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 6.23% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.04% and one month ago for the week of 2025-01-10, the average rate was 6.41%.

    The average rate one year ago was 6.43%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.62%.

    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 $157,350 (-2.8%) $265,278 (31.8%) 0.00 61
    2018-02-01 $173,250 (11.1%) $284,990 (48.7%) 0.00 60
    2018-03-01 $179,950 (15.4%) $290,792 (58.5%) 0.00 51
    2018-04-01 $187,000 (20.8%) $286,085 (52.1%) 0.00 58
    2018-05-01 $188,550 (14.5%) $272,187 (33.1%) 0.00 59
    2018-06-01 $189,900 (16.0%) $283,609 (38.4%) 0.00 58
    2018-07-01 $172,500 (6.2%) $257,974 (29.0%) 0.00 62
    2018-08-01 $164,025 (2.2%) $241,126 (15.8%) 0.00 72
    2018-09-01 $154,825 (1.0%) $237,602 (12.2%) 0.00 64
    2018-10-01 $155,725 (-0.5%) $216,512 (-12.9%) 0.00 63
    2018-11-01 $159,000 (2.1%) $211,855 (-16.5%) 0.00 65
    2018-12-01 $159,000 (2.7%) $210,066 (-17.5%) 0.00 63
    2019-01-01 $175,125 (11.3%) $232,271 (-12.4%) 0.00 47
    2019-02-01 $173,900 (0.4%) $192,018 (-32.6%) 0.00 42
    2019-03-01 $180,757 (0.5%) $201,643 (-30.7%) 0.00 43
    2019-04-01 $185,682 (-0.7%) $202,291 (-29.3%) 0.00 42
    2019-05-01 $170,925 (-9.4%) $195,686 (-28.1%) 0.00 49
    2019-06-01 $161,400 (-15.0%) $192,737 (-32.0%) 0.00 66
    2019-07-01 $161,700 (-6.3%) $192,598 (-25.3%) 0.00 71
    2019-08-01 $150,227 (-8.4%) $186,876 (-22.5%) 0.00 79
    2019-09-01 $143,068 (-7.6%) $177,818 (-25.2%) 0.00 80
    2019-10-01 $141,245 (-9.3%) $173,097 (-20.1%) 0.00 81
    2019-11-01 $138,500 (-12.9%) $170,060 (-19.7%) 0.00 72
    2019-12-01 $135,875 (-14.5%) $160,375 (-23.7%) 0.00 65
    2020-01-01 $131,750 (-24.8%) $147,682 (-36.4%) 0.00 61
    2020-02-01 $143,700 (-17.4%) $165,108 (-14.0%) 0.00 66
    2020-03-01 $147,175 (-18.6%) $167,904 (-16.7%) 0.00 69
    2020-04-01 $156,050 (-16.0%) $170,904 (-15.5%) 0.00 68
    2020-05-01 $155,000 (-9.3%) $168,076 (-14.1%) 0.00 67
    2020-06-01 $138,750 (-14.0%) $167,545 (-13.1%) 0.00 63
    2020-07-01 $138,250 (-14.5%) $191,529 (-0.6%) 0.00 62
    2020-08-01 $154,900 (3.1%) $192,154 (2.8%) 0.00 56
    2020-09-01 $149,950 (4.8%) $183,806 (3.4%) 0.00 53
    2020-10-01 $129,250 (-8.5%) $181,325 (4.8%) 0.00 47
    2020-11-01 $127,375 (-8.0%) $173,262 (1.9%) 0.00 44
    2020-12-01 $124,075 (-8.7%) $256,618 (60.0%) 0.00 36
    2021-01-01 $119,900 (-9.0%) $274,177 (85.7%) 0.00 31
    2021-02-01 $125,925 (-12.4%) $280,074 (69.6%) 0.00 32
    2021-03-01 $165,625 (12.5%) $289,084 (72.2%) 0.00 36
    2021-04-01 $192,000 (23.0%) $304,741 (78.3%) 0.00 39
    2021-05-01 $187,000 (20.7%) $340,158 (102.4%) 0.00 42
