Aberdeen FHA Loan Rates, Closing Costs & Stats

Aberdeen, SD

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    • FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

    FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

    While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

    For additional requirements as defined by the FHA, click here.

    Aberdeen's 20 lenders originated 59 FHA loans during 2023. The total origination value was $11,085,000, with an average FHA loan value of $187,881.

    Aberdeen FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Aberdeen averaged 6.46% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Aberdeen's average FHA mortgage closing costs are $6,641.

    The average rate for the prior week (2024-04-12) was 6.35% and one month ago for the week of 2024-03-15, the average rate was 6.52%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.86%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Aberdeen FHA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Aberdeen level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Dacotah Bank 11 6.33% $6,360
    Plains Commerce Bank 7 6.18% $6,983
    American Bank & Trust 4 6.34% $8,152
    CORTRUST MORTGAGE, INC. 4 5.88% $5,131
    CROSSCOUNTRY MORTGAGE, LLC 4 6.81% $9,537
    QUICKEN LOANS, LLC 2 6.62% $10,875
    American Mortgage & Equity Consultants, Inc. 2 7.19% $9,058
    PENNYMAC LOAN SERVICES, LLC 2 7.13% $7,657
    POLARIS HOME FUNDING CORP. 2 6.63% $11,258
    Reliabank Dakota 1 7.13% $7,221
    The Federal Savings Bank 1 6.25% $10,578
    U.S. Bank 1 6.25% $6,811
    BANKWEST, INC. 1 5.50% $11,378
    CHURCHILL MORTGAGE CORPORATION 1 7.13% $9,654
    Citizens Bank 1 5.38% $7,164
    First PREMIER Bank 1 5.75% $10,164
    FREEDOM MORTGAGE CORPORATION 1 6.25% $10,690
    Goldwater Bank, N.A. 1 7.25% $9,973
    MID AMERICA MORTGAGE, INC. 1 7.25% $4,058
    Mr. Cooper ( Nationstar Mortgage ) 1 6.50% $17,334

    The top Aberdeen FHA lender as defined by loan originations is Dacotah Bank, with 11 FHA loans originated. Their average total fees are $6,360, which is $623 lower than the next largest lender, Plains Commerce Bank.

    The lowest fee Aberdeen FHA lenders (with over 10 loans originated) are Dacotah Bank ($6,360), .

    The lowest rate Aberdeen FHA lenders (with over 10 loans originated) are Dacotah Bank (6.33%), .

    Aberdeen FHA Loan Limits

    Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
    ABERDEEN, SD BROWN 2022 $420,680 $538,650 $651,050 $809,150
    ABERDEEN, SD EDMUNDS 2022 $420,680 $538,650 $651,050 $809,150
    ABERDEEN, SD BROWN 2023 $472,030 $604,400 $730,525 $907,900
    ABERDEEN, SD EDMUNDS 2023 $472,030 $604,400 $730,525 $907,900

