Sioux Falls VA Loan Rates, Closing Costs & Stats

SIOUX FALLS, SD

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    • A VA loan is a mortgage loan that’s backed by the Department of Veterans Affairs (VA) for those who have served or are presently serving in the U.S. military. The VA does not directly lend, it guarantees the loans made by private lenders to veterans, active military personnel, and qualifying military spouses.

    The most obvious benefit of VA loans is that no downpayment is necessary to purchase a home. They will also typically have significantly lower fees-- meaning that if you're eligible to receive a VA loan, it will likely be the most favorable option. VA loans come in 3 varities: purchase, refinance and cash out refis.

    For additional benefits of VA loans, click here.

    Sioux Falls's 50 lenders originated 384 VA loans during 2023. The total origination value was $125,830,000, with an average VA loan value of $327,682.

    Sioux Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Sioux Falls averaged 6.22% for the week of 2025-02-14, compared to the national average (all VA variants) of 6.428% for the same period.

    Sioux Falls's average VA mortgage closing costs are $5,810.

    The average rate for the prior week (2025-02-07) was 6.45% and one month ago for the week of 2025-01-10, the average rate was 6.59%.

    The average rate one year ago was 6.31%.

    For refis of the same type during the week of 2025-02-14, the average rate was 6.64%.

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

    Sioux Falls VA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for VA 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 93 6.01% $8,033
    Mortgage Research Center, LLC 46 6.68% $7,730
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 32 6.37% $5,865
    First Bank & Trust 15 6.34% $6,807
    First International Bank & Trust 12 6.16% $8,151
    First PREMIER Bank 12 6.17% $6,641
    USAA Federal Savings Bank 11 6.24% $5,737
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 10 6.48% $6,004
    QUICKEN LOANS, LLC 10 6.10% $10,410
    NAVY FEDERAL CREDIT UNION 9 5.69% $4,987
    Reliabank Dakota 8 5.77% $5,910
    GUARANTEED RATE, INC. 7 6.57% $5,080
    CROSSCOUNTRY MORTGAGE, LLC 7 6.84% $11,707
    CU MORTGAGE DIRECT, LLC 7 5.91% $7,091
    FREEDOM MORTGAGE CORPORATION 6 6.94% $11,346
    First Dakota National Bank 5 6.23% $4,881
    Flagstar Bank, FSB 5 6.44% $6,809
    UNITED WHOLESALE MORTGAGE, LLC 5 6.55% $9,088
    BLACK HILLS FEDERAL CREDIT UNION 4 6.09% $7,122
    First National Bank of Omaha 4 6.31% $8,635
    American Bank & Trust 3 5.58% $10,901
    Flanagan State Bank 3 6.25% $6,744
    LOANDEPOT.COM, LLC 3 6.25% $13,157
    NEWREZ LLC 3 6.58% $11,955
    Prosperity Home Mortgage, LLC 3 6.21% $4,460
    SIOUX FALLS 3 6.08% $5,014
    Wells Fargo Bank 3 5.92% $6,496
    AMERISAVE MORTGAGE CORPORATION 2 7.00% $17,929
    PENNYMAC LOAN SERVICES, LLC 2 5.38% $14,921
    CMG MORTGAGE, INC. 1 6.00% $10,945
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $0
    Mr. Cooper ( Nationstar Mortgage ) 1 6.75% $8,321
    CARDINAL FINANCIAL 1 7.38% $2,498
    NETWORK CAPITAL FUNDING CORPORATION 1 5.38% $9,706
    NEW DAY FINANCIAL, LLC 1 7.75% $13,120
    American National Bank 1 6.38% $7,591
    PHH Mortgage Corporation 1 6.13% $5,047
    Barrington Bank & Trust Company, N.A. 1 6.25% $6,781
    PRIMARY RESIDENTIAL MORTGAGE, INC. 1 6.75% $17,989
    PRIMELENDING, A PLAINSCAPITAL COMPANY 1 6.99% $5,724
    AMERICAN FINANCING CORPORATION 1 6.75% $6,034
    AmeriHome Mortgage Company, LLC 1 5.99% $17,338
    First Federal Bank 1 6.25% $6,994
    U.S. Bank 1 7.25% $2,324
    Dacotah Bank 1 5.50% $10,882
    CORTRUST MORTGAGE, INC. 1 6.25% $1,793
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $0
    LAKEVIEW LOAN SERVICING, LLC 1 6.25% $12,890
    HOMESTEAD FUNDING CORP. 1 5.75% $13,849
    The Federal Savings Bank 1 5.38% $11,577

    The top Sioux Falls VA lender as defined by loan originations is Plains Commerce Bank, with 93 VA loans originated. Their average total fees are $8,033, which is $304 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Sioux Falls VA lenders (with over 10 loans originated) are USAA Federal Savings Bank ($5,737), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,865), ARK-LA-TEX FINANCIAL SERVICES, LLC. ($6,004), First PREMIER Bank ($6,641) and First Bank & Trust ($6,807).

