Current conventional guidelines, updated from one source.
One guideline source feeds every number here, and the page updates when the source does. These are purchase and refinance parameters; the leverage table underneath covers occupancy by occupancy, and the status lines cover insurance, gifts, and the first-time-buyer programs.
First-time buyer; 5% standard; 97% loan-to-value at the top
First-time buyers (no ownership interest in a home in the past three years) can put 3% down on a one-unit principal residence with a fixed rate, at 97% LTV. Others start at 5% down. HomeReady and Home Possible give lower-income buyers the same 97%.
Priced on the score; no agency minimum with an automated approval
The wholesale programs behind these pages start at a 620 decision score. The agencies themselves set no minimum for an automated approval and ask for 620 on a manually underwritten fixed-rate loan and 640 on an adjustable; the score prices the loan and the insurance more than it gates them.
Required above 80% LTV; removed at 80% by request, 78% automatically
Private mortgage insurance applies above 80% loan-to-value. Fannie Mae’s 2022 figures put the annual cost in a range of 0.58%–1.86%, depending on the score and the leverage. It ends by request at 80% of the original value, automatically at 78%, and no later than the midpoint of the term.
With an automated approval; 36% to 45% on a manual file
An automated approval allows a total debt-to-income ratio up to 50%; a manually underwritten file is held to 36%, or 45% when credit score and reserves meet the agencies’ matrix. The ratio divides total housing payment plus other monthly obligations by gross income.
| Purpose | Occupancy and program | Maximum LTV |
|---|---|---|
| Purchase | One-unit principal residence, first-time buyer (fixed rate) | 97% |
| Purchase | One-unit principal residence, standard | 95% |
| Purchase | HomeReady / Home Possible (income limits apply) | 97% |
| Purchase | Two- to four-unit principal residence | 95% |
| Purchase | Second home | 90% |
| Purchase | Investment property, one unit | 85% |
| Purchase | Investment property, two to four units | 75% |
| Refinance | Limited cash-out (rate-and-term), one-unit principal residence | 95% |
| Refinance | Cash-out, one-unit principal residence | 80% |
| Refinance | Cash-out, two to four units, second home or investment | 75% |
| Combined LTV | Maximum contribution |
|---|---|
| above 90 percent | 3% of the sales price |
| 75.01 to 90 percent | 6% of the sales price |
| 75 percent or less | 9% of the sales price |
| investment property (any) | 2% of the sales price |
| Event | Waiting period |
|---|---|
| Chapter 7 or 11 bankruptcy | four years from discharge or dismissal (two years with documented extenuating circumstances) |
| Chapter 13 bankruptcy | two years from discharge; four years from dismissal (two with extenuating circumstances) |
| Multiple bankruptcy filings | five years when more than one filing within the past seven years |
| Foreclosure | seven years (three with extenuating circumstances, then limited to a principal residence or second home at 90 percent LTV, purchase or limited cash-out) |
| Deed-in-lieu, short sale or mortgage charge-off | four years (two with extenuating circumstances) |
Mortgage insurance: Fannie Mae reports that private mortgage insurance typically ranged from 0.58%–1.86% of the loan amount a year; the premium on a specific loan is priced by the insurer on the score, the leverage, and the coverage, and is never quoted here. Gifts from relatives may fund the entire down payment on a one-unit principal residence. HomeReady and Home Possible lend to 97% with income at or below 80% of the area median; HomeOne lends to the same leverage with a first-time buyer and no income limit.
Current conventional snapshot · updated October 3, 2026 · principal residences occupied within sixty days, second homes, and one- to four-unit investment properties · conforming limits apply by county and are confirmed by a Lendmire loan officer · above the limit, see the jumbo program · no prepayment penalty · Lendmire is a broker, never the lender.
This page describes program parameters, not an offer. The down payment minimums, the credit floor, the insurance thresholds, and the ratios are agency guidelines and lender overlays, subject to change without notice and to full underwriting; the appraisal, the credit report, the property, the occupancy, and the conforming limit decide every file. Lendmire is a broker, not a lender. Licensed in sixteen states for consumer mortgages. NMLS #2371349.
What a conventional loan is — and how the file is qualified.