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Aberdeen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Price (YoY Change) Average Listing Price (YoY) MSA/US Median Price Ratio Active Listings
    2018-01-01 $189,438 (-1.5%) $311,182 (42.1%) 0.00 159
    2018-02-01 $189,900 (0.1%) $306,719 (40.6%) 0.00 161
    2018-03-01 $212,500 (14.0%) $320,463 (52.7%) 0.00 154
    2018-04-01 $201,150 (8.8%) $217,767 (-2.3%) 0.00 164
    2018-05-01 $219,950 (10.3%) $236,529 (-0.3%) 0.00 175
    2018-06-01 $224,500 (12.3%) $244,378 (-1.4%) 0.00 180
    2018-07-01 $211,600 (1.0%) $238,603 (-7.4%) 0.00 182
    2018-08-01 $192,050 (-3.0%) $224,777 (-19.3%) 0.00 193
    2018-09-01 $194,900 (8.3%) $231,843 (-12.4%) 0.00 187
    2018-10-01 $209,900 (17.6%) $229,849 (-12.8%) 0.00 179
    2018-11-01 $204,900 (20.6%) $229,712 (-10.3%) 0.00 174
    2018-12-01 $202,450 (7.1%) $224,738 (-17.3%) 0.00 149
    2019-01-01 $198,675 (4.9%) $224,183 (-28.0%) 0.00 140
    2019-02-01 $202,400 (6.6%) $224,940 (-26.7%) 0.00 136
    2019-03-01 $194,214 (-8.6%) $220,274 (-31.3%) 0.00 135
    2019-04-01 $190,439 (-5.3%) $219,937 (1.0%) 0.00 136
    2019-05-01 $212,400 (-3.4%) $236,533 (0.0%) 0.00 143
    2019-06-01 $188,900 (-15.9%) $229,881 (-5.9%) 0.00 153
    2019-07-01 $179,900 (-15.0%) $230,261 (-3.5%) 0.00 164
    2019-08-01 $175,809 (-8.5%) $223,407 (-0.6%) 0.00 180
    2019-09-01 $169,673 (-12.9%) $221,876 (-4.3%) 0.00 193
    2019-10-01 $166,082 (-20.9%) $222,097 (-3.4%) 0.00 198
    2019-11-01 $164,900 (-19.5%) $224,996 (-2.1%) 0.00 175
    2019-12-01 $159,000 (-21.5%) $218,883 (-2.6%) 0.00 157
    2020-01-01 $157,950 (-20.5%) $225,141 (0.4%) 0.00 132
    2020-02-01 $175,000 (-13.5%) $249,651 (11.0%) 0.00 121
    2020-03-01 $192,700 (-0.8%) $244,074 (10.8%) 0.00 132
    2020-04-01 $197,900 (3.9%) $246,304 (12.0%) 0.00 139
    2020-05-01 $197,450 (-7.0%) $249,341 (5.4%) 0.00 140
    2020-06-01 $175,450 (-7.1%) $237,079 (3.1%) 0.00 132
    2020-07-01 $176,000 (-2.2%) $234,378 (1.8%) 0.00 117
    2020-08-01 $162,000 (-7.9%) $228,428 (2.3%) 0.00 107
    2020-09-01 $192,650 (13.5%) $240,789 (8.5%) 0.00 101
    2020-10-01 $174,900 (5.3%) $221,927 (-0.1%) 0.00 107
    2020-11-01 $172,350 (4.5%) $220,680 (-1.9%) 0.00 96
    2020-12-01 $159,950 (0.6%) $210,217 (-4.0%) 0.00 85
    2021-01-01 $159,900 (1.2%) $193,228 (-14.2%) 0.00 78
    2021-02-01 $159,900 (-8.6%) $187,895 (-24.7%) 0.00 75
    2021-03-01 $150,000 (-22.2%) $194,515 (-20.3%) 0.00 72
    2021-04-01 $157,500 (-20.4%) $213,582 (-13.3%) 0.00 68
    2021-05-01 $160,000 (-19.0%) $212,078 (-14.9%) 0.00 62
    2021-06-01 $176,900 (0.8%) $212,972 (-10.2%) 0.00 65
    2021-07-01 $191,200 (8.6%) $228,265 (-2.6%) 0.00 67
    2021-08-01 $221,300 (36.6%) $256,875 (12.5%) 0.00 65
    2021-09-01 $209,925 (9.0%) $251,741 (4.6%) 0.00 65
    2021-10-01 $229,900 (31.5%) $261,400 (17.8%) 0.00 66
    2021-11-01 $223,400 (29.6%) $263,911 (19.6%) 0.00 59
    2021-12-01 $232,675 (45.5%) $265,257 (26.2%) 0.00 54
    2022-01-01 $255,000 (59.5%) $281,741 (45.8%) 0.00 31
    2022-02-01 $267,450 (67.3%) $307,565 (63.7%) 0.00 29
    2022-03-01 $217,450 (45.0%) $297,349 (52.9%) 0.00 30
    2022-04-01 $259,950 (65.1%) $286,700 (34.2%) 0.00 37
    2022-05-01 $242,200 (51.4%) $261,536 (23.3%) 0.00 39
    2022-06-01 $224,425 (26.9%) $266,144 (25.0%) 0.00 59
    2022-07-01 $235,325 (23.1%) $263,331 (15.4%) 0.00 47
    2022-08-01 $259,750 (17.4%) $294,765 (14.8%) 0.00 53
    2022-09-01 $217,675 (3.7%) $276,873 (10.0%) 0.00 48
    2022-10-01 $209,900 (-8.7%) $259,504 (-0.7%) 0.00 50
    2022-11-01 $210,950 (-5.6%) $260,205 (-1.4%) 0.00 42
    2022-12-01 $204,900 (-11.9%) $262,098 (-1.2%) 0.00 41
    2023-01-01 $207,400 (-18.7%) $265,979 (-5.6%) 0.00 33
    2023-02-01 $209,950 (-21.5%) $266,073 (-13.5%) 0.00 33
    2023-03-01 $238,075 (9.5%) $268,077 (-9.8%) 0.00 35
    2023-04-01 $272,500 (4.8%) $317,249 (10.7%) 0.00 56
    2023-05-01 $285,725 (18.0%) $317,951 (21.6%) 0.00 59
    2023-06-01 $274,700 (22.4%) $301,630 (13.3%) 0.00 63
    2023-07-01 $259,900 (10.4%) $301,513 (14.5%) 0.00 73
    2023-08-01 $254,450 (-2.0%) $318,940 (8.2%) 0.00 71
    2023-09-01 $299,450 (37.6%) $342,510 (23.7%) 0.00 73
    2023-10-01 $244,300 (16.4%) $324,711 (25.1%) 0.00 103
    2023-11-01 $240,825 (14.2%) $304,859 (17.2%) 0.00 136
    2023-12-01 $234,900 (14.6%) $307,485 (17.3%) 0.00 89
    2024-01-01 $208,600 (0.6%) $271,375 (2.0%) 0.00 78
    2024-02-01 $197,100 (-6.1%) $261,881 (-1.6%) 0.00 73
    2024-03-01 $207,450 (-12.9%) $277,876 (3.7%) 0.00 76
    Aberdeen's median listing price for 2024-03-01 was $207,450, a difference of $-30,625 (-12.9%) versus the prior year and $10,350 versus the prior month.

