Some new builders are requiring 5% down now. At least they claim. My friend who has outstanding credit. High 700 credit score applied for a new home to get on the waiting list. They informed him that his credit was fantastic and that he has prequalified but he must also be able to put 5% down to use the preferred lender. Which I believe to be either Wells or Countrywide.
Has anyone experienced this lately where these big banks are getting picky with the 5% down?