Sioux Falls FHA Loan Rates, Closing Costs & Stats

SIOUX FALLS, 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.

Sioux Falls's 48 lenders originated 781 FHA loans during 2023. The total origination value was $197,765,000, with an average FHA loan value of $253,220.

Sioux Falls FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in Sioux Falls averaged 6.52% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

Sioux Falls's average FHA mortgage closing costs are $7,061.

The average rate for the prior week (2024-05-10) was 6.66% and one month ago for the week of 2024-04-12, the average rate was 6.33%.

The average rate one year ago was 6.28%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.54%.

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

Sioux Falls 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 Sioux Falls level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Plains Commerce Bank 248 6.39% $8,495
First PREMIER Bank 82 6.38% $7,645
CROSSCOUNTRY MORTGAGE, LLC 48 6.79% $8,902
First Bank & Trust 39 6.43% $8,220
QUICKEN LOANS, LLC 37 6.26% $11,275
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 6.91% $8,980
First National Bank of Omaha 25 6.24% $7,947
Reliabank Dakota 19 6.70% $7,670
SIOUX FALLS 19 6.06% $7,607
CU MORTGAGE DIRECT, LLC 12 6.27% $8,415
LOANDEPOT.COM, LLC 11 6.35% $12,381
First International Bank & Trust 11 6.32% $8,230
First Dakota National Bank 10 6.09% $7,858
U.S. Bank 8 6.39% $6,548
GUARANTEED RATE, INC. 8 6.66% $10,344
PRIMARY RESIDENTIAL MORTGAGE, INC. 7 6.75% $12,589
PENNYMAC LOAN SERVICES, LLC 5 5.95% $12,501
NEWREZ LLC 5 6.60% $10,887
American Bank & Trust 5 6.30% $10,441
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.20% $4,963
FIRST COMMUNITY MORTGAGE, INC. 4 6.88% $9,657
AMERISAVE MORTGAGE CORPORATION 4 5.84% $12,627
UNITED WHOLESALE MORTGAGE, LLC 4 6.84% $8,604
Flagstar Bank, FSB 4 7.19% $10,531
Flanagan State Bank 4 6.88% $13,746
Wells Fargo Bank 3 7.17% $11,401
Carrington Mortgage Services, LLC 3 6.00% $15,288
CORTRUST MORTGAGE, INC. 3 6.04% $6,022
DAS Acquisition Company, LLC 3 6.38% $8,073
Mr. Cooper ( Nationstar Mortgage ) 3 6.08% $16,379
POLARIS HOME FUNDING CORP. 3 6.54% $11,253
FREEDOM MORTGAGE CORPORATION 2 6.75% $16,154
LAKEVIEW LOAN SERVICING, LLC 2 6.00% $10,911
MUTUAL OF OMAHA MORTGAGE, INC. 2 6.00% $14,592
PLANET HOME LENDING, LLC 1 5.38% $5,023
AMERICAN FINANCING CORPORATION 1 6.50% $15,079
First Federal Bank 1 5.13% $15,442
Prosperity Home Mortgage, LLC 1 6.25% $9,028
Dacotah Bank 1 6.50% $6,568
Citizens Bank 1 6.75% $8,126
BROKER SOLUTIONS, INC. 1 6.75% $12,287
The Federal Savings Bank 1 5.88% $19,615
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $8,076
Barrington Bank & Trust Company, N.A. 1 5.75% $9,396
Arvest Bank 1 6.50% $7,514
VILLAGE CAPITAL MORTGAGE 1 6.38% $16,030
Gateway First Bank 1 7.50% $10,578
First National Bank 1 6.50% $5,111

The top Sioux Falls FHA lender as defined by loan originations is Plains Commerce Bank, with 248 FHA loans originated. Their average total fees are $8,495, which is $850 higher than the next largest lender, First PREMIER Bank.

The lowest fee Sioux Falls FHA lenders (with over 10 loans originated) are SIOUX FALLS ($7,607), First PREMIER Bank ($7,645), Reliabank Dakota ($7,670), First Dakota National Bank ($7,858) and First National Bank of Omaha ($7,947).

