Spearfish FHA Loan Rates, Closing Costs & Stats

Spearfish, 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.

    Spearfish's 12 lenders originated 31 FHA loans during 2023. The total origination value was $8,685,000, with an average FHA loan value of $280,161.

    Spearfish FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Spearfish averaged 6.6% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Spearfish's average FHA mortgage closing costs are $8,006.

    The average rate for the prior week (2024-04-12) was 6.49% and one month ago for the week of 2024-03-15, the average rate was 6.56%.

    The average rate one year ago was 6.19%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.96%.

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

    Spearfish 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 Spearfish level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    CMG MORTGAGE, INC. 3 6.75% $10,147
    QUICKEN LOANS, LLC 3 6.00% $11,970
    Carrington Mortgage Services, LLC 2 6.25% $12,519
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 2 6.75% $11,245
    Plains Commerce Bank 2 6.13% $12,202
    GUILD MORTGAGE COMPANY 1 6.50% $16,482
    UNITED WHOLESALE MORTGAGE, LLC 1 7.00% $8,128
    First National Bank 1 7.00% $11,525
    Reliabank Dakota 1 6.75% $7,055
    Servion, Inc. 1 6.63% $18,414
    Unify Home Lending Inc. 1 6.38% $7,454
    Flagstar Bank, FSB 1 7.74% $8,290

    The top Spearfish FHA lender as defined by loan originations is CMG MORTGAGE, INC., with 3 FHA loans originated. Their average total fees are $10,147, which is $1,822 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Spearfish FHA lenders (with over 10 loans originated) are .

    The lowest rate Spearfish FHA lenders (with over 10 loans originated) are .

