An articles I recently read (that can be found here) makes some good points…There are a few things I want to point out and add.
-Have a conversation with your Loan Officer 
before you start your application process. He or she should be able to tell you what their bank’s guidelines are and help you decide if you fit into them. Click here to read more about finding the right person to work with.
-ASK A LOT OF QUESTIONS. You are making one of the largest financial decisions of your life. If you feel that the loan officer is unwilling or unable to address all your questions and concerns, move on. Check here on how to evaluate a mortgage consultant.
-Don’t just “jump back in” without understanding and addressing the reasons why you were denied the mortgage.
-Since most banks follow the same set of underwriting guidelines, there is a high probability that the reason for you were denied at one bank will cause other banks to deny your loan as well. You may need to go to banks that do not follow Fannie Mae rules and lend their own (“portfolio”) money. These banks are called portfolio lenders and they typically have higher interest rates.
-If you are buying a condo or a coop, ask your Loan Consultant if they can approve the property first and then underwrite your personal file. This way there won’t be any nasty surprises regarding issues with the property right before your closing.
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