A conventional loan is a mortgage written to the rules of Fannie Mae and Freddie Mac so a lender can sell it to them after closing. Those rules decide the leverage by occupancy, the credit standard, the insurance above the threshold, and the ratios, and the four cards below take a Dalton file apart along exactly those lines.
For the program overview, see Lendmire’s conventional loan program, or the statewide guide at Conventional Loans in Georgia; for the mortgage insurance cancellation rules, see the CFPB.
Leverage by occupancy and buyer
The agencies lend most on a home the borrower lives in and less as the occupancy changes: a one-unit principal residence reaches the top leverage, with the first-time buyer’s minimum the lowest down payment in the program; two- to four-unit homes, second homes, and investment properties step down from there, as the table in the snapshot shows for a Dalton buyer.
Credit scores and automated underwriting
The automated system, DU on the Fannie Mae side and LPA on the Freddie Mac side, reads the whole credit file rather than a single number: the score, the depth of history, the recent events, and the seasoning after any derogatory event. The score it uses with more than one borrower is the average of the median scores.
Mortgage insurance that cancels
Twenty percent down means no mortgage insurance at all, and anything less means insurance for a while. The calculator on this page shows the Dalton payment with the estimated premium and the payment after it ends, along with the month on the amortization schedule when the request and automatic thresholds arrive.
Ratios, reserves, and the DU finding
The automated finding is the hinge of a conventional file: it reads the income, the assets, the credit, and the property, allows a total debt ratio up to the automated maximum, and names the reserves the file must show. A Dalton underwriter then verifies what the finding assumed.
The calculator runs this on a Dalton scenario and adds the piece most calculators skip: the month on the amortization schedule when the balance reaches the request and automatic-termination thresholds, so the payment after the insurance ends is visible beside the payment before.
Where Dalton buyers borrow — and how a conforming loan fits.
The leverage limits are percentages; the market turns them into dollars. The Census figures below describe Dalton’s ownership, home values, and household income, the backdrop every conforming loan here is sized against.
Market context only. Read the figures as ranges, not predictions. The lender appraises one home, documents one income, and lets the automated system read one credit file.
Data sources: U.S. Census Bureau — ACS 5-Year (2024) housing and population estimates, including tenure, home values, gross rents, and household income.
Distinct Dalton neighborhoods, distinct conventional files.
No single conventional file describes Dalton. The submarkets below differ in housing stock, price, occupancy mix, and the appraisal questions they raise, and each one shapes how a conforming loan is put together.
Investor and second-home purchases
A second home in Dalton, occupied part of the year and never run as a rental business, is a conventional file at the second-home leverage with deeper reserves and part of the down payment from the buyer’s own funds. Roughly 6,493 Dalton households own their homes on the latest Census estimate — 52% of all households, the pool a conventional purchase joins.
Condominiums and townhomes
A Dalton condominium in an established project is a conventional file with the project review added. Established projects usually pass; new or investor-heavy ones draw questions, and a project that fails goes to a portfolio lender on different terms. The median owner-occupied home value in Dalton runs near $222,400 on the latest Census estimate.
Two-to-four-unit homes
The owner-occupied multi-unit Dalton file is a conventional specialty with its own leverage, its own rent-counting rules, and its own reserve requirement. The buyer in one unit qualifies on the combined picture. About 48% of Dalton’s households rent — roughly 5,906 renter households on the latest Census estimate.
Newer infill and recent construction
On recent construction in Dalton the appraisal is usually uneventful and the arithmetic decides: whether the loan fits under the conforming limit, and whether the ratio carries the price once the insurance is added at the leverage chosen. On a one-unit principal residence at Dalton’s median value, the first-time buyer’s minimum down payment comes to about $6,700 and the standard minimum to about $11,100 — before closing costs, and before the mortgage insurance that comes with either; a second home, a multi-unit home, or a rental starts higher, as the leverage table shows.
Established close-in neighborhoods
An older Dalton house is a routine conventional purchase; the appraisal is lighter on condition than a government appraisal, which is one reason buyers of older homes often choose this program. The value against the contract price is the usual question. Median household income in Dalton sits near $63,577 on the latest Census estimate.
