Is underwriting the same at different banks? 4 conventional loans

[Shawn M.]

Hello, I am applying for a single family owner occupied conventional loan at my local bank. However since I am an investor my income is from rental properties so gets whacked 75% right off the bat. 

I've been thinking of applying for a loan at two different banks incase one underwriter denies me? But i'm not sure if every bank underwrites the same way because of FHA rules. so there is no point. or can underwriting vary from bank to bank, in which case it makes sense to have a back-up bank.

[Mindy Jensen]

@Shawn M., lenders typically initiate the loan, then sell it to Fannie Mae. In those cases, Fannie Mae has strict guidelines for what they will purchase, and your application will be processed in much the same way for those loans.

When a lender is keeping the loan as part of their portfolio, there is far more leeway in how they approve the loan, as they aren't selling it to anyone.

Start out by finding local lenders who offer portfolio loans, then begin to build a relationship with them. Open accounts with them and start using them. Lenders want to do business with people who do business with them.