're buying before they can close on the house they're selling and doesn't qualify for both homes, due to the hot sellers market, we have a program that is allowing these scenarios with some parameters, such as:

• Letter of intent to list the current residence within 90 days
• Proof of more than 20% equity in the current residence
• Qualifying credit score and debt ratio
• Additional 12 months of reserves

This loan product has a higher interest rate than standard rates (or the client could pay points to buy the rate down), but this may be a better alternative in certain scenarios.

For example, if a client fiends a house they can't pass up but their house is not ready to be put on the market yet, the cost of the points could potentially be covered by a higher sales price since they would have the time to get their home into better shape.