Yankton FHA Loan Rates, Closing Costs & Stats

Yankton, 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.

    Yankton's 13 lenders originated 56 FHA loans during 2023. The total origination value was $12,300,000, with an average FHA loan value of $219,643.

    Yankton FHA Loans, 30 Year Fixed Rates

    30 Year FHA mortgages in Yankton averaged 6.87% for the week of 2024-04-19, compared to the national average (all FHA variants) of 6.855% for the same period.

    Yankton's average FHA mortgage closing costs are $6,495.

    The average rate for the prior week (2024-04-12) was 6.77% and one month ago for the week of 2024-03-15, the average rate was 6.73%.

    The average rate one year ago was 6.06%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.66%.

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

    Yankton 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 Yankton level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    First Dakota National Bank 20 6.69% $7,527
    QUICKEN LOANS, LLC 7 6.25% $8,666
    CROSSCOUNTRY MORTGAGE, LLC 4 6.91% $7,412
    FREEDOM MORTGAGE CORPORATION 3 6.92% $10,280
    First International Bank & Trust 3 6.50% $5,473
    Plains Commerce Bank 3 6.54% $10,080
    CU MORTGAGE DIRECT, LLC 3 6.46% $7,534
    GUARANTEED RATE, INC. 1 6.63% $11,801
    AMERISAVE MORTGAGE CORPORATION 1 7.25% $7,844
    Mortgage Research Center, LLC 1 6.75% $3,592
    PENNYMAC LOAN SERVICES, LLC 1 6.50% $14,015
    PLANET HOME LENDING, LLC 1 5.88% $5,356
    POLARIS HOME FUNDING CORP. 1 6.00% $20,566

    The top Yankton FHA lender as defined by loan originations is First Dakota National Bank, with 20 FHA loans originated. Their average total fees are $7,527, which is $1,139 lower than the next largest lender, QUICKEN LOANS, LLC.

    The lowest fee Yankton FHA lenders (with over 10 loans originated) are First Dakota National Bank ($7,527), .

    The lowest rate Yankton FHA lenders (with over 10 loans originated) are First Dakota National Bank (6.69%), .