    Spearfish FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Spearfish (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 $379,000 (26.4%) $418,675 (18.0%) 0.00 206
    2018-02-01 $375,000 (17.4%) $416,304 (15.6%) 0.00 213
    2018-03-01 $359,900 (10.7%) $410,579 (10.8%) 0.00 216
    2018-04-01 $364,200 (8.9%) $409,982 (8.0%) 0.00 216
    2018-05-01 $348,000 (7.1%) $397,017 (4.2%) 0.00 236
    2018-06-01 $354,450 (7.4%) $398,514 (1.2%) 0.00 246
    2018-07-01 $349,900 (4.9%) $396,520 (-3.4%) 0.00 269
    2018-08-01 $352,500 (7.9%) $397,832 (-1.5%) 0.00 268
    2018-09-01 $364,500 (13.4%) $404,910 (-0.7%) 0.00 262
    2018-10-01 $358,500 (7.3%) $411,352 (5.8%) 0.00 243
    2018-11-01 $346,075 (-3.8%) $397,111 (2.3%) 0.00 229
    2018-12-01 $358,950 (-1.7%) $401,647 (0.9%) 0.00 216
    2019-01-01 $351,250 (-7.3%) $401,875 (-4.0%) 0.00 210
    2019-02-01 $342,248 (-8.7%) $399,977 (-3.9%) 0.00 214
    2019-03-01 $348,143 (-3.3%) $420,799 (2.5%) 0.00 224
    2019-04-01 $364,000 (-0.1%) $447,893 (9.3%) 0.00 227
    2019-05-01 $392,500 (12.8%) $449,914 (13.3%) 0.00 248
    2019-06-01 $417,500 (17.8%) $467,654 (17.4%) 0.00 249
    2019-07-01 $404,225 (15.5%) $452,216 (14.1%) 0.00 259
    2019-08-01 $411,145 (16.6%) $460,594 (15.8%) 0.00 255
    2019-09-01 $430,189 (18.0%) $481,031 (18.8%) 0.00 254
    2019-10-01 $445,000 (24.1%) $498,305 (21.1%) 0.00 254
    2019-11-01 $437,450 (26.4%) $495,926 (24.9%) 0.00 235
    2019-12-01 $429,900 (19.8%) $487,875 (21.5%) 0.00 210
    2020-01-01 $421,250 (19.9%) $466,182 (16.0%) 0.00 191
    2020-02-01 $425,000 (24.2%) $474,357 (18.6%) 0.00 186
    2020-03-01 $434,725 (24.9%) $475,321 (13.0%) 0.00 168
    2020-04-01 $409,248 (12.4%) $456,395 (1.9%) 0.00 182
    2020-05-01 $398,500 (1.5%) $442,037 (-1.8%) 0.00 196
    2020-06-01 $398,625 (-4.5%) $457,569 (-2.2%) 0.00 199
    2020-07-01 $419,975 (3.9%) $464,833 (2.8%) 0.00 191
    2020-08-01 $394,500 (-4.1%) $424,991 (-7.7%) 0.00 179
    2020-09-01 $385,350 (-10.4%) $430,063 (-10.6%) 0.00 142
    2020-10-01 $383,250 (-13.9%) $434,483 (-12.8%) 0.00 111
    2020-11-01 $394,375 (-9.9%) $446,156 (-10.0%) 0.00 107
    2020-12-01 $409,500 (-4.8%) $452,383 (-7.3%) 0.00 96
    2021-01-01 $375,000 (-11.0%) $431,177 (-7.5%) 0.00 88
    2021-02-01 $357,625 (-15.9%) $439,055 (-7.4%) 0.00 67
    2021-03-01 $441,500 (1.6%) $470,586 (-1.0%) 0.00 68
    2021-04-01 $525,000 (28.3%) $514,126 (12.7%) 0.00 70
    2021-05-01 $475,000 (19.2%) $560,905 (26.9%) 0.00 82
    2021-06-01 $500,000 (25.4%) $620,472 (35.6%) 0.00 87
    2021-07-01 $495,000 (17.9%) $637,388 (37.1%) 0.00 97
    2021-08-01 $499,450 (26.6%) $624,924 (47.0%) 0.00 109
    2021-09-01 $480,950 (24.8%) $599,523 (39.4%) 0.00 90
    2021-10-01 $449,925 (17.4%) $572,453 (31.8%) 0.00 93
    2021-11-01 $475,750 (20.6%) $661,054 (48.2%) 0.00 84
    2021-12-01 $525,500 (28.3%) $676,239 (49.5%) 0.00 73
    2022-01-01 $599,900 (60.0%) $787,917 (82.7%) 0.00 61
    2022-02-01 $640,250 (79.0%) $745,868 (69.9%) 0.00 63
    2022-03-01 $649,750 (47.2%) $736,917 (56.6%) 0.00 78
    2022-04-01 $740,000 (41.0%) $790,702 (53.8%) 0.00 105
    2022-05-01 $753,000 (58.5%) $873,258 (55.7%) 0.00 85
    2022-06-01 $776,000 (55.2%) $862,642 (39.0%) 0.00 93
    2022-07-01 $675,000 (36.4%) $838,274 (31.5%) 0.00 122
    2022-08-01 $649,700 (30.1%) $823,756 (31.8%) 0.00 141
    2022-09-01 $655,500 (36.3%) $826,803 (37.9%) 0.00 136
    2022-10-01 $659,000 (46.5%) $869,532 (51.9%) 0.00 131
    2022-11-01 $737,000 (54.9%) $897,178 (35.7%) 0.00 111
    2022-12-01 $629,000 (19.7%) $836,804 (23.7%) 0.00 120
    2023-01-01 $599,500 (-0.1%) $794,615 (0.9%) 0.00 115
    2023-02-01 $659,500 (3.0%) $850,391 (14.0%) 0.00 114
    2023-03-01 $696,825 (7.3%) $853,240 (15.8%) 0.00 107
    2023-04-01 $672,000 (-9.2%) $864,264 (9.3%) 0.00 113
    2023-05-01 $799,000 (6.1%) $892,940 (2.3%) 0.00 127
    2023-06-01 $797,000 (2.7%) $892,496 (3.5%) 0.00 142
    2023-07-01 $789,000 (16.9%) $856,943 (2.2%) 0.00 156
    2023-08-01 $799,450 (23.1%) $897,417 (8.9%) 0.00 153
    2023-09-01 $805,000 (22.8%) $895,056 (8.3%) 0.00 151
    2023-10-01 $837,000 (27.0%) $891,381 (2.5%) 0.00 140
    2023-11-01 $857,450 (16.3%) $886,710 (-1.2%) 0.00 128
    2023-12-01 $827,000 (31.5%) $905,556 (8.2%) 0.00 121
    2024-01-01 $816,000 (36.1%) $880,609 (10.8%) 0.00 114
    2024-02-01 $801,175 (21.5%) $880,035 (3.5%) 0.00 112
    2024-03-01 $829,000 (19.0%) $901,511 (5.7%) 0.00 133
    Spearfish's median listing price for 2024-03-01 was $829,000, a difference of $132,175 (19.0%) versus the prior year and $27,825 versus the prior month.

