Zillow Advice: Buying Process - Comparing two GFEs... at what point in the process must we choose? http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ Zillow Advice | Zillow Real Estate To answer from a loan officers ... http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ <p>To answer from a loan officers perspective, Lender A is correct they cannot use the rental income since you are currently living in the home and not renting it. If it was still being rented then that would not be an issue. In that case FHA is a good option.<br/><br/>My company has a lot of aggressive portfolio FHA products so in regards to lender B, I would be cautious. MAria is correct that many lenders have different products out there for extreme loan situations but most of them are through the FHA since they are insured loans.<br/><br/>I have never heard of a lender that will do a portfolio or some sort of special in-house program for a conventional loan since they are not insured by the FHA in case of default.<br/><br/>I would be very cautious of lender B , lender A seems to be more on point and truthful.&nbsp;<br/><br/>Keep this in mind, for the most part, 95% of a ll lenders use the same guidelines since we all go through the same investors , Fannie Mae and Freddie MAc. So the rates and guidelines will primarily be the same. There are some profolio FHA products that may differ like what I offer as an example but not for conventional loans.<br/><br/>Hope that helps and good luck!<br/>-Scott</p> Tue, 25 Feb 2014 17:15:00 GMT http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ 2014-02-25T17:15:00Z I would caution you on changing ... http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ I would caution you on changing lenders more than 5 days after mutual acceptance if you use our statewide forms. &nbsp;That might waive your financing contingency if not done with permission of the seller. &nbsp;Consult your agent or an attorney before changing lenders.<br/><br/>I would suggest you also consult your agent about these lenders, or if they have a lender that they have used a lot. &nbsp;Agents don't tend to like lenders who over-promise and under-perform. &nbsp;It typically is the best way to find a lender.<br/><br/>You might also try a portfolio lender, like Washington Federal. &nbsp;Because they don't typically sell their loans they have more flexibility. Tue, 25 Feb 2014 16:41:00 GMT http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ 2014-02-25T16:41:00Z Yes, they can be that different. ... http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ Yes, they can be that different. There are around 400 loan products out there. Each lender will have their variation on the major ones. There are also lenders who will tell a person something and then not be their for Closing. Ask your real estate agent which lender would best be able to help you in your present situation. We know which lenders do their part of the work in a timely fashion so that our clients can Close on time without a lot of drama.&nbsp;<br/><br/>I would settle on the lender 30-60 days ahead of your Closing date. Changes after a certain point will jeopardize your ability to Close on time.&nbsp; Tue, 25 Feb 2014 05:26:00 GMT http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ 2014-02-25T05:26:00Z In my opinion&nbsp; Lender&nbsp; ... http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ In my opinion&nbsp; Lender&nbsp; A&nbsp; sounds&nbsp; like they are&nbsp;more accurately&nbsp; analyzing&nbsp; your scenario regarding rental income <br/><br/>Sounds like&nbsp; Lender B might be telling you&nbsp; what you&nbsp; want to hear ...you might ask this lender to&nbsp; send your&nbsp; conventional loan&nbsp; request&nbsp; throught their&nbsp; automated&nbsp; underwriting&nbsp; system&nbsp; asap and on to their&nbsp; underwriter&nbsp; BEFORE&nbsp; having the&nbsp; appraisal ordered&nbsp; to&nbsp; determine&nbsp; for a certainty that the conventional&nbsp; option is&nbsp; definitely&nbsp; approved......<br/><br/>when is your closing date&nbsp; slated to be ?&nbsp; make sure&nbsp; you&nbsp; have&nbsp; enough time left to get this done .... Tue, 25 Feb 2014 05:04:00 GMT http://www.zillow.com/advice-thread/Comparing-two-GFEs-at-what-point-in-the-process-must-we-choose/529878/ 2014-02-25T05:04:00Z