Rapid City FHA Loan Rates, Closing Costs & Stats

RAPID CITY, SD

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 0.04% for the week of 2024-11-29, compared to the national average (all FHA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.43% and one month ago for the week of 2024-10-25, the average rate was 6.31%.

The average rate one year ago was 7%.

For refis of the same type during the week of 2024-11-29, the average rate was -0.01%.

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 $242,400 (1.6%) $307,944 (0.2%) 0.90 666
2018-02-01 $247,000 (3.0%) $315,156 (0.6%) 0.90 684
2018-03-01 $255,000 (2.0%) $318,170 (0.6%) 0.89 699
2018-04-01 $267,250 (6.5%) $326,370 (1.6%) 0.91 723
2018-05-01 $265,925 (6.4%) $327,684 (2.5%) 0.89 803
2018-06-01 $273,000 (10.0%) $336,305 (6.6%) 0.91 789
2018-07-01 $269,000 (8.7%) $332,370 (6.5%) 0.90 791
2018-08-01 $269,225 (10.2%) $336,052 (7.9%) 0.90 776
2018-09-01 $263,900 (9.1%) $328,789 (6.8%) 0.89 799
2018-10-01 $265,200 (11.2%) $330,357 (7.2%) 0.90 748
2018-11-01 $269,900 (12.5%) $329,059 (6.3%) 0.91 689
2018-12-01 $269,900 (12.5%) $324,496 (7.6%) 0.93 599
2019-01-01 $269,225 (11.1%) $322,629 (4.8%) 0.93 565
2019-02-01 $269,000 (8.9%) $320,678 (1.8%) 0.91 598
2019-03-01 $269,900 (5.8%) $324,474 (2.0%) 0.88 628
2019-04-01 $268,763 (0.6%) $326,239 (0.0%) 0.85 663
2019-05-01 $259,900 (-2.3%) $322,148 (-1.7%) 0.81 738
2019-06-01 $259,900 (-4.8%) $321,608 (-4.4%) 0.81 785
2019-07-01 $259,950 (-3.4%) $330,464 (-0.6%) 0.81 780
2019-08-01 $258,359 (-4.0%) $328,944 (-2.1%) 0.82 755
2019-09-01 $256,048 (-3.0%) $325,673 (-1.0%) 0.82 718
2019-10-01 $254,832 (-3.9%) $323,781 (-2.0%) 0.82 688
2019-11-01 $259,900 (-3.7%) $325,282 (-1.2%) 0.85 661
2019-12-01 $259,900 (-3.7%) $326,103 (0.5%) 0.87 569
2020-01-01 $279,900 (4.0%) $384,214 (19.1%) 0.94 333
2020-02-01 $292,498 (8.7%) $403,463 (25.8%) 0.96 331
2020-03-01 $308,450 (14.3%) $437,327 (34.8%) 0.97 312
2020-04-01 $301,950 (12.4%) $430,019 (31.8%) 0.95 358
2020-05-01 $299,900 (15.4%) $426,334 (32.3%) 0.91 357
2020-06-01 $314,450 (21.0%) $442,917 (37.7%) 0.93 328
2020-07-01 $321,250 (23.6%) $458,337 (38.7%) 0.93 265
2020-08-01 $299,000 (15.7%) $464,466 (41.2%) 0.86 237
2020-09-01 $285,925 (11.7%) $465,663 (43.0%) 0.82 194
2020-10-01 $281,000 (10.3%) $469,070 (44.9%) 0.81 174
2020-11-01 $287,200 (10.5%) $466,541 (43.4%) 0.84 149
2020-12-01 $268,675 (3.4%) $455,704 (39.7%) 0.80 131
2021-01-01 $246,900 (-11.8%) $383,298 (-0.2%) 0.74 117
2021-02-01 $246,800 (-15.6%) $412,638 (2.3%) 0.72 86
2021-03-01 $335,550 (8.8%) $468,206 (7.1%) 0.95 85
2021-04-01 $349,475 (15.7%) $457,106 (6.3%) 0.95 92