    Yankton FHA Loan Limits

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

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Yankton (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 $171,200 (-0.1%) $224,979 (22.1%) 0.00 56
    2018-02-01 $175,000 (2.1%) $234,311 (29.4%) 0.00 55
    2018-03-01 $197,900 (20.0%) $236,002 (39.4%) 0.00 50
    2018-04-01 $219,000 (30.4%) $244,497 (33.7%) 0.00 52
    2018-05-01 $214,950 (23.4%) $242,148 (28.3%) 0.00 64
    2018-06-01 $211,000 (24.2%) $242,740 (24.7%) 0.00 74
    2018-07-01 $186,800 (10.0%) $232,928 (11.7%) 0.00 68
    2018-08-01 $176,900 (-2.0%) $218,172 (-2.9%) 0.00 76
    2018-09-01 $179,900 (6.2%) $213,635 (-1.0%) 0.00 81
    2018-10-01 $200,925 (15.3%) $228,770 (6.6%) 0.00 82
    2018-11-01 $195,700 (8.7%) $231,565 (6.2%) 0.00 76
    2018-12-01 $191,500 (9.6%) $231,168 (4.4%) 0.00 76
    2019-01-01 $187,000 (9.2%) $228,536 (1.6%) 0.00 72
    2019-02-01 $190,875 (9.1%) $232,798 (-0.7%) 0.00 73
    2019-03-01 $197,286 (-0.3%) $235,893 (-0.1%) 0.00 72
    2019-04-01 $201,461 (-8.0%) $234,843 (-4.0%) 0.00 72
    2019-05-01 $208,050 (-3.2%) $236,895 (-2.2%) 0.00 78
    2019-06-01 $208,850 (-1.0%) $233,070 (-4.0%) 0.00 83
    2019-07-01 $202,400 (8.4%) $222,788 (-4.4%) 0.00 91
    2019-08-01 $198,409 (12.2%) $214,907 (-1.5%) 0.00 92
    2019-09-01 $196,323 (9.1%) $212,904 (-0.3%) 0.00 93
    2019-10-01 $197,207 (-1.9%) $214,131 (-6.4%) 0.00 90
    2019-11-01 $209,900 (7.3%) $225,372 (-2.7%) 0.00 93
    2019-12-01 $211,350 (10.4%) $227,398 (-1.6%) 0.00 78
    2020-01-01 $210,400 (12.5%) $228,472 (0.0%) 0.00 65
    2020-02-01 $209,800 (9.9%) $224,996 (-3.4%) 0.00 53
    2020-03-01 $201,100 (1.9%) $225,815 (-4.3%) 0.00 53
    2020-04-01 $184,075 (-8.6%) $219,353 (-6.6%) 0.00 52
    2020-05-01 $212,450 (2.1%) $229,358 (-3.2%) 0.00 35
    2020-06-01 $235,000 (12.5%) $257,284 (10.4%) 0.00 34
    2020-07-01 $223,650 (10.5%) $258,518 (16.0%) 0.00 36
    2020-08-01 $182,000 (-8.3%) $254,351 (18.4%) 0.00 35
    2020-09-01 $208,700 (6.3%) $246,594 (15.8%) 0.00 32
    2020-10-01 $182,400 (-7.5%) $238,880 (11.6%) 0.00 26
    2020-11-01 $182,675 (-13.0%) $225,031 (-0.2%) 0.00 25
    2020-12-01 $170,175 (-19.5%) $207,565 (-8.7%) 0.00 21
    2021-01-01 $149,900 (-28.8%) $217,479 (-4.8%) 0.00 18
    2021-02-01 $162,450 (-22.6%) $203,583 (-9.5%) 0.00 16
    2021-03-01 $179,925 (-10.5%) $240,129 (6.3%) 0.00 14
    2021-04-01 $180,675 (-1.9%) $217,156 (-1.0%) 0.00 11
    2021-05-01 $183,400 (-13.7%) $224,414 (-2.2%) 0.00 14
    2021-06-01 $194,900 (-17.1%) $241,690 (-6.1%) 0.00 13
    2021-07-01 $182,250 (-18.5%) $255,864 (-1.0%) 0.00 20
    2021-08-01 $182,450 (0.3%) $285,388 (12.2%) 0.00 20
    2021-09-01 $194,675 (-6.7%) $269,560 (9.3%) 0.00 23
    2021-10-01 $199,900 (9.6%) $331,442 (38.8%) 0.00 23
    2021-11-01 $288,325 (57.8%) $365,018 (62.2%) 0.00 19
    2021-12-01 $237,425 (39.5%) $356,409 (71.7%) 0.00 14
    2022-01-01 $324,450 (116.4%) $380,294 (74.9%) 0.00 15
    2022-02-01 $237,400 (46.1%) $348,597 (71.2%) 0.00 17
    2022-03-01 $131,950 (-26.7%) $258,290 (7.6%) 0.00 23
    2022-04-01 $179,900 (-0.4%) $305,300 (40.6%) 0.00 18
    2022-05-01 $189,750 (3.5%) $318,422 (41.9%) 0.00 21
    2022-06-01 $237,425 (21.8%) $324,045 (34.1%) 0.00 21
    2022-07-01 $264,900 (45.4%) $321,520 (25.7%) 0.00 29
    2022-08-01 $273,676 (50.0%) $354,130 (24.1%) 0.00 33
    2022-09-01 $284,475 (46.1%) $409,461 (51.9%) 0.00 27
    2022-10-01 $239,000 (19.6%) $395,884 (19.4%) 0.00 23
    2022-11-01 $279,950 (-2.9%) $376,170 (3.1%) 0.00 19
    2022-12-01 $279,950 (17.9%) $372,304 (4.5%) 0.00 14
    2023-01-01 $244,900 (-24.5%) $367,588 (-3.3%) 0.00 15
    2023-02-01 $229,900 (-3.2%) $360,165 (3.3%) 0.00 13
    2023-03-01 $269,900 (104.6%) $288,928 (11.9%) 0.00 15
    2023-04-01 $369,950 (105.6%) $406,807 (33.3%) 0.00 17
    2023-05-01 $351,500 (85.2%) $443,371 (39.2%) 0.00 24
    2023-06-01 $311,175 (31.1%) $404,638 (24.9%) 0.00 23
    2023-07-01 $319,800 (20.7%) $393,976 (22.5%) 0.00 25
    2023-08-01 $324,400 (18.5%) $415,322 (17.3%) 0.00 27
    2023-09-01 $320,000 (12.5%) $392,218 (-4.2%) 0.00 28
    2023-10-01 $312,400 (30.7%) $341,765 (-13.7%) 0.00 29
    2023-11-01 $332,500 (18.8%) $395,142 (5.0%) 0.00 26
    2023-12-01 $317,400 (13.4%) $343,832 (-7.7%) 0.00 31
    2024-01-01 $308,700 (26.1%) $340,861 (-7.3%) 0.00 31
    2024-02-01 $327,500 (42.5%) $473,519 (31.5%) 0.00 30
    2024-03-01 $330,000 (22.3%) $483,457 (67.3%) 0.00 29
    Yankton's median listing price for 2024-03-01 was $330,000, a difference of $60,100 (22.3%) versus the prior year and $2,500 versus the prior month.

