In this case I kinda would ask why he is getting ichy again. I mean, does he have kids, or tax reasons, or some other reason he wants to buy? Is he independently wealthy and able to survive a downturn in the economy without a job? (Cant verify income!?????) That is a huge downpayment, is there a reason he wants to put so much down? Does he just really hate renting?

I am no expert, but this sounds like a personal decision on his comfort level of risk (increases with ownership) versus pride/quality of life of ownership. Id wait, but that is me. WHo knows, in a year he may not need a loan at all and then who cares what interest rates or underwriting standards are. Prices are not going up, so what is the pressure to buy if he has the cash?