Mitchell FHA Loan Rates, Closing Costs & Stats

Mitchell, 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.

    Mitchell's 15 lenders originated 45 FHA loans during 2023. The total origination value was $9,065,000, with an average FHA loan value of $201,444.

    Mitchell FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Mitchell averaged -0.48% for the week of 2024-11-15, compared to the national average (all FHA variants) of 0% for the same period.

    Mitchell's average FHA mortgage closing costs are $6,240.

    The average rate for the prior week (2024-11-08) was 6.32% and one month ago for the week of 2024-10-11, the average rate was 5.83%.

    The average rate one year ago was 7.17%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.2%.

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

    Mitchell 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 Mitchell level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 17 5.88% $7,578
    BANKWEST, INC. 4 6.31% $7,458
    U.S. Bank 3 5.58% $7,731
    CORTRUST MORTGAGE, INC. 3 6.67% $6,386
    QUICKEN LOANS, LLC 3 6.41% $8,650
    First PREMIER Bank 2 6.56% $9,325
    First Dakota National Bank 2 6.25% $4,175
    HOMESIDE FINANCIAL, LLC 1 7.88% $10,969
    LOANDEPOT.COM, LLC 1 5.99% $12,398
    First International Bank & Trust 1 6.13% $4,815
    BROKER SOLUTIONS, INC. 1 7.13% $11,841
    BLACK HILLS FEDERAL CREDIT UNION 1 6.38% $5,491
    SIOUX FALLS 1 6.00% $8,309
    MID AMERICA MORTGAGE, INC. 1 7.25% $3,289
    Flanagan State Bank 1 7.00% $7,382

    The top Mitchell FHA lender as defined by loan originations is Plains Commerce Bank, with 17 FHA loans originated. Their average total fees are $7,578, which is $121 higher than the next largest lender, BANKWEST, INC..

    The lowest fee Mitchell FHA lenders (with over 10 loans originated) are Plains Commerce Bank ($7,578), .

    The lowest rate Mitchell FHA lenders (with over 10 loans originated) are Plains Commerce Bank (5.88%), .

