Vermillion FHA Loan Rates, Closing Costs & Stats

Vermillion, 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.

    Vermillion's 5 lenders originated 15 FHA loans during 2023. The total origination value was $3,205,000, with an average FHA loan value of $213,667.

    Vermillion FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Vermillion averaged 6.56% for the week of 2024-05-03, compared to the national average (all FHA variants) of 6.894% for the same period.

    Vermillion's average FHA mortgage closing costs are $6,677.

    The average rate for the prior week (2024-04-26) was 6.93% and one month ago for the week of 2024-03-29, the average rate was 6.22%.

    The average rate one year ago was 6.44%.

    For refis of the same type during the week of 2024-05-03, the average rate was 7.09%.

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

    Vermillion 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 Vermillion level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 7 6.59% $8,035
    First PREMIER Bank 2 6.50% $9,124
    QUICKEN LOANS, LLC 2 6.18% $9,474
    CORTRUST MORTGAGE, INC. 1 6.75% $3,817
    First Bank & Trust 1 7.13% $5,952

    The top Vermillion FHA lender as defined by loan originations is Plains Commerce Bank, with 7 FHA loans originated. Their average total fees are $8,035, which is $1,089 lower than the next largest lender, First PREMIER Bank.

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

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

    Vermillion FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Vermillion (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 $150,725 (-18.0%) $173,677 (-7.0%) 0.00 26
    2018-02-01 $179,925 (-1.8%) $203,648 (8.8%) 0.00 28
    2018-03-01 $219,500 (17.6%) $216,027 (10.2%) 0.00 30
    2018-04-01 $225,925 (18.3%) $232,509 (13.2%) 0.00 36
    2018-05-01 $216,425 (22.0%) $223,744 (10.3%) 0.00 30
    2018-06-01 $220,000 (25.7%) $223,461 (11.8%) 0.00 33
    2018-07-01 $225,900 (27.3%) $224,433 (18.5%) 0.00 33
    2018-08-01 $181,150 (1.3%) $199,425 (4.7%) 0.00 35
    2018-09-01 $189,950 (11.8%) $207,871 (14.7%) 0.00 24
    2018-10-01 $179,900 (4.3%) $204,614 (14.8%) 0.00 22
    2018-11-01 $203,725 (30.4%) $225,184 (28.4%) 0.00 20
    2018-12-01 $259,900 (74.4%) $258,347 (47.2%) 0.00 17
    2019-01-01 $254,950 (69.2%) $247,153 (42.3%) 0.00 16
    2019-02-01 $264,450 (47.0%) $253,660 (24.6%) 0.00 23
    2019-03-01 $241,786 (10.2%) $245,136 (13.5%) 0.00 25
    2019-04-01 $227,011 (0.5%) $238,918 (2.8%) 0.00 26
    2019-05-01 $183,700 (-15.1%) $199,676 (-10.8%) 0.00 24
    2019-06-01 $189,900 (-13.7%) $224,406 (0.4%) 0.00 31
    2019-07-01 $184,950 (-18.1%) $207,916 (-7.4%) 0.00 36
    2019-08-01 $178,108 (-1.7%) $203,425 (2.0%) 0.00 36
    2019-09-01 $167,919 (-11.6%) $208,409 (0.3%) 0.00 34
    2019-10-01 $161,127 (-10.4%) $211,829 (3.5%) 0.00 32
    2019-11-01 $159,948 (-21.5%) $216,159 (-4.0%) 0.00 30
    2019-12-01 $154,500 (-40.6%) $225,688 (-12.6%) 0.00 26
    2020-01-01 $156,950 (-38.4%) $238,896 (-3.3%) 0.00 23