    The lowest rate Sioux Falls VA lenders (with over 10 loans originated) are Plains Commerce Bank (6.01%), QUICKEN LOANS, LLC (6.10%), First International Bank & Trust (6.16%), First PREMIER Bank (6.17%) and USAA Federal Savings Bank (6.24%).

    Market Conditions (Median, Average Prices & Listing Count)

    Realtor.com - Sioux Falls (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 $229,900 (6.5%) $284,013 (3.6%) 0.87 972
    2018-02-01 $234,900 (9.0%) $284,745 (3.5%) 0.86 1,021
    2018-03-01 $239,800 (9.5%) $291,133 (2.9%) 0.84 1,069
    2018-04-01 $234,950 (6.8%) $290,479 (3.2%) 0.81 1,135
    2018-05-01 $239,900 (7.0%) $295,797 (4.2%) 0.80 1,217
    2018-06-01 $235,664 (7.2%) $294,431 (3.5%) 0.80 1,241
    2018-07-01 $229,900 (2.4%) $282,181 (-2.3%) 0.78 1,293
    2018-08-01 $229,900 (1.9%) $281,790 (-2.4%) 0.77 1,303
    2018-09-01 $229,000 (1.8%) $282,344 (-2.1%) 0.77 1,317
    2018-10-01 $228,375 (-0.7%) $281,164 (-2.5%) 0.78 1,329
    2018-11-01 $229,875 (2.2%) $282,481 (-0.6%) 0.78 1,237
    2018-12-01 $229,900 (0.4%) $283,458 (-0.1%) 0.79 1,114
    2019-01-01 $233,650 (1.6%) $285,835 (0.6%) 0.81 1,035
    2019-02-01 $229,900 (-2.1%) $286,096 (0.5%) 0.79 1,031
    2019-03-01 $234,186 (-2.3%) $291,424 (0.1%) 0.78 1,092
    2019-04-01 $239,900 (2.1%) $300,332 (3.4%) 0.78 1,192
    2019-05-01 $239,900 (0.0%) $303,605 (2.6%) 0.77 1,319
    2019-06-01 $239,900 (1.8%) $302,318 (2.7%) 0.76 1,380
    2019-07-01 $239,900 (4.4%) $300,997 (6.7%) 0.77 1,414
    2019-08-01 $242,382 (5.4%) $429,993 (52.6%) 0.78 1,429
    2019-09-01 $246,105 (7.5%) $622,578 (120.5%) 0.80 1,424
    2019-10-01 $248,186 (8.7%) $761,847 (171.0%) 0.81 1,436
    2019-11-01 $239,900 (4.4%) $295,511 (4.6%) 0.80 1,420
    2019-12-01 $239,675 (4.3%) $292,480 (3.2%) 0.80 1,210
    2020-01-01 $239,900 (2.7%) $290,244 (1.5%) 0.81 1,140
    2020-02-01 $239,900 (4.4%) $289,097 (1.1%) 0.79 1,222
    2020-03-01 $241,950 (3.3%) $295,664 (1.5%) 0.77 1,366
    2020-04-01 $245,900 (2.5%) $300,215 (0.0%) 0.78 1,498
    2020-05-01 $247,900 (3.3%) $305,113 (0.5%) 0.76 1,537
    2020-06-01 $249,900 (4.2%) $314,863 (4.2%) 0.74 1,571
    2020-07-01 $249,900 (4.2%) $313,173 (4.1%) 0.74 1,513
    2020-08-01 $249,900 (3.1%) $307,113 (-28.6%) 0.72 1,481
    2020-09-01 $249,175 (1.3%) $307,659 (-50.6%) 0.72 1,419
    2020-10-01 $245,950 (-0.9%) $305,383 (-59.9%) 0.71 1,301
    2020-11-01 $246,091 (2.6%) $306,160 (3.6%) 0.72 1,078
    2020-12-01 $246,900 (3.0%) $308,893 (5.6%) 0.74 915
    2021-01-01 $247,900 (3.3%) $307,010 (5.8%) 0.75 835
    2021-02-01 $249,900 (4.2%) $307,824 (6.5%) 0.73 850
    2021-03-01 $259,950 (7.4%) $311,504 (5.4%) 0.75 961
    2021-04-01 $264,900 (7.7%) $318,552 (6.1%) 0.72 1,101
    2021-05-01 $270,000 (8.9%) $327,824 (7.4%) 0.73 1,186