Higher-value homes
On Dalton’s higher-value homes, a conventional loan hits the conforming limit first. Buyers over it can bring a larger down payment to fit under it, use the high-balance range where the county has one, or choose the jumbo program. A loan officer confirms the current limit before the offer. Dalton is home to about 35K people.
Each Dalton submarket has its own property story, and the appraisal and the project review are where that story is told. The leverage limits, the cancellation rules, and the automated finding are the constants.
Four ways Dalton buyers put a conforming loan to work.
A good use of a conventional loan is one its shape fits: a decent score, a down payment of any size from the minimum up, an occupancy the agencies allow, and a loan inside the conforming limit. Four common Dalton uses follow.
Buy a first home at the first-time-buyer minimum
The first purchase on a conventional loan starts at the first-time buyer’s minimum in the snapshot, with the whole amount allowed as a family gift. A Dalton buyer with a solid score may pay less each month than on FHA because the insurance is priced on the score and ends; the comparison is run on the actual numbers.
Refinance or take cash out
A Dalton owner can refinance a conventional loan two ways: a limited cash-out refinance to the rate-and-term leverage in the snapshot, or a cash-out refinance to the lower cash-out leverage after the seasoning period, on a principal residence, second home, or rental at each occupancy’s own limit.
Buy a condominium in a warrantable project
A Dalton condominium is a conventional purchase when the project passes the agencies’ review: owner-occupancy mix, budget and reserves, litigation, commercial space, and ownership concentration. The dues enter the ratio, and the leverage follows the occupancy as it would on a house.
Buy with twenty percent down and no insurance
The move-up Dalton buyer selling one home and bringing twenty percent to the next usually lands here: no mortgage insurance, the strongest cost tier the score earns, and a loan the automated system reviews with the equity brought forward counted in the file.
Estimate the payment on a Dalton price before requesting a quote.
Before you ask for a quote, size the payment yourself: the Dalton price, the down payment, the term, the benchmark rate, the insurance estimate, and the escrows go in, and the thresholds and the ratio ceiling come from the same guideline source as the block above. The result is an estimate, the rate is a published market average, and the insurance figure is an editable estimate inside Fannie Mae’s published range.
Dalton conventional payment estimate
Seeded with a Dalton price and the first-time buyer’s minimum down; every field updates the result as you type.
Editable benchmark: 7.28% as of October 1, 2026 · Freddie Mac 30-year average via FRED®. A conventional market reference, not a conventional loan quote.
Estimate seeded at the low end of Fannie Mae’s published range (0.58%–1.86% a year); the insurer prices the actual premium on the score and the leverage. Applies only above 80% loan-to-value.
Illustrative starting assumptions: a $220,000 price near Dalton’s median owner-occupied home value, the first-time buyer’s minimum down payment, a thirty-year term at the current Freddie Mac benchmark, mortgage insurance at the low end of Fannie Mae’s published range, property taxes and insurance estimated for Georgia (U.S. Census Bureau). Every field is editable.
Illustrative estimate only — not a Loan Estimate, approval, quote, or commitment to lend. The rate field carries the weekly Freddie Mac thirty-year conventional benchmark, a market reference and not a conventional loan quote; your rate is set by the lender at lock. The mortgage insurance figure is an editable estimate seeded from Fannie Mae’s published typical range, not a premium quote; the insurer prices the actual premium, and the cancellation month assumes scheduled payments with no extra principal and no change in value. Taxes, insurance and dues are editable estimates; closing costs are not included. Conforming loan limits apply by county. Licensed in sixteen states for consumer mortgages.
Same buyer, three very different closings.
Most buyers can close the same purchase three ways, and the structures differ more than the labels suggest: conventional with insurance that cancels, FHA with a small investment and premiums for the life of the loan at full leverage, or VA with nothing down and no insurance for the eligible veteran.
Conventional, FHA, or VA.
Conventional fits the Dalton buyer with a solid score: the premium is smaller than FHA’s for strong credit and it ends, the monthly structure carries no upfront premium, and twenty percent down removes insurance altogether. A modest score or a thin file is where FHA competes.
FHA asks for a small minimum investment that a gift can cover, accepts a forgiving decision score, and charges an upfront premium plus an annual premium that lasts for the term at full leverage. For a Dalton buyer with a modest score it usually wins; for a strong score the conventional premium is smaller and temporary. See Lendmire’s FHA loan program.