2021-05-01 $335,000 (11.7%) $461,563 (8.3%) 0.89 92
2021-06-01 $344,900 (9.7%) $474,087 (7.0%) 0.91 124
2021-07-01 $344,900 (7.4%) $450,208 (-1.8%) 0.91 144
2021-08-01 $336,400 (12.5%) $439,164 (-5.5%) 0.90 164
2021-09-01 $352,400 (23.3%) $478,364 (2.7%) 0.94 174
2021-10-01 $347,900 (23.8%) $490,237 (4.5%) 0.93 158
2021-11-01 $354,900 (23.6%) $513,485 (10.1%) 0.95 144
2021-12-01 $354,900 (32.1%) $546,212 (19.9%) 0.96 120
2022-01-01 $359,900 (45.8%) $573,391 (49.6%) 0.97 107
2022-02-01 $359,900 (45.8%) $589,127 (42.8%) 0.94 117
2022-03-01 $374,950 (11.7%) $677,349 (44.7%) 0.94 128
2022-04-01 $385,000 (10.2%) $608,777 (33.2%) 0.92 156
2022-05-01 $389,900 (16.4%) $600,631 (30.1%) 0.89 121
2022-06-01 $389,900 (13.1%) $551,939 (16.4%) 0.87 193
2022-07-01 $402,400 (16.7%) $554,641 (23.2%) 0.91 217
2022-08-01 $409,000 (21.6%) $544,631 (24.0%) 0.95 252
2022-09-01 $399,900 (13.5%) $527,294 (10.2%) 0.93 268
2022-10-01 $399,900 (15.0%) $503,658 (2.7%) 0.94 275
2022-11-01 $429,675 (21.1%) $596,471 (16.2%) 1.03 345
2022-12-01 $405,000 (14.1%) $521,098 (-4.6%) 1.00 247
2023-01-01 $396,175 (10.1%) $506,473 (-11.7%) 0.98 226
2023-02-01 $388,499 (8.0%) $507,711 (-13.8%) 0.94 206
2023-03-01 $384,498 (2.6%) $512,384 (-24.4%) 0.91 143
2023-04-01 $435,000 (13.0%) $561,686 (-7.7%) 1.01 154
2023-05-01 $433,224 (11.1%) $553,858 (-7.8%) 0.98 200
2023-06-01 $433,675 (11.2%) $576,372 (4.4%) 0.97 254
2023-07-01 $429,900 (6.8%) $552,848 (-0.3%) 0.98 298
2023-08-01 $414,950 (1.5%) $552,389 (1.4%) 0.95 324
2023-09-01 $409,000 (2.3%) $550,748 (4.5%) 0.95 331
2023-10-01 $421,300 (5.4%) $588,109 (16.8%) 0.99 360
2023-11-01 $399,500 (-7.0%) $568,011 (-4.8%) 0.95 377
2023-12-01 $398,000 (-1.7%) $573,466 (10.1%) 0.97 345
2024-01-01 $385,000 (-2.8%) $576,774 (13.9%) 0.94 332
2024-02-01 $381,000 (-1.9%) $563,761 (11.0%) 0.92 315
2024-03-01 $395,000 (2.7%) $570,762 (11.4%) 0.93 327
2024-04-01 $401,750 (-7.6%) $585,212 (4.2%) 0.93 324
2024-05-01 $422,500 (-2.5%) $603,312 (8.9%) 0.95 329
2024-06-01 $425,000 (-2.0%) $594,489 (3.1%) 0.96 371
2024-07-01 $439,925 (2.3%) $591,872 (7.1%) 1.01 405
2024-08-01 $429,900 (3.6%) $582,801 (5.5%) 1.00 434
2024-09-01 $420,000 (2.7%) $568,874 (3.3%) 0.99 469
2024-10-01 $410,000 (-2.7%) $549,886 (-6.5%) 0.96 470
Rapid City's median listing price for 2024-10-01 was $410,000, a difference of $-11,300 (-2.7%) versus the prior year and $-10,000 versus the prior month.

Rapid City's median listing price comes in at 96% of the national average.

Rapid City's average listing price for 2024-10-01 was $549,886, a difference of $-38,223 (-6.5%) versus the prior year and $-18,988 versus the prior month.

