Rapid City FHA Loan Rates, Closing Costs & Stats

RAPID CITY, 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.

    Rapid City's 41 lenders originated 305 FHA loans during 2023. The total origination value was $85,175,000, with an average FHA loan value of $279,262.

    Rapid City FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Rapid City averaged 6.15% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

    Rapid City's average FHA mortgage closing costs are $7,610.

    The average rate for the prior week (2025-02-07) was 6.36% and one month ago for the week of 2025-01-10, the average rate was 6.23%.

    The average rate one year ago was 6.25%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.81%.

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

    Rapid City 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 Rapid City level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CMG MORTGAGE, INC. 39 6.76% $12,028
    Unify Home Lending Inc. 38 6.53% $8,717
    Plains Commerce Bank 35 6.41% $9,680
    UNITED WHOLESALE MORTGAGE, LLC 33 6.46% $11,456
    Gateway First Bank 15 6.49% $7,023
    AMERICAN PACIFIC MORTGAGE CORPORATION 13 6.88% $13,478
    QUICKEN LOANS, LLC 11 6.19% $11,719
    Servion, Inc. 9 6.51% $14,292
    PENNYMAC LOAN SERVICES, LLC 5 5.93% $13,734
    DAS Acquisition Company, LLC 4 6.75% $11,327
    BLACK HILLS FEDERAL CREDIT UNION 3 6.71% $6,282
    First National Bank 3 6.67% $7,131
    Century Mortgage Company DBA Century Lending Company 3 6.63% $12,484
    BROKER SOLUTIONS, INC. 2 7.44% $10,080
    NEWREZ LLC 2 6.25% $16,953
    Mr. Cooper ( Nationstar Mortgage ) 2 6.44% $21,400
    MUTUAL OF OMAHA MORTGAGE, INC. 1 6.25% $20,150
    Northpointe Bank 1 7.25% $12,650
    OPEN MORTGAGE, LLC 1 6.25% $16,498
    PLANET HOME LENDING, LLC 1 5.38% $6,500
    POLARIS HOME FUNDING CORP. 1 6.50% $19,417
    The Central Trust Bank 1 6.00% $7,962
    Truist 1 6.25% $6,802
    U.S. Bank 1 6.38% $9,417
    AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $8,571
    ZILLOW HOME LOANS, LLC 1 6.13% $6,610
    AMERICAN FINANCIAL RESOURCES, INC. 1 7.00% $9,481
    AmeriHome Mortgage Company, LLC 1 6.63% $15,597
    AMERISAVE MORTGAGE CORPORATION 1 6.75% $17,624
    BANKWEST, INC. 1 6.25% $8,732
    Barrington Bank & Trust Company, N.A. 1 5.63% $11,714
    CARDINAL FINANCIAL 1 7.50% $10,379
    Carrington Mortgage Services, LLC 1 6.38% $16,173
    CU MORTGAGE DIRECT, LLC 1 6.63% $5,497
    Dacotah Bank 1 6.13% $13,568
    First Interstate Bank 1 6.25% $7,826
    FREEDOM MORTGAGE CORPORATION 1 6.25% $10,701
    GUARANTEED RATE, INC. 1 7.50% $12,820
    LOANDEPOT.COM, LLC 1 6.99% $14,545
    Mortgage Research Center, LLC 1 7.50% $3,546
    MOVEMENT MORTGAGE, LLC 1 6.75% $20,171

    The top Rapid City FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 39 FHA loans originated. Their average total fees are $12,028, which is $3,311 higher than the next largest lender, Unify Home Lending Inc..

    The lowest fee Rapid City FHA lenders (with over 10 loans originated) are Gateway First Bank ($7,023), Unify Home Lending Inc. ($8,717), Plains Commerce Bank ($9,680), UNITED WHOLESALE MORTGAGE, LLC ($11,456) and QUICKEN LOANS, LLC ($11,719).

    The lowest rate Rapid City FHA lenders (with over 10 loans originated) are QUICKEN LOANS, LLC (6.19%), Plains Commerce Bank (6.41%), UNITED WHOLESALE MORTGAGE, LLC (6.46%), Gateway First Bank (6.49%) and Unify Home Lending Inc. (6.53%).