The lowest rate Sioux Falls FHA lenders (with over 10 loans originated) are SIOUX FALLS (6.06%), First Dakota National Bank (6.09%), First National Bank of Omaha (6.24%), QUICKEN LOANS, LLC (6.26%) and CU MORTGAGE DIRECT, LLC (6.27%).

Sioux Falls FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
SIOUX FALLS, SD LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD MCCOOK 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD MINNEHAHA 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD TURNER 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD MCCOOK 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD MINNEHAHA 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD TURNER 2023 $472,030 $604,400 $730,525 $907,900

Market Conditions (Median, Average Prices & Listing Count)

Realtor.com - Sioux Falls (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 $234,900 (7.3%) $287,795 (3.4%) 0.87 942
2018-02-01 $236,788 (7.7%) $287,892 (2.8%) 0.86 990
2018-03-01 $239,900 (9.1%) $293,675 (2.1%) 0.84 1,035
2018-04-01 $239,500 (6.5%) $292,963 (2.3%) 0.81 1,097
2018-05-01 $239,900 (6.6%) $298,183 (3.5%) 0.80 1,181
2018-06-01 $239,900 (7.1%) $297,487 (3.3%) 0.80 1,202
2018-07-01 $233,400 (3.8%) $285,935 (-1.9%) 0.78 1,242
2018-08-01 $231,200 (1.2%) $285,705 (-1.9%) 0.77 1,255
2018-09-01 $229,500 (0.2%) $285,794 (-2.0%) 0.77 1,272
2018-10-01 $229,500 (-0.2%) $283,970 (-2.6%) 0.78 1,286
2018-11-01 $229,900 (0.0%) $285,348 (-0.6%) 0.78 1,198
2018-12-01 $229,950 (0.0%) $286,717 (-0.2%) 0.79 1,078
2019-01-01 $234,950 (0.0%) $289,253 (0.5%) 0.81 998
2019-02-01 $234,900 (-0.8%) $289,934 (0.7%) 0.79 994
2019-03-01 $239,186 (-0.3%) $295,400 (0.6%) 0.78 1,056
2019-04-01 $244,900 (2.3%) $304,431 (3.9%) 0.78 1,154
2019-05-01 $244,900 (2.1%) $307,783 (3.2%) 0.77 1,277
2019-06-01 $242,900 (1.3%) $305,624 (2.7%) 0.76 1,343
2019-07-01 $244,925 (4.9%) $304,832 (6.6%) 0.77 1,374
2019-08-01 $246,955 (6.8%) $437,484 (53.1%) 0.78 1,390
2019-09-01 $248,611 (8.3%) $635,321 (122.3%) 0.80 1,386
2019-10-01 $249,900 (8.9%) $776,318 (173.4%) 0.81 1,401
2019-11-01 $244,900 (6.5%) $299,200 (4.9%) 0.80 1,379
2019-12-01 $239,900 (4.3%) $296,427 (3.4%) 0.80 1,170
2020-01-01 $242,400 (3.2%) $294,235 (1.7%) 0.81 1,102
2020-02-01 $239,950 (2.2%) $292,893 (1.0%) 0.79 1,187
2020-03-01 $244,950 (2.4%) $299,806 (1.5%) 0.77 1,324
2020-04-01 $249,650 (1.9%) $303,567 (-0.3%) 0.78 1,459
2020-05-01 $249,900 (2.0%) $309,269 (0.5%) 0.76 1,498
2020-06-01 $251,400 (3.5%) $319,406 (4.5%) 0.74 1,518
2020-07-01 $253,571 (3.5%) $317,748 (4.2%) 0.74 1,461
2020-08-01 $250,000 (1.2%) $311,420 (-28.8%) 0.72 1,428
2020-09-01 $249,900 (0.5%) $311,536 (-51.0%) 0.72 1,367