    2021-06-01 $274,900 (10.0%) $328,773 (4.4%) 0.72 1,226
    2021-07-01 $274,500 (9.8%) $326,970 (4.4%) 0.73 1,256
    2021-08-01 $271,225 (8.5%) $328,123 (6.8%) 0.73 1,253
    2021-09-01 $272,450 (9.3%) $338,957 (10.2%) 0.73 1,234
    2021-10-01 $274,900 (11.8%) $340,432 (11.5%) 0.73 1,132
    2021-11-01 $274,950 (11.7%) $341,186 (11.4%) 0.73 1,026
    2021-12-01 $282,450 (14.4%) $355,167 (15.0%) 0.78 812
    2022-01-01 $299,500 (20.8%) $373,217 (21.6%) 0.81 669
    2022-02-01 $304,924 (22.0%) $378,550 (23.0%) 0.79 715
    2022-03-01 $321,035 (23.5%) $389,735 (25.1%) 0.81 794
    2022-04-01 $325,000 (22.7%) $389,134 (22.2%) 0.78 933
    2022-05-01 $330,000 (22.2%) $397,823 (21.4%) 0.77 993
    2022-06-01 $347,000 (26.2%) $404,858 (23.1%) 0.78 997
    2022-07-01 $349,000 (27.1%) $409,255 (25.2%) 0.79 1,039
    2022-08-01 $346,000 (27.6%) $409,364 (24.8%) 0.81 1,140
    2022-09-01 $349,900 (28.4%) $412,080 (21.6%) 0.82 1,157
    2022-10-01 $349,900 (27.3%) $407,036 (19.6%) 0.82 1,084
    2022-11-01 $342,900 (24.7%) $402,818 (18.1%) 0.83 1,031
    2022-12-01 $339,900 (20.3%) $399,285 (12.4%) 0.85 980
    2023-01-01 $349,900 (16.8%) $402,632 (7.9%) 0.87 927
    2023-02-01 $355,450 (16.6%) $412,867 (9.1%) 0.87 975
    2023-03-01 $360,000 (12.1%) $419,831 (7.7%) 0.86 1,022
    2023-04-01 $365,000 (12.3%) $424,270 (9.0%) 0.86 1,182
    2023-05-01 $368,950 (11.8%) $428,643 (7.8%) 0.84 1,360
    2023-06-01 $366,500 (5.6%) $430,508 (6.3%) 0.82 1,395
    2023-07-01 $364,950 (4.6%) $439,854 (7.5%) 0.83 1,374
    2023-08-01 $362,200 (4.7%) $439,505 (7.4%) 0.83 1,494
    2023-09-01 $364,900 (4.3%) $446,835 (8.4%) 0.85 1,455
    2023-10-01 $369,834 (5.7%) $453,145 (11.3%) 0.87 1,004
    2023-11-01 $366,975 (7.0%) $448,130 (11.3%) 0.88 1,005
    2023-12-01 $368,700 (8.5%) $451,789 (13.2%) 0.90 931
    2024-01-01 $370,705 (6.0%) $454,540 (12.9%) 0.91 864
    2024-02-01 $374,800 (5.4%) $457,178 (10.7%) 0.90 778
    2024-03-01 $385,800 (7.2%) $475,879 (13.4%) 0.92 770
    2024-04-01 $375,950 (3.0%) $467,957 (10.3%) 0.88 814
    2024-05-01 $386,400 (4.7%) $469,466 (9.5%) 0.88 868
    2024-06-01 $399,900 (9.1%) $476,368 (10.7%) 0.90 911
    2024-07-01 $399,924 (9.6%) $473,207 (7.6%) 0.92 920
    2024-08-01 $390,000 (7.7%) $462,507 (5.2%) 0.92 1,039
    2024-09-01 $376,100 (3.1%) $454,300 (1.7%) 0.89 1,094
    2024-10-01 $372,425 (0.7%) $452,868 (-0.1%) 0.88 1,152
    2024-11-01 $369,900 (0.8%) $450,083 (0.4%) 0.89 1,158
    2024-12-01 $368,900 (0.1%) $441,883 (-2.2%) 0.92 1,080
    2025-01-01 $365,457 (-1.4%) $438,719 (-3.5%) 0.00 959
    Sioux Falls's median listing price for 2025-01-01 was $365,457, a difference of $-5,248 (-1.4%) versus the prior year and $-3,443 versus the prior month.