    2020-02-01 $139,900 (-47.1%) $209,074 (-17.6%) 0.00 27
    2020-03-01 $159,450 (-34.1%) $220,990 (-9.9%) 0.00 26
    2020-04-01 $158,675 (-30.1%) $237,158 (-0.7%) 0.00 27
    2020-05-01 $199,900 (8.8%) $255,561 (28.0%) 0.00 28
    2020-06-01 $198,675 (4.6%) $260,713 (16.2%) 0.00 29
    2020-07-01 $196,225 (6.1%) $273,595 (31.6%) 0.00 29
    2020-08-01 $189,900 (6.6%) $284,648 (39.9%) 0.00 24
    2020-09-01 $181,925 (8.3%) $283,441 (36.0%) 0.00 24
    2020-10-01 $179,000 (11.1%) $286,787 (35.4%) 0.00 25
    2020-11-01 $169,900 (6.2%) $230,993 (6.9%) 0.00 27
    2020-12-01 $236,175 (52.9%) $305,567 (35.4%) 0.00 17
    2021-01-01 $289,900 (84.7%) $323,650 (35.5%) 0.00 14
    2021-02-01 $279,900 (100.1%) $323,506 (54.7%) 0.00 14
    2021-03-01 $198,675 (24.6%) $276,535 (25.1%) 0.00 14
    2021-04-01 $231,450 (45.9%) $368,735 (55.5%) 0.00 14
    2021-05-01 $199,900 (0.0%) $333,105 (30.3%) 0.00 19
    2021-06-01 $253,750 (27.7%) $331,083 (27.0%) 0.00 21
    2021-07-01 $230,000 (17.2%) $288,243 (5.4%) 0.00 24
    2021-08-01 $217,400 (14.5%) $282,369 (-0.8%) 0.00 22
    2021-09-01 $219,450 (20.6%) $297,570 (5.0%) 0.00 18
    2021-10-01 $235,000 (31.3%) $300,704 (4.9%) 0.00 17
    2021-11-01 $200,725 (18.1%) $290,479 (25.8%) 0.00 18
    2021-12-01 $230,925 (-2.2%) $309,238 (1.2%) 0.00 17
    2022-01-01 $254,950 (-12.1%) $331,681 (2.5%) 0.00 14
    2022-02-01 $274,900 (-1.8%) $285,496 (-11.8%) 0.00 10
    2022-03-01 $242,450 (22.0%) $371,326 (34.3%) 0.00 10
    2022-04-01 $335,000 (44.7%) $489,288 (32.7%) 0.00 12
    2022-05-01 $368,675 (84.4%) $541,042 (62.4%) 0.00 12
    2022-06-01 $382,400 (50.7%) $524,387 (58.4%) 0.00 16
    2022-07-01 $275,000 (19.6%) $454,043 (57.5%) 0.00 19
    2022-08-01 $215,350 (-0.9%) $336,849 (19.3%) 0.00 27
    2022-09-01 $224,900 (2.5%) $374,251 (25.8%) 0.00 32
    2022-10-01 $234,900 (0.0%) $341,439 (13.6%) 0.00 27
    2022-11-01 $255,000 (27.0%) $360,824 (24.2%) 0.00 20
    2022-12-01 $260,000 (12.6%) $379,200 (22.6%) 0.00 17
    2023-01-01 $271,225 (6.4%) $257,364 (-22.4%) 0.00 15
    2023-02-01 $274,950 (0.0%) $269,630 (-5.6%) 0.00 10
    2023-03-01 $250,000 (3.1%) $259,128 (-30.2%) 0.00 10
    2023-04-01 $199,900 (-40.3%) $264,150 (-46.0%) 0.00 11
    2023-05-01 $215,000 (-41.7%) $259,208 (-52.1%) 0.00 19
    2023-06-01 $239,750 (-37.3%) $261,937 (-50.1%) 0.00 24
    2023-07-01 $237,540 (-13.6%) $271,515 (-40.2%) 0.00 20
    2023-08-01 $247,200 (14.8%) $278,637 (-17.3%) 0.00 18
    2023-09-01 $295,000 (31.2%) $316,300 (-15.5%) 0.00 17
    2023-10-01 $286,250 (21.9%) $323,456 (-5.3%) 0.00 16
    2023-11-01 $303,225 (18.9%) $336,899 (-6.6%) 0.00 17
    2023-12-01 $314,900 (21.1%) $329,137 (-13.2%) 0.00 16
    2024-01-01 $355,550 (31.1%) $371,377 (44.3%) 0.00 12
    2024-02-01 $325,600 (18.4%) $345,614 (28.2%) 0.00 16
    2024-03-01 $312,450 (25.0%) $330,275 (27.5%) 0.00 15
    2024-04-01 $310,000 (55.1%) $353,593 (33.9%) 0.00 16
    Vermillion's median listing price for 2024-04-01 was $310,000, a difference of $110,100 (55.1%) versus the prior year and $-2,450 versus the prior month.