2020-10-01 $247,950 (-0.8%) $308,327 (-60.3%) 0.71 1,256
2020-11-01 $247,800 (1.2%) $309,187 (3.3%) 0.72 1,032
2020-12-01 $249,800 (4.1%) $312,995 (5.6%) 0.74 867
2021-01-01 $249,900 (3.1%) $311,694 (5.9%) 0.75 787
2021-02-01 $251,000 (4.6%) $312,116 (6.6%) 0.73 807
2021-03-01 $262,800 (7.3%) $315,653 (5.3%) 0.75 922
2021-04-01 $264,950 (6.1%) $321,556 (5.9%) 0.72 1,064
2021-05-01 $274,900 (10.0%) $330,603 (6.9%) 0.73 1,152
2021-06-01 $275,000 (9.4%) $331,567 (3.8%) 0.72 1,194
2021-07-01 $274,900 (8.4%) $330,327 (4.0%) 0.73 1,220
2021-08-01 $275,000 (10.0%) $331,684 (6.5%) 0.73 1,212
2021-09-01 $274,950 (10.0%) $341,410 (9.6%) 0.73 1,189
2021-10-01 $275,000 (10.9%) $343,891 (11.5%) 0.73 1,089
2021-11-01 $274,950 (11.0%) $343,929 (11.2%) 0.73 990
2021-12-01 $286,868 (14.8%) $357,838 (14.3%) 0.78 784
2022-01-01 $299,900 (20.0%) $375,706 (20.5%) 0.81 644
2022-02-01 $305,000 (21.5%) $379,543 (21.6%) 0.79 697
2022-03-01 $323,485 (23.1%) $391,114 (23.9%) 0.81 774
2022-04-01 $326,400 (23.2%) $390,392 (21.4%) 0.78 913
2022-05-01 $334,950 (21.8%) $400,365 (21.1%) 0.77 964
2022-06-01 $349,300 (27.0%) $406,907 (22.7%) 0.78 971
2022-07-01 $349,900 (27.3%) $412,229 (24.8%) 0.79 1,012
2022-08-01 $348,950 (26.9%) $410,459 (23.8%) 0.81 1,111
2022-09-01 $349,900 (27.3%) $413,342 (21.1%) 0.82 1,129
2022-10-01 $350,000 (27.3%) $408,931 (18.9%) 0.82 1,049
2022-11-01 $346,425 (26.0%) $405,853 (18.0%) 0.83 996
2022-12-01 $345,000 (20.3%) $402,407 (12.5%) 0.85 946
2023-01-01 $350,000 (16.7%) $404,550 (7.7%) 0.87 905
2023-02-01 $359,900 (18.0%) $415,018 (9.4%) 0.87 948
2023-03-01 $364,900 (12.8%) $422,201 (8.0%) 0.86 994
2023-04-01 $368,000 (12.8%) $426,382 (9.2%) 0.86 1,154
2023-05-01 $369,850 (10.4%) $429,644 (7.3%) 0.84 1,338
2023-06-01 $366,500 (4.9%) $430,781 (5.9%) 0.82 1,374
2023-07-01 $365,000 (4.3%) $440,411 (6.8%) 0.83 1,352
2023-08-01 $362,400 (3.9%) $440,682 (7.4%) 0.83 1,464
2023-09-01 $365,000 (4.3%) $448,429 (8.5%) 0.85 1,421
2023-10-01 $369,900 (5.7%) $454,475 (11.1%) 0.87 980
2023-11-01 $367,925 (6.2%) $449,695 (10.8%) 0.88 981
2023-12-01 $369,900 (7.2%) $454,459 (12.9%) 0.90 904
2024-01-01 $373,875 (6.8%) $457,461 (13.1%) 0.91 842
2024-02-01 $374,975 (4.2%) $459,078 (10.6%) 0.90 758
2024-03-01 $389,450 (6.7%) $478,027 (13.2%) 0.92 749
2024-04-01 $378,113 (2.8%) $469,151 (10.0%) 0.88 787
Sioux Falls's median listing price for 2024-04-01 was $378,113, a difference of $10,113 (2.8%) versus the prior year and $-11,337 versus the prior month.

Sioux Falls's median listing price comes in at 88% of the national average.

Sioux Falls's average listing price for 2024-04-01 was $469,151, a difference of $42,769 (10.0%) versus the prior year and $-8,876 versus the prior month.