    Rapid City FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Rapid City (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 $247,400 (3.5%) $316,348 (2.8%) 0.90 727
    2018-02-01 $249,950 (4.2%) $323,645 (3.5%) 0.90 745
    2018-03-01 $258,950 (3.6%) $324,930 (2.2%) 0.89 771
    2018-04-01 $268,450 (5.8%) $331,579 (2.6%) 0.91 797
    2018-05-01 $267,175 (6.6%) $331,877 (3.2%) 0.89 882
    2018-06-01 $274,500 (10.0%) $338,609 (6.3%) 0.91 879
    2018-07-01 $269,975 (8.7%) $336,688 (6.5%) 0.90 879
    2018-08-01 $269,000 (9.6%) $339,744 (7.6%) 0.90 865
    2018-09-01 $264,700 (8.0%) $332,913 (6.1%) 0.89 885
    2018-10-01 $268,789 (12.0%) $335,540 (6.1%) 0.90 822
    2018-11-01 $269,900 (10.0%) $332,472 (4.7%) 0.91 758
    2018-12-01 $269,900 (12.5%) $326,655 (5.1%) 0.93 660
    2019-01-01 $268,500 (8.5%) $324,513 (2.6%) 0.93 628
    2019-02-01 $269,000 (7.6%) $323,877 (0.1%) 0.91 658
    2019-03-01 $269,900 (4.2%) $328,120 (1.0%) 0.88 691
    2019-04-01 $269,900 (0.5%) $330,867 (-0.2%) 0.85 730
    2019-05-01 $262,400 (-1.8%) $328,181 (-1.1%) 0.81 812
    2019-06-01 $259,900 (-5.3%) $327,099 (-3.4%) 0.81 869
    2019-07-01 $265,200 (-1.8%) $337,828 (0.3%) 0.81 880
    2019-08-01 $263,336 (-2.1%) $338,569 (-0.4%) 0.82 853
    2019-09-01 $258,591 (-2.3%) $335,550 (0.8%) 0.82 811
    2019-10-01 $257,927 (-4.0%) $334,807 (-0.2%) 0.82 768
    2019-11-01 $259,900 (-3.7%) $341,374 (2.7%) 0.85 731
    2019-12-01 $259,900 (-3.7%) $342,809 (5.0%) 0.87 629
    2020-01-01 $285,425 (6.3%) $403,416 (24.3%) 0.94 381
    2020-02-01 $299,000 (11.2%) $420,534 (29.8%) 0.96 384
    2020-03-01 $319,900 (18.5%) $462,399 (40.9%) 0.97 371
    2020-04-01 $313,200 (16.0%) $456,666 (38.0%) 0.95 420
    2020-05-01 $309,900 (18.1%) $448,295 (36.6%) 0.91 411
    2020-06-01 $325,000 (25.1%) $465,814 (42.4%) 0.93 390
    2020-07-01 $330,950 (24.8%) $476,558 (41.1%) 0.93 318
    2020-08-01 $314,900 (19.6%) $491,187 (45.1%) 0.86 277
    2020-09-01 $299,900 (16.0%) $477,439 (42.3%) 0.82 227
    2020-10-01 $289,900 (12.4%) $486,814 (45.4%) 0.81 200
    2020-11-01 $290,175 (11.7%) $485,128 (42.1%) 0.84 166
    2020-12-01 $274,400 (5.6%) $476,731 (39.1%) 0.80 147
    2021-01-01 $249,900 (-12.5%) $396,255 (-1.8%) 0.74 130
    2021-02-01 $252,450 (-15.6%) $437,683 (4.1%) 0.72 98
    2021-03-01 $340,050 (6.3%) $485,094 (4.9%) 0.95 101
    2021-04-01 $351,975 (12.4%) $473,303 (3.6%) 0.95 105
    2021-05-01 $345,000 (11.3%) $487,902 (8.8%) 0.89 109
    2021-06-01 $356,675 (9.8%) $501,612 (7.7%) 0.91 141
    2021-07-01 $374,950 (13.3%) $497,583 (4.4%) 0.91 168
