Just because someone has 50% down, zero debt, an 800 credit score and $1 million dollars in the bank, it doesn’t mean that they can qualify for a conventional loan.
In many cases it’s easier for someone with 3% down, other debt, no cash other than down payment and a much lower credit score to qualify.
………It’s simply idiotic.[/quote]
Wow, that really is idiotic. I didn’t realize that these things (especially large down payment) don’t necessarily make it easier to qualify for a loan. If I were the lender, down payment would be the #1 qualifying factor, followed by debt/income ratios, and then FICO scores.