    Aberdeen's median listing price comes in at 0% of the national average.

    Aberdeen's average listing price for 2024-03-01 was $277,876, a difference of $9,799 (3.7%) versus the prior year and $15,995 versus the prior month.

    For the 2024-03-01 period, Aberdeen had 76 MLS listings, a difference of 3 listings (4%) versus the prior month and 41 listings (117%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Aberdeen (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,110 sqft
    2018-02-01 0 days 2,152 sqft
    2018-03-01 0 days 2,225 sqft
    2018-04-01 0 days 2,169 sqft
    2018-05-01 0 days 2,200 sqft
    2018-06-01 0 days 2,272 sqft
    2018-07-01 0 days 2,199 sqft
    2018-08-01 0 days 2,184 sqft
    2018-09-01 0 days 2,272 sqft
    2018-10-01 0 days 2,196 sqft
    2018-11-01 0 days 2,188 sqft
    2018-12-01 0 days 2,156 sqft
    2019-01-01 0 days 2,131 sqft
    2019-02-01 0 days 2,150 sqft
    2019-03-01 0 days 2,130 sqft
    2019-04-01 0 days 2,125 sqft
    2019-05-01 0 days 2,232 sqft
    2019-06-01 0 days 2,244 sqft
    2019-07-01 0 days 2,180 sqft
    2019-08-01 0 days 2,139 sqft
    2019-09-01 0 days 2,126 sqft
    2019-10-01 0 days 2,123 sqft
    2019-11-01 0 days 2,150 sqft
    2019-12-01 0 days 2,170 sqft
    2020-01-01 0 days 2,192 sqft
    2020-02-01 0 days 2,360 sqft
    2020-03-01 0 days 2,414 sqft
    2020-04-01 0 days 2,376 sqft
    2020-05-01 0 days 2,362 sqft
    2020-06-01 0 days 2,347 sqft
    2020-07-01 0 days 2,392 sqft
    2020-08-01 0 days 2,240 sqft
    2020-09-01 0 days 2,509 sqft
    2020-10-01 0 days 2,496 sqft
    2020-11-01 0 days 2,431 sqft
    2020-12-01 0 days 2,235 sqft
    2021-01-01 0 days 2,146 sqft
    2021-02-01 0 days 2,128 sqft
    2021-03-01 0 days 2,142 sqft
    2021-04-01 0 days 2,133 sqft
    2021-05-01 0 days 2,228 sqft
    2021-06-01 0 days 2,146 sqft
    2021-07-01 0 days 2,148 sqft
    2021-08-01 0 days 2,422 sqft
    2021-09-01 0 days 2,357 sqft
    2021-10-01 0 days 2,478 sqft
    2021-11-01 0 days 2,365 sqft
    2021-12-01 0 days 2,429 sqft
    2022-01-01 0 days 2,478 sqft
    2022-02-01 0 days 2,660 sqft
    2022-03-01 0 days 2,327 sqft
    2022-04-01 0 days 2,250 sqft
    2022-05-01 0 days 2,272 sqft
    2022-06-01 0 days 2,188 sqft
    2022-07-01 0 days 2,280 sqft
    2022-08-01 0 days 2,536 sqft
    2022-09-01 0 days 2,258 sqft
    2022-10-01 0 days 2,250 sqft
    2022-11-01 0 days 2,202 sqft
    2022-12-01 0 days 2,177 sqft
    2023-01-01 0 days 2,227 sqft
    2023-02-01 0 days 2,283 sqft
    2023-03-01 0 days 2,261 sqft
    2023-04-01 0 days 2,245 sqft
    2023-05-01 0 days 2,251 sqft
    2023-06-01 0 days 2,189 sqft
    2023-07-01 0 days 2,060 sqft
    2023-08-01 0 days 2,207 sqft
    2023-09-01 0 days 2,298 sqft
    2023-10-01 0 days 2,257 sqft
    2023-11-01 0 days 2,236 sqft
    2023-12-01 0 days 2,236 sqft
    2024-01-01 0 days 2,052 sqft
    2024-02-01 0 days 2,092 sqft
    2024-03-01 0 days 2,092 sqft
    Aberdeen's median listing age (time on market) for 2024-03-01 was 0 days.

    Aberdeen's median square footage for active listings during the 2024-03-01 period was 2,092 sqft. One year prior, the average listing was 2,261 sqft.

    FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).