Sioux Falls USDA Loan Rates, Closing Costs & Stats
SIOUX FALLS, SD
USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.
Sioux Falls's 11 lenders originated 39 USDA loans during 2023. The total origination value was $8,885,000, with an average USDA loan value of $227,821.
Sioux Falls USDA Loans, 30 Year Fixed Rates
30 Year USDA mortgages in Sioux Falls
averaged
6.39%
for the week of 2024-07-19, compared to the national average (all USDA variants) of
6.628% for the same period.
Sioux Falls's average USDA mortgage closing costs are $5,267.
The average rate for the prior week (2024-07-12) was
6.61% and
one month ago for the week of 2024-06-14, the
average rate was 6.25%.
The average rate one year ago was 6.7%.
For refis of the same type during the week of 2024-07-19, the average rate
was 6.81%.
Sioux Falls USDA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for USDA 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 | 23 | 5.86% | $5,488 |
| American Bank & Trust | 2 | 5.75% | $4,305 |
| First Bank & Trust | 2 | 6.25% | $4,643 |
| First Dakota National Bank | 2 | 6.19% | $3,942 |
| SIOUX FALLS | 1 | 5.99% | $4,532 |
| UNITED WHOLESALE MORTGAGE, LLC | 1 | 6.25% | $4,029 |
| First National Bank of Omaha | 1 | 5.75% | $3,450 |
| Central Bank | 1 | 6.25% | $5,325 |
| Reliabank Dakota | 1 | 6.00% | $8,610 |
| CROSSCOUNTRY MORTGAGE, LLC | 1 | 7.00% | $6,567 |
| FAIRWAY INDEPENDENT MORTGAGE CORPORATION | 1 | 6.25% | $4,951 |
The top Sioux Falls USDA lender as defined by loan originations is Plains Commerce Bank, with
23 USDA loans originated. Their average total fees are
$5,488, which is $1,183
higher than the next largest lender,
American Bank & Trust.
The lowest fee Sioux Falls USDA lenders (with over 10 loans originated) are
Plains Commerce Bank ($5,488), .
The lowest rate Sioux Falls USDA lenders (with over 10 loans originated) are
Plains Commerce Bank (5.86%), .