Fico 780? 20% down on a $135,000 condo? No dice.

May 18th, 2009

The credit crisis is still making lenders ridiculously cautious. Check out this story by Kevin Chiu on the HousingPredictor.com website. A Realtor in Auburn, Ala., home of the mighty Tigers (pictured), said that in early May he had a client buying a $135,000 condo. The client had a 780 FICO score and was ready to put 20% down but couldn't get financing from a national lender. Solution? "He cashed in a CD for $200,000 and closed on the place."
That's not conservative lending. That's just silly.