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Also - what probably happened is that the proceeds from the sale of the house you're buying is a downpayment on the new home.
If he said to hell with it and did zero down or lessened his downpayment by ordering up a 2nd mortgage then can be arranged immediately, assuming he has the qualification standards to do it.
For example, instead of 1 mortgage with 20% down, he does 5% down, does an 80/15 combo, and funds his new purchase that way.
His old house sells, and the 15% 2nd is paid off with proceeds. You can set those up same day..beware
rjp
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