    Mitchell FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Mitchell (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 $164,650 (3.1%) $272,963 (34.4%) 0.00 58
    2018-02-01 $179,750 (15.3%) $296,753 (51.6%) 0.00 58
    2018-03-01 $189,000 (21.2%) $304,814 (61.8%) 0.00 47
    2018-04-01 $191,623 (23.8%) $302,025 (56.9%) 0.00 53
    2018-05-01 $194,750 (17.6%) $284,697 (36.6%) 0.00 56
    2018-06-01 $194,698 (16.0%) $294,173 (39.6%) 0.00 55
    2018-07-01 $188,900 (14.6%) $266,629 (29.6%) 0.00 59
    2018-08-01 $164,775 (0.2%) $247,482 (14.7%) 0.00 69
    2018-09-01 $159,900 (0.4%) $244,099 (12.0%) 0.00 62
    2018-10-01 $158,450 (-0.2%) $219,152 (-14.6%) 0.00 62
    2018-11-01 $159,750 (1.6%) $215,687 (-17.8%) 0.00 63
    2018-12-01 $159,375 (0.9%) $216,164 (-17.8%) 0.00 60
    2019-01-01 $178,125 (8.2%) $237,722 (-12.9%) 0.00 45
    2019-02-01 $174,375 (-3.0%) $197,129 (-33.6%) 0.00 38
    2019-03-01 $180,814 (-4.3%) $207,228 (-32.0%) 0.00 39
    2019-04-01 $186,814 (-2.5%) $207,667 (-31.2%) 0.00 38
    2019-05-01 $176,175 (-9.5%) $200,470 (-29.6%) 0.00 45
    2019-06-01 $174,900 (-10.2%) $195,888 (-33.4%) 0.00 61
    2019-07-01 $169,200 (-10.4%) $199,775 (-25.1%) 0.00 64
    2019-08-01 $160,455 (-2.6%) $192,624 (-22.2%) 0.00 73
    2019-09-01 $148,386 (-7.2%) $180,344 (-26.1%) 0.00 75
    2019-10-01 $144,441 (-8.8%) $173,541 (-20.8%) 0.00 78
    2019-11-01 $138,500 (-13.3%) $169,343 (-21.5%) 0.00 70
    2019-12-01 $137,750 (-13.6%) $161,976 (-25.1%) 0.00 64
    2020-01-01 $134,875 (-24.3%) $150,095 (-36.9%) 0.00 59
    2020-02-01 $144,900 (-16.9%) $166,877 (-15.4%) 0.00 63
    2020-03-01 $149,450 (-17.4%) $169,798 (-18.1%) 0.00 65
    2020-04-01 $156,050 (-16.5%) $172,688 (-16.8%) 0.00 64
    2020-05-01 $157,000 (-10.9%) $170,753 (-14.8%) 0.00 64
    2020-06-01 $139,500 (-20.2%) $171,259 (-12.6%) 0.00 59
    2020-07-01 $139,250 (-17.7%) $196,774 (-1.5%) 0.00 58
    2020-08-01 $154,950 (-3.4%) $196,322 (1.9%) 0.00 53
    2020-09-01 $154,163 (3.9%) $188,135 (4.3%) 0.00 50
    2020-10-01 $134,000 (-7.2%) $186,217 (7.3%) 0.00 44
    2020-11-01 $126,250 (-8.8%) $178,566 (5.5%) 0.00 41
    2020-12-01 $125,825 (-8.7%) $272,705 (68.4%) 0.00 32
    2021-01-01 $139,500 (3.4%) $294,526 (96.2%) 0.00 28
    2021-02-01 $137,975 (-4.8%) $301,575 (80.7%) 0.00 29
    2021-03-01 $179,000 (19.8%) $306,154 (80.3%) 0.00 34
    2021-04-01 $214,950 (37.7%) $324,275 (87.8%) 0.00 35
    2021-05-01 $225,000 (43.3%) $372,499 (118.2%) 0.00 37
    2021-06-01 $225,000 (61.3%) $374,128 (118.5%) 0.00 39
    2021-07-01 $215,000 (54.4%) $363,148 (84.6%) 0.00 50
    2021-08-01 $199,775 (28.9%) $326,771 (66.5%) 0.00 59
    2021-09-01 $208,475 (35.2%) $338,529 (79.9%) 0.00 47
    2021-10-01 $165,900 (23.8%) $331,735 (78.1%) 0.00 38
    2021-11-01 $174,475 (38.2%) $294,771 (65.1%) 0.00 34
    2021-12-01 $157,350 (25.1%) $268,975 (-1.4%) 0.00 30
    2022-01-01 $139,900 (0.3%) $265,864 (-9.7%) 0.00 23
    2022-02-01 $152,100 (10.2%) $272,369 (-9.7%) 0.00 27
    2022-03-01 $186,950 (4.4%) $291,079 (-4.9%) 0.00 31
    2022-04-01 $209,900 (-2.4%) $281,492 (-13.2%) 0.00 38
    2022-05-01 $217,450 (-3.4%) $296,659 (-20.4%) 0.00 44
    2022-06-01 $214,950 (-4.5%) $314,032 (-16.1%) 0.00 50
    2022-07-01 $215,000 (0.0%) $335,751 (-7.5%) 0.00 48
    2022-08-01 $236,700 (18.5%) $406,290 (24.3%) 0.00 42
    2022-09-01 $226,250 (8.5%) $406,632 (20.1%) 0.00 41
    2022-10-01 $265,000 (59.7%) $444,164 (33.9%) 0.00 33
    2022-11-01 $292,400 (67.6%) $458,851 (55.7%) 0.00 36
    2022-12-01 $379,450 (141.2%) $483,415 (79.7%) 0.00 32
    2023-01-01 $306,150 (118.8%) $483,402 (81.8%) 0.00 29
    2023-02-01 $325,999 (114.3%) $504,214 (85.1%) 0.00 30
    2023-03-01 $304,900 (63.1%) $496,733 (70.7%) 0.00 30
    2023-04-01 $304,900 (45.3%) $466,275 (65.6%) 0.00 34
    2023-05-01 $304,175 (39.9%) $440,258 (48.4%) 0.00 58
    2023-06-01 $297,500 (38.4%) $398,402 (26.9%) 0.00 79
    2023-07-01 $279,950 (30.2%) $359,141 (7.0%) 0.00 102
    2023-08-01 $273,675 (15.6%) $393,908 (-3.1%) 0.00 62
    2023-09-01 $290,000 (28.2%) $382,957 (-5.8%) 0.00 61
    2023-10-01 $295,000 (11.3%) $374,721 (-15.6%) 0.00 48
    2023-11-01 $295,000 (0.9%) $355,876 (-22.4%) 0.00 50
    2023-12-01 $290,000 (-23.6%) $355,505 (-26.5%) 0.00 47
    2024-01-01 $284,500 (-7.1%) $351,352 (-27.3%) 0.00 44
    2024-02-01 $293,725 (-9.9%) $329,233 (-34.7%) 0.00 39
    2024-03-01 $309,950 (1.7%) $345,567 (-30.4%) 0.00 36
    2024-04-01 $330,000 (8.2%) $386,892 (-17.0%) 0.00 41
    2024-05-01 $384,500 (26.4%) $419,206 (-4.8%) 0.00 47
    2024-06-01 $355,000 (19.3%) $393,864 (-1.1%) 0.00 57
    2024-07-01 $317,450 (13.4%) $371,118 (3.3%) 0.00 58
    2024-08-01 $307,975 (12.5%) $396,131 (0.6%) 0.00 65
    2024-09-01 $299,675 (3.3%) $399,597 (4.3%) 0.00 64
    2024-10-01 $325,825 (10.5%) $395,707 (5.6%) 0.00 65
    Mitchell's median listing price for 2024-10-01 was $325,825, a difference of $30,825 (10.5%) versus the prior year and $26,150 versus the prior month.