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

    Vermillion's average listing price for 2024-04-01 was $353,593, a difference of $89,443 (33.9%) versus the prior year and $23,318 versus the prior month.

    For the 2024-04-01 period, Vermillion had 16 MLS listings, a difference of 1 listings (7%) versus the prior month and 5 listings (45%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Vermillion (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,920 sqft
    2018-02-01 0 days 2,216 sqft
    2018-03-01 0 days 2,460 sqft
    2018-04-01 0 days 2,460 sqft
    2018-05-01 0 days 2,402 sqft
    2018-06-01 0 days 2,415 sqft
    2018-07-01 0 days 2,373 sqft
    2018-08-01 0 days 2,105 sqft
    2018-09-01 0 days 2,109 sqft
    2018-10-01 0 days 2,108 sqft
    2018-11-01 0 days 2,170 sqft
    2018-12-01 0 days 2,694 sqft
    2019-01-01 0 days 2,480 sqft
    2019-02-01 0 days 2,549 sqft
    2019-03-01 0 days 2,172 sqft
    2019-04-01 0 days 1,803 sqft
    2019-05-01 0 days 1,912 sqft
    2019-06-01 0 days 1,901 sqft
    2019-07-01 0 days 1,846 sqft
    2019-08-01 0 days 1,824 sqft
    2019-09-01 0 days 1,800 sqft
    2019-10-01 0 days 1,782 sqft
    2019-11-01 0 days 1,758 sqft
    2019-12-01 0 days 1,693 sqft
    2020-01-01 0 days 1,532 sqft
    2020-02-01 0 days 1,474 sqft
    2020-03-01 0 days 1,516 sqft
    2020-04-01 0 days 1,524 sqft
    2020-05-01 0 days 1,540 sqft
    2020-06-01 0 days 1,798 sqft
    2020-07-01 0 days 1,944 sqft
    2020-08-01 0 days 1,825 sqft
    2020-09-01 0 days 1,836 sqft
    2020-10-01 0 days 1,846 sqft
    2020-11-01 0 days 1,830 sqft
    2020-12-01 0 days 1,874 sqft
    2021-01-01 0 days 2,133 sqft
    2021-02-01 0 days 2,340 sqft
    2021-03-01 0 days 2,354 sqft
    2021-04-01 0 days 2,318 sqft
    2021-05-01 0 days 2,252 sqft
    2021-06-01 0 days 2,252 sqft
    2021-07-01 0 days 2,167 sqft
    2021-08-01 0 days 2,015 sqft
    2021-09-01 0 days 2,195 sqft
    2021-10-01 0 days 1,825 sqft
    2021-11-01 0 days 1,609 sqft
    2021-12-01 0 days 1,741 sqft
    2022-01-01 0 days 1,560 sqft
    2022-02-01 0 days 2,314 sqft
    2022-03-01 0 days 1,539 sqft
    2022-04-01 0 days 1,800 sqft
    2022-05-01 0 days 1,645 sqft
    2022-06-01 0 days 2,313 sqft
    2022-07-01 0 days 1,822 sqft
    2022-08-01 0 days 1,697 sqft
    2022-09-01 0 days 1,689 sqft
    2022-10-01 0 days 1,728 sqft
    2022-11-01 0 days 1,740 sqft
    2022-12-01 0 days 1,760 sqft
    2023-01-01 0 days 2,264 sqft
    2023-02-01 0 days 2,262 sqft
    2023-03-01 0 days 2,033 sqft
    2023-04-01 0 days 1,947 sqft
    2023-05-01 0 days 2,044 sqft
    2023-06-01 0 days 1,948 sqft
    2023-07-01 0 days 1,728 sqft
    2023-08-01 0 days 1,635 sqft
    2023-09-01 0 days 1,752 sqft
    2023-10-01 0 days 2,065 sqft
    2023-11-01 0 days 2,014 sqft
    2023-12-01 0 days 1,958 sqft
    2024-01-01 0 days 2,131 sqft
    2024-02-01 0 days 2,121 sqft
    2024-03-01 0 days 2,079 sqft
    2024-04-01 0 days 2,014 sqft
    Vermillion's median listing age (time on market) for 2024-04-01 was 0 days.

    Vermillion's median square footage for active listings during the 2024-04-01 period was 2,014 sqft. One year prior, the average listing was 1,947 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).