For the 2024-10-01 period, Rapid City had 470 MLS listings, a difference of 1 listings (0%) versus the prior month and 110 listings (31%) 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 2,214 sqft
2018-03-01 54 days 2,254 sqft
2018-04-01 50 days 2,297 sqft
2018-05-01 48 days 2,262 sqft
2018-06-01 45 days 2,304 sqft
2018-07-01 47 days 2,270 sqft
2018-08-01 52 days 2,269 sqft
2018-09-01 49 days 2,239 sqft
2018-10-01 54 days 2,263 sqft
2018-11-01 62 days 2,262 sqft
2018-12-01 70 days 2,245 sqft
2019-01-01 68 days 2,206 sqft
2019-02-01 52 days 2,210 sqft
2019-03-01 47 days 2,232 sqft
2019-04-01 46 days 2,214 sqft
2019-05-01 43 days 2,145 sqft
2019-06-01 46 days 2,134 sqft
2019-07-01 44 days 2,153 sqft
2019-08-01 45 days 2,161 sqft
2019-09-01 46 days 2,172 sqft
2019-10-01 47 days 2,186 sqft
2019-11-01 54 days 2,184 sqft
2019-12-01 63 days 2,173 sqft
2020-01-01 67 days 2,303 sqft
2020-02-01 50 days 2,360 sqft
2020-03-01 46 days 2,315 sqft
2020-04-01 43 days 2,309 sqft
2020-05-01 44 days 2,236 sqft
2020-06-01 45 days 2,293 sqft
2020-07-01 52 days 2,331 sqft
2020-08-01 40 days 2,260 sqft
2020-09-01 44 days 2,198 sqft
2020-10-01 38 days 2,112 sqft
2020-11-01 41 days 1,981 sqft
2020-12-01 39 days 1,918 sqft
2021-01-01 55 days 1,824 sqft
2021-02-01 48 days 1,805 sqft
2021-03-01 20 days 2,028 sqft
2021-04-01 15 days 2,066 sqft
2021-05-01 8 days 2,090 sqft
2021-06-01 12 days 2,093 sqft
2021-07-01 17 days 1,827 sqft
2021-08-01 25 days 1,683 sqft
2021-09-01 26 days 1,828 sqft
2021-10-01 33 days 1,764 sqft
2021-11-01 37 days 1,696 sqft
2021-12-01 59 days 1,816 sqft
2022-01-01 61 days 1,920 sqft
2022-02-01 34 days 1,881 sqft
2022-03-01 39 days 1,923 sqft
2022-04-01 30 days 1,920 sqft
2022-05-01 23 days 1,931 sqft
2022-06-01 25 days 1,928 sqft
2022-07-01 32 days 2,000 sqft
2022-08-01 35 days 2,073 sqft
2022-09-01 32 days 1,997 sqft
2022-10-01 33 days 1,968 sqft
2022-11-01 53 days 1,969 sqft
2022-12-01 63 days 1,978 sqft
2023-01-01 59 days 1,958 sqft
2023-02-01 51 days 1,940 sqft
2023-03-01 49 days 1,869 sqft
2023-04-01 47 days 2,014 sqft
2023-05-01 29 days 1,941 sqft
2023-06-01 31 days 1,994 sqft
2023-07-01 36 days 2,012 sqft
2023-08-01 39 days 1,966 sqft
2023-09-01 43 days 1,979 sqft
2023-10-01 39 days 2,003 sqft
2023-11-01 44 days 1,941 sqft
2023-12-01 60 days 1,915 sqft
2024-01-01 71 days 1,895 sqft
2024-02-01 52 days 1,848 sqft
2024-03-01 64 days 1,846 sqft
2024-04-01 62 days 1,865 sqft
2024-05-01 38 days 1,933 sqft
2024-06-01 36 days 1,960 sqft
2024-07-01 40 days 1,986 sqft
2024-08-01 43 days 1,880 sqft
2024-09-01 46 days 1,861 sqft
2024-10-01 53 days 1,849 sqft
Rapid City's median listing age (time on market) for 2024-10-01 was 53 days. This is 35% longer than the same period one year ago.

Rapid City's median square footage for active listings during the 2024-10-01 period was 1,849 sqft. One year prior, the average listing was 2,003 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).