Sioux Falls FHA Loan Rates, Closing Costs & Stats

SIOUX FALLS, 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.

    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 6.29% for the week of 2025-02-14, compared to the national average (all FHA variants) of 6.515% for the same period.

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

    The average rate for the prior week (2025-02-07) was 6.41% and one month ago for the week of 2025-01-10, the average rate was 6.47%.

    The average rate one year ago was 6.1%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.41%.

    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 $229,900 (6.5%) $284,013 (3.6%) 0.87 972
    2018-02-01 $234,900 (9.0%) $284,745 (3.5%) 0.86 1,021
    2018-03-01 $239,800 (9.5%) $291,133 (2.9%) 0.84 1,069
    2018-04-01 $234,950 (6.8%) $290,479 (3.2%) 0.81 1,135
    2018-05-01 $239,900 (7.0%) $295,797 (4.2%) 0.80 1,217
    2018-06-01 $235,664 (7.2%) $294,431 (3.5%) 0.80 1,241
    2018-07-01 $229,900 (2.4%) $282,181 (-2.3%) 0.78 1,293
    2018-08-01 $229,900 (1.9%) $281,790 (-2.4%) 0.77 1,303
    2018-09-01 $229,000 (1.8%) $282,344 (-2.1%) 0.77 1,317
    2018-10-01 $228,375 (-0.7%) $281,164 (-2.5%) 0.78 1,329
    2018-11-01 $229,875 (2.2%) $282,481 (-0.6%) 0.78 1,237
    2018-12-01 $229,900 (0.4%) $283,458 (-0.1%) 0.79 1,114
    2019-01-01 $233,650 (1.6%) $285,835 (0.6%) 0.81 1,035
    2019-02-01 $229,900 (-2.1%) $286,096 (0.5%) 0.79 1,031
    2019-03-01 $234,186 (-2.3%) $291,424 (0.1%) 0.78 1,092
    2019-04-01 $239,900 (2.1%) $300,332 (3.4%) 0.78 1,192
    2019-05-01 $239,900 (0.0%) $303,605 (2.6%) 0.77 1,319
    2019-06-01 $239,900 (1.8%) $302,318 (2.7%) 0.76 1,380
    2019-07-01 $239,900 (4.4%) $300,997 (6.7%) 0.77 1,414
    2019-08-01 $242,382 (5.4%) $429,993 (52.6%) 0.78 1,429
    2019-09-01 $246,105 (7.5%) $622,578 (120.5%) 0.80 1,424
    2019-10-01 $248,186 (8.7%) $761,847 (171.0%) 0.81 1,436
    2019-11-01 $239,900 (4.4%) $295,511 (4.6%) 0.80 1,420
    2019-12-01 $239,675 (4.3%) $292,480 (3.2%) 0.80 1,210
    2020-01-01 $239,900 (2.7%) $290,244 (1.5%) 0.81 1,140
    2020-02-01 $239,900 (4.4%) $289,097 (1.1%) 0.79 1,222
    2020-03-01 $241,950 (3.3%) $295,664 (1.5%) 0.77 1,366
    2020-04-01 $245,900 (2.5%) $300,215 (0.0%) 0.78 1,498
    2020-05-01 $247,900 (3.3%) $305,113 (0.5%) 0.76 1,537
    2020-06-01 $249,900 (4.2%) $314,863 (4.2%) 0.74 1,571
    2020-07-01 $249,900 (4.2%) $313,173 (4.1%) 0.74 1,513
    2020-08-01 $249,900 (3.1%) $307,113 (-28.6%) 0.72 1,481
    2020-09-01 $249,175 (1.3%) $307,659 (-50.6%) 0.72 1,419
    2020-10-01 $245,950 (-0.9%) $305,383 (-59.9%) 0.71 1,301
    2020-11-01 $246,091 (2.6%) $306,160 (3.6%) 0.72 1,078
    2020-12-01 $246,900 (3.0%) $308,893 (5.6%) 0.74 915
    2021-01-01 $247,900 (3.3%) $307,010 (5.8%) 0.75 835
    2021-02-01 $249,900 (4.2%) $307,824 (6.5%) 0.73 850
    2021-03-01 $259,950 (7.4%) $311,504 (5.4%) 0.75 961
    2021-04-01 $264,900 (7.7%) $318,552 (6.1%) 0.72 1,101
