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
5.76%
for the week of 2024-10-04, compared to the national average (all FHA variants) of
5.885% for the same period.
Sioux Falls's average FHA mortgage closing costs are $7,061.
The average rate for the prior week (2024-09-27) was
5.66% and
one month ago for the week of 2024-08-30, the
average rate was 5.71%.
The average rate one year ago was 7.15%.
For refis of the same type during the week of 2024-10-04, the average rate
was 5.68%.
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.
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. LouisDate | 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 |
2024-05-01 | $389,950 (5.4%) | $467,133 (8.7%) | 0.88 | 843 |
2024-06-01 | $400,000 (9.1%) | $475,386 (10.4%) | 0.90 | 882 |
2024-07-01 | $403,728 (10.6%) | $477,416 (8.4%) | 0.92 | 884 |
2024-08-01 | $395,000 (9.0%) | $465,546 (5.6%) | 0.92 | 1,002 |
2024-09-01 | $377,486 (3.4%) | $456,627 (1.8%) | 0.00 | 1,054 |
Sioux Falls's median listing price comes in at 0% of the national average.
Sioux Falls's average listing price for 2024-09-01 was $456,627, a difference of $8,198 (1.8%) versus the prior year and $-8,919 versus the prior month.
For the 2024-09-01 period, Sioux Falls had 1,054 MLS listings, a difference of 52 listings (5%) versus the prior month and -367 listings (-26%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | 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 |
2024-05-01 | 35 days | 1,725 sqft |
2024-06-01 | 37 days | 1,816 sqft |
2024-07-01 | 44 days | 1,847 sqft |
2024-08-01 | 39 days | 1,855 sqft |
2024-09-01 | 0 days | 1,775 sqft |
Sioux Falls's median square footage for active listings during the 2024-09-01 period was 1,775 sqft. One year prior, the average listing was 1,751 sqft.