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

    Mitchell's average listing price for 2024-10-01 was $395,707, a difference of $20,986 (5.6%) versus the prior year and $-3,890 versus the prior month.

    For the 2024-10-01 period, Mitchell had 65 MLS listings, a difference of 1 listings (2%) versus the prior month and 17 listings (35%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Mitchell (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,753 sqft
    2018-02-01 0 days 1,760 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,666 sqft
    2018-05-01 0 days 1,750 sqft
    2018-06-01 0 days 1,751 sqft
    2018-07-01 0 days 1,653 sqft
    2018-08-01 0 days 1,666 sqft
    2018-09-01 0 days 1,629 sqft
    2018-10-01 0 days 1,629 sqft
    2018-11-01 0 days 1,687 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,858 sqft
    2019-02-01 0 days 1,858 sqft
    2019-03-01 0 days 1,647 sqft
    2019-04-01 0 days 1,594 sqft
    2019-05-01 0 days 1,758 sqft
    2019-06-01 0 days 1,828 sqft
    2019-07-01 0 days 1,721 sqft
    2019-08-01 0 days 1,643 sqft
    2019-09-01 0 days 1,635 sqft
    2019-10-01 0 days 1,628 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,502 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,612 sqft
    2020-03-01 0 days 1,630 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,643 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,560 sqft
    2020-08-01 0 days 1,781 sqft
    2020-09-01 0 days 1,779 sqft
    2020-10-01 0 days 1,824 sqft
    2020-11-01 0 days 1,849 sqft
    2020-12-01 0 days 1,886 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,915 sqft
    2021-03-01 0 days 1,978 sqft
    2021-04-01 0 days 2,026 sqft
    2021-05-01 0 days 2,074 sqft
    2021-06-01 0 days 1,881 sqft
    2021-07-01 0 days 1,810 sqft
    2021-08-01 0 days 1,887 sqft
    2021-09-01 0 days 1,969 sqft
    2021-10-01 0 days 1,889 sqft
    2021-11-01 0 days 1,909 sqft
    2021-12-01 0 days 1,856 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,522 sqft
    2022-03-01 0 days 1,659 sqft
    2022-04-01 0 days 1,721 sqft
    2022-05-01 0 days 1,678 sqft
    2022-06-01 0 days 1,676 sqft
    2022-07-01 0 days 1,715 sqft
    2022-08-01 0 days 1,753 sqft
    2022-09-01 0 days 1,890 sqft
    2022-10-01 0 days 1,949 sqft
    2022-11-01 0 days 1,815 sqft
    2022-12-01 0 days 1,849 sqft
    2023-01-01 0 days 1,838 sqft
    2023-02-01 0 days 1,953 sqft
    2023-03-01 0 days 1,922 sqft
    2023-04-01 0 days 1,915 sqft
    2023-05-01 0 days 1,941 sqft
    2023-06-01 0 days 1,905 sqft
    2023-07-01 0 days 1,905 sqft
    2023-08-01 0 days 2,020 sqft
    2023-09-01 0 days 2,019 sqft
    2023-10-01 0 days 1,975 sqft
    2023-11-01 0 days 2,128 sqft
    2023-12-01 0 days 2,263 sqft
    2024-01-01 0 days 2,239 sqft
    2024-02-01 0 days 1,910 sqft
    2024-03-01 0 days 1,891 sqft
    2024-04-01 0 days 2,119 sqft
    2024-05-01 0 days 2,352 sqft
    2024-06-01 0 days 2,252 sqft
    2024-07-01 0 days 2,083 sqft
    2024-08-01 0 days 2,184 sqft
    2024-09-01 0 days 2,175 sqft
    2024-10-01 0 days 2,272 sqft
    Mitchell's median listing age (time on market) for 2024-10-01 was 0 days.

    Mitchell's median square footage for active listings during the 2024-10-01 period was 2,272 sqft. One year prior, the average listing was 1,975 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).