Guess what?  They're all the same.  While regional banks may make some up some of their own guidelines and criteria, Fannie Mae, Freddie Mac, FHA, and VA have national standards.  In addition, various lenders will put their own credit overlay on top of these guidelines to lower their risk.  True portfolio lenders can make up their own guidelines-as long as they don't violate any federal or state regulations and guidelines.

Here is a nice article that explains the evolution of the restrictive criteria involved in getting a mortgage.  The pendulum has certainly swung the other way.  Today, things are too tight.  There are many situations that don't fit the black box of underwriting that is done by a computer.  Manual underwriting-which brings in the human element-can possibly overcome some obstacles and get us back to "makes sense" loans. 

http://finance.yahoo.com/banking-budgeting/article/108486/good-credit-score-not-good-enough-anymore?mod=bb-creditreports

Minnesota Mortgages can be financed and with Venture Development, your MN mortgage broker.