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

    Spearfish's average listing price for 2024-03-01 was $901,511, a difference of $48,271 (5.7%) versus the prior year and $21,476 versus the prior month.

    For the 2024-03-01 period, Spearfish had 133 MLS listings, a difference of 21 listings (19%) versus the prior month and 26 listings (24%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Spearfish (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 2,376 sqft
    2018-02-01 0 days 2,380 sqft
    2018-03-01 0 days 2,450 sqft
    2018-04-01 0 days 2,535 sqft
    2018-05-01 0 days 2,419 sqft
    2018-06-01 0 days 2,409 sqft
    2018-07-01 0 days 2,508 sqft
    2018-08-01 0 days 2,495 sqft
    2018-09-01 0 days 2,512 sqft
    2018-10-01 0 days 2,576 sqft
    2018-11-01 0 days 2,576 sqft
    2018-12-01 0 days 2,600 sqft
    2019-01-01 0 days 2,526 sqft
    2019-02-01 0 days 2,508 sqft
    2019-03-01 0 days 2,524 sqft
    2019-04-01 0 days 2,561 sqft
    2019-05-01 0 days 2,548 sqft
    2019-06-01 0 days 2,645 sqft
    2019-07-01 0 days 2,600 sqft
    2019-08-01 0 days 2,607 sqft
    2019-09-01 0 days 2,677 sqft
    2019-10-01 0 days 2,736 sqft
    2019-11-01 0 days 2,712 sqft
    2019-12-01 0 days 2,726 sqft
    2020-01-01 0 days 2,670 sqft
    2020-02-01 0 days 2,700 sqft
    2020-03-01 0 days 2,693 sqft
    2020-04-01 0 days 2,435 sqft
    2020-05-01 0 days 2,361 sqft
    2020-06-01 0 days 2,396 sqft
    2020-07-01 0 days 2,485 sqft
    2020-08-01 0 days 2,270 sqft
    2020-09-01 0 days 2,194 sqft
    2020-10-01 0 days 2,098 sqft
    2020-11-01 0 days 2,162 sqft
    2020-12-01 0 days 2,029 sqft
    2021-01-01 0 days 1,977 sqft
    2021-02-01 0 days 1,977 sqft
    2021-03-01 0 days 1,977 sqft
    2021-04-01 0 days 2,144 sqft
    2021-05-01 0 days 2,157 sqft
    2021-06-01 0 days 2,021 sqft
    2021-07-01 0 days 2,089 sqft
    2021-08-01 0 days 2,301 sqft
    2021-09-01 0 days 2,170 sqft
    2021-10-01 0 days 2,104 sqft
    2021-11-01 0 days 2,257 sqft
    2021-12-01 0 days 2,420 sqft
    2022-01-01 0 days 2,610 sqft
    2022-02-01 0 days 2,666 sqft
    2022-03-01 0 days 2,541 sqft
    2022-04-01 0 days 2,372 sqft
    2022-05-01 0 days 2,530 sqft
    2022-06-01 0 days 2,583 sqft
    2022-07-01 0 days 2,588 sqft
    2022-08-01 0 days 2,473 sqft
    2022-09-01 0 days 2,423 sqft
    2022-10-01 0 days 2,407 sqft
    2022-11-01 0 days 2,473 sqft
    2022-12-01 0 days 2,304 sqft
    2023-01-01 0 days 2,312 sqft
    2023-02-01 0 days 2,371 sqft
    2023-03-01 0 days 2,363 sqft
    2023-04-01 0 days 2,427 sqft
    2023-05-01 0 days 2,669 sqft
    2023-06-01 0 days 2,617 sqft
    2023-07-01 0 days 2,430 sqft
    2023-08-01 0 days 2,625 sqft
    2023-09-01 0 days 2,665 sqft
    2023-10-01 0 days 2,724 sqft
    2023-11-01 0 days 2,791 sqft
    2023-12-01 0 days 2,753 sqft
    2024-01-01 0 days 2,490 sqft
    2024-02-01 0 days 2,347 sqft
    2024-03-01 0 days 2,555 sqft
    Spearfish's median listing age (time on market) for 2024-03-01 was 0 days.

    Spearfish's median square footage for active listings during the 2024-03-01 period was 2,555 sqft. One year prior, the average listing was 2,363 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).