A Dalton buyer with VA eligibility and full entitlement rarely needs a conventional loan for a principal residence: nothing down, no insurance, and residual-income underwriting. Conventional is the route for that same veteran’s second home or investment property, which VA does not finance. See Lendmire’s VA loan program.
Choose by profile: a strong score and any down payment point to conventional; a modest score and a small down payment point to FHA; eligibility with full entitlement points to VA. A Dalton loan officer runs all three on the same numbers before recommending one. Above the conforming limit, see the jumbo loan program.
What to prepare for a Dalton scenario review.
What a lender reads on a Dalton conventional loan, and what you can have ready before anyone asks.
This is a general preparation guide, not a universal checklist. The selected lender may request additional information based on the transaction, the property, the automated underwriting finding, and the income picture. Nothing here is legal or tax advice.
Local details that can change the loan.
Check these before leaning on any number for Dalton: the mortgage insurance structure and when it ends, the score and what it costs, the appraisal, the condominium review, the conforming limit, the ratio and reserves, and the occupancy.
Use these checks to keep the Dalton file clean and fundable.
Before asking for a quote, know three answers: how much insurance the leverage carries and for how long, what the score does to the price, and whether the property and the loan amount fit the conforming program.
- Plan the insurance: the premium is priced on the score and the leverage inside the published range.
- Confirm the score: a self-pulled score can differ from the decision score.
- Structure the contract: second homes and multi-unit homes need the buyer’s own funds above the threshold.
Mortgage insurance: how much, and until when
Cancellation on request needs a good payment history, no subordinate liens, and no decline in value; automatic termination needs only that the loan be current. A Dalton owner whose home has gained value may also ask the servicer to recognize the current value under its own rules, which is a servicer decision rather than a program right.
The score sets the cost
The score does two jobs on a Dalton file: it feeds the automated assessment alongside the rest of the credit file, and it sets the cost of the loan and the insurance. A buyer close to a cost tier sometimes gains more from a short wait and a paid-down balance than from any other change.
Seller contributions and the down payment
Sellers and other interested parties may pay closing costs, prepaids, and other concessions up to a cap set by the combined loan-to-value, as the snapshot table shows; above the cap the excess reduces the price for sizing the loan. The down payment cannot come from the seller, but a relative’s gift can fund it on a one-unit principal residence.
Second homes, rentals, and financed-property limits
Of the three programs compared on this page, the conventional loan is the one that reaches a Dalton second home or rental, and it does so with conditions: lower leverage, deeper reserves, adjustments for the occupancy, and a limit on the number of financed properties one borrower may carry.
The appraisal and value acceptance
A conventional appraisal values the Dalton home and reports on condition without a HUD or VA property standard; the home must be safe, sound, and marketable. The automated system sometimes offers value acceptance or an appraisal waiver, in which case no appraisal is ordered and the file closes on the system’s valuation.
From a Dalton pre-approval to keys in hand.
Underneath, the Dalton process is any mortgage process; what makes it conventional is the automated finding, the project review where it applies, the leverage by occupancy, and the insurance threshold. Each step below says what happens and what the buyer does.
Pre-approval
Start with the score, the income, the down payment, and the occupancy. A Lendmire loan officer runs the automated system, confirms the leverage and the insurance for the down payment chosen, checks the loan against the conforming limit, compares the structure with FHA and VA on the same numbers, and provides the terms in writing.
Contract and appraisal
With the contract signed, the lender orders the appraisal, or accepts the value the automated system offers where a waiver applies. Seller contributions are checked against the cap for the leverage, and a condominium’s project documents are collected for review before the file moves on.
Underwriting
The underwriter verifies what the automated finding assumed: income, assets and reserves, credit and any seasoning, occupancy, and the property. A manual file follows the lower ratio pair instead. Conditions are issued, documented, and cleared before final approval.
Closing
At closing the loan funds at the chosen leverage, mortgage insurance starts with the first payment if the loan is above the threshold, and escrows for taxes and insurance are set up. A Dalton buyer signs the note and security instrument, occupies the home within the occupancy window, and the agency buys the loan.
A brokerage that prices the whole market.