    2021-05-01 $270,000 (8.9%) $327,824 (7.4%) 0.73 1,186
    2021-06-01 $274,900 (10.0%) $328,773 (4.4%) 0.72 1,226
    2021-07-01 $274,500 (9.8%) $326,970 (4.4%) 0.73 1,256
    2021-08-01 $271,225 (8.5%) $328,123 (6.8%) 0.73 1,253
    2021-09-01 $272,450 (9.3%) $338,957 (10.2%) 0.73 1,234
    2021-10-01 $274,900 (11.8%) $340,432 (11.5%) 0.73 1,132
    2021-11-01 $274,950 (11.7%) $341,186 (11.4%) 0.73 1,026
    2021-12-01 $282,450 (14.4%) $355,167 (15.0%) 0.78 812
    2022-01-01 $299,500 (20.8%) $373,217 (21.6%) 0.81 669
    2022-02-01 $304,924 (22.0%) $378,550 (23.0%) 0.79 715
    2022-03-01 $321,035 (23.5%) $389,735 (25.1%) 0.81 794
    2022-04-01 $325,000 (22.7%) $389,134 (22.2%) 0.78 933
    2022-05-01 $330,000 (22.2%) $397,823 (21.4%) 0.77 993
    2022-06-01 $347,000 (26.2%) $404,858 (23.1%) 0.78 997
    2022-07-01 $349,000 (27.1%) $409,255 (25.2%) 0.79 1,039
    2022-08-01 $346,000 (27.6%) $409,364 (24.8%) 0.81 1,140
    2022-09-01 $349,900 (28.4%) $412,080 (21.6%) 0.82 1,157
    2022-10-01 $349,900 (27.3%) $407,036 (19.6%) 0.82 1,084
    2022-11-01 $342,900 (24.7%) $402,818 (18.1%) 0.83 1,031
    2022-12-01 $339,900 (20.3%) $399,285 (12.4%) 0.85 980
    2023-01-01 $349,900 (16.8%) $402,632 (7.9%) 0.87 927
    2023-02-01 $355,450 (16.6%) $412,867 (9.1%) 0.87 975
    2023-03-01 $360,000 (12.1%) $419,831 (7.7%) 0.86 1,022
    2023-04-01 $365,000 (12.3%) $424,270 (9.0%) 0.86 1,182
    2023-05-01 $368,950 (11.8%) $428,643 (7.8%) 0.84 1,360
    2023-06-01 $366,500 (5.6%) $430,508 (6.3%) 0.82 1,395
    2023-07-01 $364,950 (4.6%) $439,854 (7.5%) 0.83 1,374
    2023-08-01 $362,200 (4.7%) $439,505 (7.4%) 0.83 1,494
    2023-09-01 $364,900 (4.3%) $446,835 (8.4%) 0.85 1,455
    2023-10-01 $369,834 (5.7%) $453,145 (11.3%) 0.87 1,004
    2023-11-01 $366,975 (7.0%) $448,130 (11.3%) 0.88 1,005
    2023-12-01 $368,700 (8.5%) $451,789 (13.2%) 0.90 931
    2024-01-01 $370,705 (6.0%) $454,540 (12.9%) 0.91 864
    2024-02-01 $374,800 (5.4%) $457,178 (10.7%) 0.90 778
    2024-03-01 $385,800 (7.2%) $475,879 (13.4%) 0.92 770
    2024-04-01 $375,950 (3.0%) $467,957 (10.3%) 0.88 814
    2024-05-01 $386,400 (4.7%) $469,466 (9.5%) 0.88 868
    2024-06-01 $399,900 (9.1%) $476,368 (10.7%) 0.90 911
    2024-07-01 $399,924 (9.6%) $473,207 (7.6%) 0.92 920
    2024-08-01 $390,000 (7.7%) $462,507 (5.2%) 0.92 1,039
    2024-09-01 $376,100 (3.1%) $454,300 (1.7%) 0.89 1,094
    2024-10-01 $372,425 (0.7%) $452,868 (-0.1%) 0.88 1,152
    2024-11-01 $369,900 (0.8%) $450,083 (0.4%) 0.89 1,158
    2024-12-01 $368,900 (0.1%) $441,883 (-2.2%) 0.92 1,080
    2025-01-01 $365,457 (-1.4%) $438,719 (-3.5%) 0.00 959
    Sioux Falls's median listing price for 2025-01-01 was $365,457, a difference of $-5,248 (-1.4%) versus the prior year and $-3,443 versus the prior month.

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

    Sioux Falls's average listing price for 2025-01-01 was $438,719, a difference of $-15,821 (-3.5%) versus the prior year and $-3,164 versus the prior month.