    2021-06-01 $223,250 (60.9%) $358,517 (114.0%) 0.00 42
    2021-07-01 $199,900 (44.6%) $354,556 (85.1%) 0.00 51
    2021-08-01 $199,650 (28.9%) $322,276 (67.7%) 0.00 60
    2021-09-01 $208,475 (39.0%) $332,006 (80.6%) 0.00 49
    2021-10-01 $165,000 (27.7%) $305,786 (68.6%) 0.00 41
    2021-11-01 $167,225 (31.3%) $283,475 (63.6%) 0.00 37
    2021-12-01 $157,350 (26.8%) $262,095 (2.1%) 0.00 32
    2022-01-01 $138,400 (15.4%) $254,184 (-7.3%) 0.00 26
    2022-02-01 $148,125 (17.6%) $259,657 (-7.3%) 0.00 29
    2022-03-01 $187,450 (13.2%) $282,707 (-2.2%) 0.00 34
    2022-04-01 $214,950 (12.0%) $296,663 (-2.7%) 0.00 43
    2022-05-01 $218,750 (17.0%) $308,567 (-9.3%) 0.00 48
    2022-06-01 $218,875 (-2.0%) $316,692 (-11.7%) 0.00 54
    2022-07-01 $221,250 (10.7%) $326,857 (-7.8%) 0.00 53
    2022-08-01 $233,500 (17.0%) $388,300 (20.5%) 0.00 47
    2022-09-01 $227,500 (9.1%) $396,818 (19.5%) 0.00 46
    2022-10-01 $250,000 (51.5%) $421,021 (37.7%) 0.00 37
    2022-11-01 $259,675 (55.3%) $443,019 (56.3%) 0.00 38
    2022-12-01 $359,900 (128.7%) $475,817 (81.5%) 0.00 33
    2023-01-01 $304,900 (120.3%) $465,379 (83.1%) 0.00 31
    2023-02-01 $324,999 (119.4%) $497,290 (91.5%) 0.00 32
    2023-03-01 $304,900 (62.7%) $490,748 (73.6%) 0.00 32
    2023-04-01 $299,000 (39.1%) $461,022 (55.4%) 0.00 35
    2023-05-01 $302,700 (38.4%) $434,734 (40.9%) 0.00 59
    2023-06-01 $295,600 (35.1%) $395,317 (24.8%) 0.00 80
    2023-07-01 $279,900 (26.5%) $358,222 (9.6%) 0.00 103
    2023-08-01 $273,675 (17.2%) $392,234 (1.0%) 0.00 64
    2023-09-01 $289,950 (27.5%) $381,828 (-3.8%) 0.00 64
    2023-10-01 $295,000 (18.0%) $374,315 (-11.1%) 0.00 50
    2023-11-01 $295,000 (13.6%) $351,890 (-20.6%) 0.00 53
    2023-12-01 $290,000 (-19.4%) $351,466 (-26.1%) 0.00 49
    2024-01-01 $279,000 (-8.5%) $345,589 (-25.7%) 0.00 45
    2024-02-01 $292,500 (-10.0%) $325,009 (-34.6%) 0.00 39
    2024-03-01 $309,900 (1.6%) $341,325 (-30.5%) 0.00 38
    2024-04-01 $310,725 (3.9%) $373,163 (-19.1%) 0.00 44
    2024-05-01 $363,750 (20.2%) $394,407 (-9.3%) 0.00 51
    2024-06-01 $340,000 (15.0%) $378,916 (-4.2%) 0.00 61
    2024-07-01 $311,975 (11.5%) $362,479 (1.2%) 0.00 62
    2024-08-01 $299,900 (9.6%) $383,395 (-2.3%) 0.00 70
    2024-09-01 $299,000 (3.1%) $387,547 (1.5%) 0.00 69
    2024-10-01 $314,250 (6.5%) $383,998 (2.6%) 0.00 70
    2024-11-01 $324,950 (10.2%) $395,562 (12.4%) 0.00 62
    2024-12-01 $364,000 (25.5%) $425,197 (21.0%) 0.00 52
    2025-01-01 $344,950 (23.6%) $380,880 (10.2%) 0.00 49
    Mitchell's median listing price for 2025-01-01 was $344,950, a difference of $65,950 (23.6%) versus the prior year and $-19,050 versus the prior month.