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

    Yankton's average listing price for 2024-03-01 was $483,457, a difference of $194,529 (67.3%) versus the prior year and $9,938 versus the prior month.

    For the 2024-03-01 period, Yankton had 29 MLS listings, a difference of -1 listings (-3%) versus the prior month and 14 listings (93%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Yankton (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 0 days 1,720 sqft
    2018-02-01 0 days 1,782 sqft
    2018-03-01 0 days 1,767 sqft
    2018-04-01 0 days 1,900 sqft
    2018-05-01 0 days 1,762 sqft
    2018-06-01 0 days 1,813 sqft
    2018-07-01 0 days 1,792 sqft
    2018-08-01 0 days 1,710 sqft
    2018-09-01 0 days 1,790 sqft
    2018-10-01 0 days 1,949 sqft
    2018-11-01 0 days 1,959 sqft
    2018-12-01 0 days 1,960 sqft
    2019-01-01 0 days 1,852 sqft
    2019-02-01 0 days 1,901 sqft
    2019-03-01 0 days 1,960 sqft
    2019-04-01 0 days 1,960 sqft
    2019-05-01 0 days 1,778 sqft
    2019-06-01 0 days 1,575 sqft
    2019-07-01 0 days 1,750 sqft
    2019-08-01 0 days 1,758 sqft
    2019-09-01 0 days 1,773 sqft
    2019-10-01 0 days 1,788 sqft
    2019-11-01 0 days 1,836 sqft
    2019-12-01 0 days 1,800 sqft
    2020-01-01 0 days 1,776 sqft
    2020-02-01 0 days 1,680 sqft
    2020-03-01 0 days 1,646 sqft
    2020-04-01 0 days 1,638 sqft
    2020-05-01 0 days 1,691 sqft
    2020-06-01 0 days 1,896 sqft
    2020-07-01 0 days 1,911 sqft
    2020-08-01 0 days 1,960 sqft
    2020-09-01 0 days 1,960 sqft
    2020-10-01 0 days 1,779 sqft
    2020-11-01 0 days 1,771 sqft
    2020-12-01 0 days 1,749 sqft
    2021-01-01 0 days 1,779 sqft
    2021-02-01 0 days 1,523 sqft
    2021-03-01 0 days 1,614 sqft
    2021-04-01 0 days 1,768 sqft
    2021-05-01 0 days 1,741 sqft
    2021-06-01 0 days 1,741 sqft
    2021-07-01 0 days 1,783 sqft
    2021-08-01 0 days 1,870 sqft
    2021-09-01 0 days 1,930 sqft
    2021-10-01 0 days 2,020 sqft
    2021-11-01 0 days 2,225 sqft
    2021-12-01 0 days 2,268 sqft
    2022-01-01 0 days 2,183 sqft
    2022-02-01 0 days 1,683 sqft
    2022-03-01 0 days 986 sqft
    2022-04-01 0 days 1,773 sqft
    2022-05-01 0 days 1,790 sqft
    2022-06-01 0 days 1,873 sqft
    2022-07-01 0 days 1,918 sqft
    2022-08-01 0 days 2,146 sqft
    2022-09-01 0 days 2,001 sqft
    2022-10-01 0 days 1,872 sqft
    2022-11-01 0 days 1,860 sqft
    2022-12-01 0 days 1,872 sqft
    2023-01-01 0 days 1,872 sqft
    2023-02-01 0 days 1,791 sqft
    2023-03-01 0 days 1,794 sqft
    2023-04-01 0 days 2,011 sqft
    2023-05-01 0 days 2,166 sqft
    2023-06-01 0 days 2,080 sqft
    2023-07-01 0 days 2,036 sqft
    2023-08-01 0 days 2,030 sqft
    2023-09-01 0 days 2,117 sqft
    2023-10-01 0 days 2,081 sqft
    2023-11-01 0 days 2,194 sqft
    2023-12-01 0 days 1,779 sqft
    2024-01-01 0 days 1,793 sqft
    2024-02-01 0 days 1,864 sqft
    2024-03-01 0 days 2,008 sqft
    Yankton's median listing age (time on market) for 2024-03-01 was 0 days.

    Yankton's median square footage for active listings during the 2024-03-01 period was 2,008 sqft. One year prior, the average listing was 1,794 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).