Who It Is For
Conventional loans fit buyers and owners with steady income and a credit history they can show. They work for a first home, a move-up home, a second home, or a rental.
- Buyers with established credit and documented income
- Move-up and downsizing buyers in Cape Coral and Southwest Florida
- Second home buyers, including seasonal residents
- Owners who want to refinance out of an FHA loan
How It Works
Conventional loans follow guidelines set by Fannie Mae and Freddie Mac. They are not insured by a government agency, so the lender looks closely at your credit, income, debts, and down payment.
Because we are a broker, we send your file to several wholesale lenders and compare what comes back. We shop different wholesale lenders to get you the lowest possible rate for your situation.
Once you choose a lender, your file stays with us. Our processing is done in house on Del Prado Blvd, so you talk directly to the person working on your loan.
What You Need to Qualify
- A credit history the lender can review
- Steady, documented income
- Funds for a down payment and closing costs
- A manageable level of monthly debt compared to income
- Requirements vary by lender and program, and we will tell you exactly where you stand
Documents You Will Likely Need
- Pay stubs for the most recent 30 days and year to date
- W-2 forms for the past two years
- Bank statements for the last 3 months
- Signed sales contract, including all riders
- Verification of the deposit you placed on the home
Common Questions
What is the difference between a conventional loan and an FHA loan?
A conventional loan follows Fannie Mae and Freddie Mac guidelines, while an FHA loan is insured by the Federal Housing Administration. FHA can be more forgiving on credit and down payment. Conventional can make more sense once your credit and savings are established. We can run both and show you the difference side by side.
Do I need a large down payment for a conventional loan?
Not always. Down payment requirements depend on the lender, the program, and your overall file. We will walk through what you have saved and show you the options that fit.
Can I use a conventional loan for a second home in Cape Coral?
Yes, conventional loans can be used for second homes, and many seasonal buyers in Southwest Florida use them. Second home guidelines differ from a primary residence. We will explain those differences before you make an offer.
General information only, not an offer to lend. Requirements vary by lender and program, and all loans are subject to credit approval, income verification, and property appraisal.