As I mentioned in my response below, we really like Chris Eymann at http://www.sellwholesalehouses.com for the type of thing you are talking about. He will buy a property and carry it while your loan is put in place. Not sure what his fees are though.
We (my agent, lender and I) are just trying to learn as much as we can about it through first-hand accounts or references (and any similar programs from other lending companies) so we can make an educated decision about whether or not this would be a viable option for me to pursue in the purchase of my primary residence...or of this is a program best saved for the casual investor.
I'll see if I can modify my original question above to remove any reference to the lending company offering this program so we can all focus more on the question at hand, and less on questioning the validity of my inquiry.