    2021-08-01 $348,650 (10.7%) $466,077 (-5.1%) 0.90 183
    2021-09-01 $366,675 (22.3%) $501,269 (5.0%) 0.94 190
    2021-10-01 $359,900 (24.2%) $509,395 (4.6%) 0.93 174
    2021-11-01 $364,900 (25.8%) $541,728 (11.7%) 0.95 163
    2021-12-01 $362,400 (32.1%) $578,812 (21.4%) 0.96 134
    2022-01-01 $364,900 (46.0%) $602,951 (52.2%) 0.97 121
    2022-02-01 $362,400 (43.6%) $603,594 (37.9%) 0.94 128
    2022-03-01 $393,325 (15.7%) $683,302 (40.9%) 0.94 145
    2022-04-01 $399,900 (13.6%) $683,031 (44.3%) 0.92 188
    2022-05-01 $427,475 (23.9%) $689,379 (41.3%) 0.89 146
    2022-06-01 $399,900 (12.1%) $619,270 (23.5%) 0.87 222
    2022-07-01 $425,000 (13.4%) $619,668 (24.5%) 0.91 253
    2022-08-01 $426,500 (22.3%) $607,004 (30.2%) 0.95 285
    2022-09-01 $422,475 (15.2%) $585,035 (16.7%) 0.93 300
    2022-10-01 $425,000 (18.1%) $569,013 (11.7%) 0.94 309
    2022-11-01 $449,450 (23.2%) $645,214 (19.1%) 1.03 378
    2022-12-01 $428,450 (18.2%) $601,732 (4.0%) 1.00 275
    2023-01-01 $414,900 (13.7%) $584,365 (-3.1%) 0.98 252
    2023-02-01 $404,950 (11.7%) $586,435 (-2.8%) 0.94 229
    2023-03-01 $404,450 (2.8%) $591,095 (-13.5%) 0.91 164
    2023-04-01 $452,500 (13.2%) $629,036 (-7.9%) 1.01 179
    2023-05-01 $457,000 (6.9%) $605,810 (-12.1%) 0.98 229
    2023-06-01 $464,950 (16.3%) $615,839 (-0.6%) 0.97 294
    2023-07-01 $454,900 (7.0%) $595,006 (-4.0%) 0.98 344
    2023-08-01 $439,900 (3.1%) $596,374 (-1.8%) 0.95 370
    2023-09-01 $432,448 (2.4%) $592,849 (1.3%) 0.95 376
    2023-10-01 $438,450 (3.2%) $620,526 (9.1%) 0.99 409
    2023-11-01 $419,500 (-6.7%) $598,292 (-7.3%) 0.95 428
    2023-12-01 $419,000 (-2.2%) $603,373 (0.3%) 0.97 383
    2024-01-01 $401,225 (-3.3%) $599,726 (2.6%) 0.94 365
    2024-02-01 $399,950 (-1.2%) $588,764 (0.4%) 0.92 348
    2024-03-01 $409,900 (1.4%) $595,738 (0.8%) 0.93 361
    2024-04-01 $422,450 (-6.6%) $608,557 (-3.3%) 0.93 364
    2024-05-01 $433,750 (-5.1%) $626,324 (3.4%) 0.95 371
    2024-06-01 $432,450 (-7.0%) $619,454 (0.6%) 0.96 420
    2024-07-01 $449,975 (-1.1%) $615,811 (3.5%) 1.01 452
    2024-08-01 $439,000 (-0.2%) $603,803 (1.3%) 1.00 479
    2024-09-01 $429,900 (-0.6%) $599,433 (1.1%) 0.99 517
    2024-10-01 $422,450 (-3.7%) $585,996 (-5.6%) 0.96 518
    2024-11-01 $419,900 (0.1%) $590,336 (-1.3%) 0.97 514
    2024-12-01 $422,450 (0.8%) $587,347 (-2.7%) 1.00 464
    2025-01-01 $414,950 (3.4%) $579,166 (-3.4%) 0.00 429
    Rapid City's median listing price for 2025-01-01 was $414,950, a difference of $13,725 (3.4%) versus the prior year and $-7,500 versus the prior month.