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

    Mitchell's average listing price for 2025-01-01 was $380,880, a difference of $35,291 (10.2%) versus the prior year and $-44,317 versus the prior month.

    For the 2025-01-01 period, Mitchell had 49 MLS listings, a difference of -3 listings (-6%) versus the prior month and 4 listings (9%) 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 1,663 sqft
    2018-02-01 0 days 1,751 sqft
    2018-03-01 0 days 1,578 sqft
    2018-04-01 0 days 1,665 sqft
    2018-05-01 0 days 1,661 sqft
    2018-06-01 0 days 1,749 sqft
    2018-07-01 0 days 1,661 sqft
    2018-08-01 0 days 1,686 sqft
    2018-09-01 0 days 1,650 sqft
    2018-10-01 0 days 1,633 sqft
    2018-11-01 0 days 1,778 sqft
    2018-12-01 0 days 1,778 sqft
    2019-01-01 0 days 1,820 sqft
    2019-02-01 0 days 1,812 sqft
    2019-03-01 0 days 1,713 sqft
    2019-04-01 0 days 1,730 sqft
    2019-05-01 0 days 1,784 sqft
    2019-06-01 0 days 1,888 sqft
    2019-07-01 0 days 1,832 sqft
    2019-08-01 0 days 1,692 sqft
    2019-09-01 0 days 1,659 sqft
    2019-10-01 0 days 1,631 sqft
    2019-11-01 0 days 1,546 sqft
    2019-12-01 0 days 1,454 sqft
    2020-01-01 0 days 1,383 sqft
    2020-02-01 0 days 1,596 sqft
    2020-03-01 0 days 1,624 sqft
    2020-04-01 0 days 1,651 sqft
    2020-05-01 0 days 1,640 sqft
    2020-06-01 0 days 1,587 sqft
    2020-07-01 0 days 1,553 sqft
    2020-08-01 0 days 1,773 sqft
    2020-09-01 0 days 1,754 sqft
    2020-10-01 0 days 1,720 sqft
    2020-11-01 0 days 1,731 sqft
    2020-12-01 0 days 1,720 sqft
    2021-01-01 0 days 1,830 sqft
    2021-02-01 0 days 1,773 sqft
    2021-03-01 0 days 1,914 sqft
    2021-04-01 0 days 1,981 sqft
    2021-05-01 0 days 1,975 sqft
    2021-06-01 0 days 1,860 sqft
    2021-07-01 0 days 1,758 sqft
    2021-08-01 0 days 1,872 sqft
    2021-09-01 0 days 1,913 sqft
    2021-10-01 0 days 1,821 sqft
    2021-11-01 0 days 1,881 sqft
    2021-12-01 0 days 1,673 sqft
    2022-01-01 0 days 1,502 sqft
    2022-02-01 0 days 1,509 sqft
    2022-03-01 0 days 1,620 sqft
    2022-04-01 0 days 1,750 sqft
    2022-05-01 0 days 1,721 sqft
    2022-06-01 0 days 1,683 sqft
    2022-07-01 0 days 1,716 sqft
    2022-08-01 0 days 1,765 sqft
    2022-09-01 0 days 1,870 sqft
    2022-10-01 0 days 1,890 sqft
    2022-11-01 0 days 1,757 sqft
    2022-12-01 0 days 1,803 sqft
    2023-01-01 0 days 1,826 sqft
    2023-02-01 0 days 1,890 sqft
    2023-03-01 0 days 1,880 sqft
    2023-04-01 0 days 1,901 sqft
    2023-05-01 0 days 1,942 sqft
    2023-06-01 0 days 1,896 sqft
    2023-07-01 0 days 1,887 sqft
    2023-08-01 0 days 2,020 sqft
    2023-09-01 0 days 2,018 sqft
    2023-10-01 0 days 1,978 sqft
    2023-11-01 0 days 2,128 sqft
    2023-12-01 0 days 2,256 sqft
    2024-01-01 0 days 2,236 sqft
    2024-02-01 0 days 1,891 sqft
    2024-03-01 0 days 1,931 sqft
    2024-04-01 0 days 2,118 sqft
    2024-05-01 0 days 2,268 sqft
    2024-06-01 0 days 2,242 sqft
    2024-07-01 0 days 2,083 sqft
    2024-08-01 0 days 2,208 sqft
    2024-09-01 0 days 2,196 sqft
    2024-10-01 0 days 2,300 sqft
    2024-11-01 0 days 2,248 sqft
    2024-12-01 0 days 2,242 sqft
    2025-01-01 0 days 2,203 sqft
    Mitchell's median listing age (time on market) for 2025-01-01 was 0 days.

    Mitchell's median square footage for active listings during the 2025-01-01 period was 2,203 sqft. One year prior, the average listing was 2,236 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).