Lendmire is a mortgage brokerage licensed for consumer lending in sixteen states, and on a conventional loan that buys three things: the file priced across several wholesale programs rather than one, the insurance structure and its exit explained before an offer is written, and the terms in writing from a licensed loan officer.
Several programs, one set of numbers
Before any recommendation, the Dalton file is priced across the wholesale programs Lendmire works with and run against FHA and VA on the same price, score, and down payment. The buyer sees the payment, the insurance line, and the cash to close for each, and the choice follows the figures.
The insurance explained before the offer
The premium and its exit are decided by the leverage and the score, and a buyer should know both before signing a contract. Lendmire states the structure for the Dalton purchase, shows the payment before and after cancellation, and explains the request and automatic thresholds.
Licensed, consumer-purpose, in writing
Lendmire is licensed in sixteen states for consumer mortgages, each owner-occupied loan is a consumer-purpose transaction with a full set of disclosures, and every figure a Dalton buyer relies on, from leverage to premium to final terms, comes in writing from a licensed loan officer.
Trusted by buyers & families alike.
Dalton conventional loan FAQs
Plain answers to the questions Dalton buyers ask most about conventional loans, in the order they usually ask them.
What is a conventional loan, and who is it for?
The general-purpose mortgage: conforming to the agencies’ guides, priced on the credit score, insured privately only while the leverage is above the threshold. It is the program most Dalton buyers compare first and, of the three compared here, the one that reaches a second home or an investment property.
How much do I need to put down on a conventional loan in Dalton?
The snapshot shows the minimums: one for the first-time buyer, one for everyone else, both on a principal residence. The calculator applies either to a Dalton price, and the leverage table gives the figure for second homes and investment property.
What credit score do I need for a conventional loan?
The practical answer is the floor in the snapshot, and the useful answer is that every tier above it lowers the cost. A Dalton buyer with a modest score should run FHA beside conventional, because FHA prices its insurance by schedule rather than by score.
How does private mortgage insurance work, and when does it end?
It is temporary insurance for the lender, paid by the borrower while the loan sits above the threshold. On a Dalton loan with scheduled payments the calculator shows the month the balance reaches the request point and the automatic one; extra principal or a rise in value, recognized by the servicer, can bring the request point sooner.
What is the conforming loan limit in Dalton?
Ask a loan officer for the county’s current limit; it changes yearly and by unit count. Above it, a Dalton purchase is still possible with a larger down payment on a conforming loan or on a jumbo loan.
Can I use a conventional loan to buy a condominium?
In a warrantable project. A Dalton buyer under contract on a condominium should have the lender start the project review early, because a project that fails is outside the conforming program and goes to a portfolio lender on other terms.
Can the down payment be a gift?
Yes. On a one-unit principal residence the entire down payment may come from a relative, a domestic partner, or a fiancé, documented with a gift letter stating that no repayment is expected and evidence of the transfer. On a second home or a two- to four-unit home above the threshold, part of the down payment must be the buyer’s own funds.
Can I take cash out with a conventional refinance?
Yes, at the leverage in the snapshot for the occupancy, after the seasoning period. The cash-out loan carries its own loan-level adjustments, and the loan-to-value decides whether mortgage insurance applies to the new loan.
What happens after my Dalton offer is accepted?
Appraisal first, then underwriting, then conditions, then closing. The appraisal or the value acceptance sets the value; the underwriter verifies what the finding assumed; the closing funds the loan at the leverage chosen and starts a payment with the insurance line if one applies.
What does the appraisal check on a conventional loan?
The appraisal sets the value the loan is sized on and reports on condition. A value under the price is the usual detour, and the contract’s appraisal contingency is the buyer’s protection.
A Dalton conventional loan sized to the price, the score, and the leverage.
A Dalton conventional purchase starts with three questions: the score, the down payment, and the occupancy. Lendmire answers them, prices the programs, and writes up the one that fits.
This guide covers Dalton — for the statewide guidelines, markets, and scenarios, see Conventional Loans in Georgia, part of Lendmire’s conventional loan program.
Nearby markets in Georgia: Rome · Blue Ridge · Marietta · Roswell · Alpharetta · Johns Creek · Sandy Springs · Smyrna
Related programs: FHA Loans · Jumbo Loans · Refinance Loans