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

    Rapid City's average listing price for 2025-01-01 was $579,166, a difference of $-20,560 (-3.4%) versus the prior year and $-8,181 versus the prior month.

    For the 2025-01-01 period, Rapid City had 429 MLS listings, a difference of -35 listings (-8%) versus the prior month and 64 listings (18%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Rapid City (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 68 days 2,205 sqft
    2018-02-01 65 days 2,220 sqft
    2018-03-01 54 days 2,260 sqft
    2018-04-01 50 days 2,285 sqft
    2018-05-01 48 days 2,258 sqft
    2018-06-01 45 days 2,288 sqft
    2018-07-01 47 days 2,250 sqft
    2018-08-01 52 days 2,240 sqft
    2018-09-01 49 days 2,218 sqft
    2018-10-01 54 days 2,248 sqft
    2018-11-01 62 days 2,244 sqft
    2018-12-01 70 days 2,236 sqft
    2019-01-01 68 days 2,202 sqft
    2019-02-01 52 days 2,207 sqft
    2019-03-01 47 days 2,230 sqft
    2019-04-01 46 days 2,212 sqft
    2019-05-01 43 days 2,145 sqft
    2019-06-01 46 days 2,121 sqft
    2019-07-01 44 days 2,143 sqft
    2019-08-01 45 days 2,150 sqft
    2019-09-01 46 days 2,156 sqft
    2019-10-01 47 days 2,172 sqft
    2019-11-01 54 days 2,182 sqft
    2019-12-01 63 days 2,169 sqft
    2020-01-01 67 days 2,318 sqft
    2020-02-01 50 days 2,360 sqft
    2020-03-01 46 days 2,334 sqft
    2020-04-01 43 days 2,328 sqft
    2020-05-01 44 days 2,288 sqft
    2020-06-01 45 days 2,300 sqft
    2020-07-01 52 days 2,331 sqft
    2020-08-01 40 days 2,250 sqft
    2020-09-01 44 days 2,240 sqft
    2020-10-01 38 days 2,157 sqft
    2020-11-01 41 days 2,002 sqft
    2020-12-01 39 days 1,920 sqft
    2021-01-01 55 days 1,840 sqft
    2021-02-01 48 days 1,881 sqft
    2021-03-01 20 days 2,139 sqft
    2021-04-01 15 days 2,129 sqft
    2021-05-01 8 days 2,122 sqft
    2021-06-01 12 days 2,123 sqft
    2021-07-01 17 days 1,970 sqft
    2021-08-01 25 days 1,730 sqft
    2021-09-01 26 days 1,912 sqft
    2021-10-01 33 days 1,812 sqft
    2021-11-01 37 days 1,806 sqft
    2021-12-01 59 days 1,872 sqft
    2022-01-01 61 days 1,920 sqft
    2022-02-01 34 days 1,924 sqft
    2022-03-01 39 days 1,920 sqft
    2022-04-01 30 days 1,924 sqft
    2022-05-01 23 days 1,969 sqft
    2022-06-01 25 days 1,959 sqft
    2022-07-01 32 days 2,008 sqft
    2022-08-01 35 days 2,076 sqft
    2022-09-01 32 days 2,028 sqft
    2022-10-01 33 days 2,000 sqft
    2022-11-01 53 days 2,001 sqft
    2022-12-01 63 days 2,013 sqft
    2023-01-01 59 days 2,006 sqft
    2023-02-01 51 days 1,984 sqft
    2023-03-01 49 days 1,953 sqft
    2023-04-01 47 days 1,998 sqft
    2023-05-01 29 days 1,933 sqft
    2023-06-01 31 days 2,031 sqft
    2023-07-01 36 days 2,033 sqft
    2023-08-01 39 days 1,990 sqft
    2023-09-01 43 days 1,994 sqft
    2023-10-01 39 days 2,001 sqft
    2023-11-01 44 days 1,947 sqft
    2023-12-01 60 days 1,920 sqft
    2024-01-01 71 days 1,909 sqft
    2024-02-01 52 days 1,857 sqft
    2024-03-01 64 days 1,855 sqft
    2024-04-01 62 days 1,876 sqft
    2024-05-01 38 days 1,923 sqft
    2024-06-01 36 days 1,942 sqft
    2024-07-01 40 days 1,990 sqft
    2024-08-01 43 days 1,900 sqft
    2024-09-01 46 days 1,882 sqft
    2024-10-01 53 days 1,861 sqft
    2024-11-01 61 days 1,839 sqft
    2024-12-01 73 days 1,837 sqft
    2025-01-01 0 days 1,823 sqft
    Rapid City's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Rapid City's median square footage for active listings during the 2025-01-01 period was 1,823 sqft. One year prior, the average listing was 1,909 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).