    For the 2025-01-01 period, Sioux Falls had 959 MLS listings, a difference of -121 listings (-11%) versus the prior month and 95 listings (11%) 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 1,810 sqft
    2018-02-01 51 days 1,808 sqft
    2018-03-01 45 days 1,809 sqft
    2018-04-01 39 days 1,842 sqft
    2018-05-01 38 days 1,860 sqft
    2018-06-01 38 days 1,883 sqft
    2018-07-01 37 days 1,806 sqft
    2018-08-01 38 days 1,791 sqft
    2018-09-01 39 days 1,761 sqft
    2018-10-01 41 days 1,732 sqft
    2018-11-01 51 days 1,739 sqft
    2018-12-01 61 days 1,729 sqft
    2019-01-01 66 days 1,736 sqft
    2019-02-01 55 days 1,738 sqft
    2019-03-01 46 days 1,775 sqft
    2019-04-01 34 days 1,830 sqft
    2019-05-01 30 days 1,867 sqft
    2019-06-01 32 days 1,852 sqft
    2019-07-01 36 days 1,830 sqft
    2019-08-01 40 days 1,856 sqft
    2019-09-01 42 days 1,894 sqft
    2019-10-01 44 days 1,908 sqft
    2019-11-01 52 days 1,851 sqft
    2019-12-01 63 days 1,776 sqft
    2020-01-01 67 days 1,751 sqft
    2020-02-01 57 days 1,748 sqft
    2020-03-01 46 days 1,766 sqft
    2020-04-01 45 days 1,781 sqft
    2020-05-01 45 days 1,782 sqft
    2020-06-01 44 days 1,835 sqft
    2020-07-01 46 days 1,826 sqft
    2020-08-01 44 days 1,816 sqft
    2020-09-01 44 days 1,806 sqft
    2020-10-01 46 days 1,775 sqft
    2020-11-01 53 days 1,748 sqft
    2020-12-01 58 days 1,716 sqft
    2021-01-01 55 days 1,670 sqft
    2021-02-01 44 days 1,664 sqft
    2021-03-01 39 days 1,682 sqft
    2021-04-01 37 days 1,709 sqft
    2021-05-01 39 days 1,782 sqft
    2021-06-01 38 days 1,796 sqft
    2021-07-01 39 days 1,750 sqft
    2021-08-01 37 days 1,718 sqft
    2021-09-01 39 days 1,679 sqft
    2021-10-01 42 days 1,665 sqft
    2021-11-01 43 days 1,654 sqft
    2021-12-01 48 days 1,656 sqft
    2022-01-01 57 days 1,657 sqft
    2022-02-01 37 days 1,663 sqft
    2022-03-01 36 days 1,718 sqft
    2022-04-01 36 days 1,766 sqft
    2022-05-01 37 days 1,797 sqft
    2022-06-01 36 days 1,848 sqft
    2022-07-01 33 days 1,865 sqft
    2022-08-01 35 days 1,823 sqft
    2022-09-01 39 days 1,784 sqft
    2022-10-01 41 days 1,763 sqft
    2022-11-01 44 days 1,739 sqft
    2022-12-01 51 days 1,692 sqft
    2023-01-01 56 days 1,671 sqft
    2023-02-01 55 days 1,670 sqft
    2023-03-01 54 days 1,673 sqft
    2023-04-01 43 days 1,700 sqft
    2023-05-01 38 days 1,768 sqft
    2023-06-01 43 days 1,786 sqft
    2023-07-01 44 days 1,807 sqft
    2023-08-01 44 days 1,801 sqft
    2023-09-01 53 days 1,760 sqft
    2023-10-01 53 days 1,739 sqft
    2023-11-01 46 days 1,712 sqft
    2023-12-01 58 days 1,715 sqft
    2024-01-01 69 days 1,699 sqft
    2024-02-01 46 days 1,666 sqft
    2024-03-01 45 days 1,700 sqft
    2024-04-01 39 days 1,705 sqft
    2024-05-01 35 days 1,730 sqft
    2024-06-01 37 days 1,819 sqft
    2024-07-01 44 days 1,848 sqft
    2024-08-01 39 days 1,857 sqft
    2024-09-01 41 days 1,783 sqft
    2024-10-01 44 days 1,737 sqft
    2024-11-01 46 days 1,712 sqft
    2024-12-01 60 days 1,698 sqft
    2025-01-01 0 days 1,670 sqft
    Sioux Falls'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.

    Sioux Falls's median square footage for active listings during the 2025-01-01 period was 1,670 sqft. One year prior, the average listing was 1,699 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).