For the 2024-04-01 period, Sioux Falls had 787 MLS listings, a difference of 38 listings (5%) versus the prior month and -367 listings (-32%) versus the prior year.

Median Listing Time on Market & Square Footage

Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
Date Median Listing Time on Market Median Square Footage
2018-01-01 66 days 1,809 sqft
2018-02-01 51 days 1,808 sqft
2018-03-01 45 days 1,811 sqft
2018-04-01 39 days 1,846 sqft
2018-05-01 38 days 1,863 sqft
2018-06-01 38 days 1,890 sqft
2018-07-01 37 days 1,811 sqft
2018-08-01 38 days 1,796 sqft
2018-09-01 39 days 1,766 sqft
2018-10-01 41 days 1,732 sqft
2018-11-01 51 days 1,737 sqft
2018-12-01 61 days 1,724 sqft
2019-01-01 66 days 1,734 sqft
2019-02-01 55 days 1,739 sqft
2019-03-01 46 days 1,776 sqft
2019-04-01 34 days 1,831 sqft
2019-05-01 30 days 1,868 sqft
2019-06-01 32 days 1,861 sqft
2019-07-01 36 days 1,833 sqft
2019-08-01 40 days 1,867 sqft
2019-09-01 42 days 1,908 sqft
2019-10-01 44 days 1,920 sqft
2019-11-01 52 days 1,858 sqft
2019-12-01 63 days 1,783 sqft
2020-01-01 67 days 1,754 sqft
2020-02-01 57 days 1,754 sqft
2020-03-01 46 days 1,777 sqft
2020-04-01 45 days 1,786 sqft
2020-05-01 45 days 1,787 sqft
2020-06-01 44 days 1,842 sqft
2020-07-01 46 days 1,830 sqft
2020-08-01 44 days 1,822 sqft
2020-09-01 44 days 1,805 sqft
2020-10-01 46 days 1,774 sqft
2020-11-01 53 days 1,742 sqft
2020-12-01 58 days 1,711 sqft
2021-01-01 55 days 1,666 sqft
2021-02-01 44 days 1,664 sqft
2021-03-01 39 days 1,684 sqft
2021-04-01 37 days 1,707 sqft
2021-05-01 39 days 1,780 sqft
2021-06-01 38 days 1,797 sqft
2021-07-01 39 days 1,752 sqft
2021-08-01 37 days 1,724 sqft
2021-09-01 39 days 1,680 sqft
2021-10-01 42 days 1,662 sqft
2021-11-01 43 days 1,647 sqft
2021-12-01 48 days 1,652 sqft
2022-01-01 57 days 1,654 sqft
2022-02-01 37 days 1,662 sqft
2022-03-01 36 days 1,714 sqft
2022-04-01 36 days 1,768 sqft
2022-05-01 37 days 1,802 sqft
2022-06-01 36 days 1,847 sqft
2022-07-01 33 days 1,866 sqft
2022-08-01 35 days 1,824 sqft
2022-09-01 39 days 1,786 sqft
2022-10-01 41 days 1,766 sqft
2022-11-01 44 days 1,737 sqft
2022-12-01 51 days 1,689 sqft
2023-01-01 56 days 1,667 sqft
2023-02-01 55 days 1,669 sqft
2023-03-01 54 days 1,674 sqft
2023-04-01 43 days 1,700 sqft
2023-05-01 38 days 1,763 sqft
2023-06-01 43 days 1,783 sqft
2023-07-01 44 days 1,803 sqft
2023-08-01 44 days 1,797 sqft
2023-09-01 53 days 1,751 sqft
2023-10-01 53 days 1,736 sqft
2023-11-01 46 days 1,713 sqft
2023-12-01 58 days 1,715 sqft
2024-01-01 69 days 1,701 sqft
2024-02-01 46 days 1,666 sqft
2024-03-01 45 days 1,696 sqft
2024-04-01 39 days 1,701 sqft
Sioux Falls's median listing age (time on market) for 2024-04-01 was 39 days. This is -9% shorter than the same period one year ago.

Sioux Falls's median square footage for active listings during the 2024-04-01 period was 1,701 sqft. One year prior, the average listing was 1,700 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).