Gregorio Denny's Q&A

Fannie Mae lets you treat this as a primary residence when purchasing a home for an elderly parent or for an adult child with a disability Fannie Mae will consider the transaction as owner occupied. You will need to show that your parents are on a limited fixed income (their recent tax return). You would get the same loan terms as for any primary residence loan.Credit Tim Sutherland from this post.I have done these as a second home without issue as well.

You should be able to streamline with no costs and easily lower your rate, at minimum, by a full point.

Nic Netherton is a good person to call for FHA streamlines.

You really need to shop around some more!

David, Do you have any word on why the MI started calculating incorrectly on conventional loans. Was that a byproduct of this implementation?As an example, I'd be that Allen would not want to be quoting $90 for MI on this loan.

I missed the memo where on a 605K Refi in CA: LINKMI is $161(It would be $252 for FHA at .5% those are great MI Factors I'd say for conventional!) Taxes are $363/month(It should be $630/month)Interest is calculated for 7 days(SOP says 15 to be ethical)Title and escrow add up to $2614(Mine would be $1595)How does this misinformation assist the consumer in picking a lender on Zillow.com?Why is it that taxes cannot be calculated properly or even close and suddenly the MI is so very off?

Bert, if you have such brilliant and strong opinions, why aren't you posting under your confirmed lender name so we can credit you with them?What you are missing is that this is NOT a GFE we are giving on Zillow. This is a shopping experience where the idea was supposed to be that the consumer picked lenders from which they would choose one to do business with.This is completely putting the cart before the horse by throwing a bunch of useless numbers at the consumer. The consumer needs a basic set of information to decide whether to move forward with a lender. Not accounting for reputation, availability and all the other intangibles, they only need to know what the offered rate and line 800 fees are. Once a loan officer is selected or even 2 or 3 if the consumer chooses to play it that way, that is when the more complex GFE should be drafted. If you seriously think that 161 mini GFEs  with a few million different possible variances per quote is a good idea then you must not have been quoting here for very long.One last time: In California, on a purchase, once the offer is accepted, escrow is opened, at that exact moment the title and escrow fees have been determined and it makes zero difference what I or Zillow puts in a GFE. All it will do is completely confuse the issue and give false information to the borrower. None of the numbers that show up are correct ... none! This is not honest, it's not ethical, it is not being done to aid the consumer in any way, I only suspect it's being done as an additional revenue stream. More is not better!

This is what happens when people have no respect for another's profession. The bottom line is that Zillow thinks that they can Walmartize mortgages. They believe the people who talk a good game about mortgages but close none. I spent a good portion of the day yesterday defending Zillow's position that the quotes would not violate RESPA, but based on this new addition, I now change my mind and see a huge problem when you add in HUD line numbers for completely made up an inaccurate fees. I know they consulted their crack team of mortgage professionals, you know, the ones that have been in the business for 50 years and have closed zero in the last 20, and I'm sure they think this is brilliant idea, but I am agreeing with Joe here; you just saved me $250 by doing this. I hope the income you get from closing.com makes up for the loan officers that just got pushed over the edge. I cannot imagine anyone would want their name associated with the garbage you are adding to the quotes.

Disregard the previous post as almost everything that was said is false!PLAIN and SIMPLE—If the market allows for FHA go with a FHA!!!Ridiculous advice. FHA has it's purpose but certainly advising that it's the best if offered is borderline delusional.FHA rules and guide lines are more stringent an costly for the sellers, Untrue.Interests rates are usually lower.Untrue; they may or may not be lower and in my experience usually are not.You can receive a gift from a family member for the downpayment.You can receive a gift on conventional loans as well.One BAD disadvantage for FHA is the PMI premium mortgage insurance, FHA does not have PMI, FHA loans have MIPyou need to pay it part up front and the rest is finance in the next 7 years. Untrue, MIP can be removed at 78% and after 5 years.This is required for loans that have a down Payment that is less than 20%Untrue, MIP is required on all FHA loans regardless of down payment with the exception of a 15 year term <= to 90%Please speak to a qualified mortgage professional when making decisions about mortgages.

Marian,There were no questions that followed.