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

    Sioux Falls's average listing price for 2025-01-01 was $438,719, a difference of $-15,821 (-3.5%) versus the prior year and $-3,164 versus the prior month.

    For the 2025-01-01 period, Sioux Falls had 959 MLS listings, a difference of -121 listings (-11%) versus the prior month and 95 listings (11%) versus the prior year.

    Median Listing Time on Market & Square Footage

    Realtor.com - Sioux Falls (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis
    Date Median Listing Time on Market Median Square Footage
    2018-01-01 66 days 1,810 sqft
    2018-02-01 51 days 1,808 sqft
    2018-03-01 45 days 1,809 sqft
    2018-04-01 39 days 1,842 sqft
    2018-05-01 38 days 1,860 sqft
    2018-06-01 38 days 1,883 sqft
    2018-07-01 37 days 1,806 sqft
    2018-08-01 38 days 1,791 sqft
    2018-09-01 39 days 1,761 sqft
    2018-10-01 41 days 1,732 sqft
    2018-11-01 51 days 1,739 sqft
    2018-12-01 61 days 1,729 sqft
    2019-01-01 66 days 1,736 sqft
    2019-02-01 55 days 1,738 sqft
    2019-03-01 46 days 1,775 sqft
    2019-04-01 34 days 1,830 sqft
    2019-05-01 30 days 1,867 sqft
    2019-06-01 32 days 1,852 sqft
    2019-07-01 36 days 1,830 sqft
    2019-08-01 40 days 1,856 sqft
    2019-09-01 42 days 1,894 sqft
    2019-10-01 44 days 1,908 sqft
    2019-11-01 52 days 1,851 sqft
    2019-12-01 63 days 1,776 sqft
    2020-01-01 67 days 1,751 sqft
    2020-02-01 57 days 1,748 sqft
    2020-03-01 46 days 1,766 sqft
    2020-04-01 45 days 1,781 sqft
    2020-05-01 45 days 1,782 sqft
    2020-06-01 44 days 1,835 sqft
    2020-07-01 46 days 1,826 sqft
    2020-08-01 44 days 1,816 sqft
    2020-09-01 44 days 1,806 sqft
    2020-10-01 46 days 1,775 sqft
    2020-11-01 53 days 1,748 sqft
    2020-12-01 58 days 1,716 sqft
    2021-01-01 55 days 1,670 sqft
    2021-02-01 44 days 1,664 sqft
    2021-03-01 39 days 1,682 sqft
    2021-04-01 37 days 1,709 sqft
    2021-05-01 39 days 1,782 sqft
    2021-06-01 38 days 1,796 sqft
    2021-07-01 39 days 1,750 sqft
    2021-08-01 37 days 1,718 sqft
    2021-09-01 39 days 1,679 sqft
    2021-10-01 42 days 1,665 sqft
    2021-11-01 43 days 1,654 sqft
    2021-12-01 48 days 1,656 sqft
    2022-01-01 57 days 1,657 sqft
    2022-02-01 37 days 1,663 sqft
    2022-03-01 36 days 1,718 sqft
    2022-04-01 36 days 1,766 sqft
    2022-05-01 37 days 1,797 sqft
    2022-06-01 36 days 1,848 sqft
    2022-07-01 33 days 1,865 sqft
    2022-08-01 35 days 1,823 sqft
    2022-09-01 39 days 1,784 sqft
    2022-10-01 41 days 1,763 sqft
    2022-11-01 44 days 1,739 sqft
    2022-12-01 51 days 1,692 sqft
    2023-01-01 56 days 1,671 sqft
    2023-02-01 55 days 1,670 sqft
    2023-03-01 54 days 1,673 sqft
    2023-04-01 43 days 1,700 sqft
    2023-05-01 38 days 1,768 sqft
    2023-06-01 43 days 1,786 sqft
    2023-07-01 44 days 1,807 sqft
    2023-08-01 44 days 1,801 sqft
    2023-09-01 53 days 1,760 sqft
    2023-10-01 53 days 1,739 sqft
    2023-11-01 46 days 1,712 sqft
    2023-12-01 58 days 1,715 sqft
    2024-01-01 69 days 1,699 sqft
    2024-02-01 46 days 1,666 sqft
    2024-03-01 45 days 1,700 sqft
    2024-04-01 39 days 1,705 sqft
    2024-05-01 35 days 1,730 sqft
    2024-06-01 37 days 1,819 sqft
    2024-07-01 44 days 1,848 sqft
    2024-08-01 39 days 1,857 sqft
    2024-09-01 41 days 1,783 sqft
    2024-10-01 44 days 1,737 sqft
    2024-11-01 46 days 1,712 sqft
    2024-12-01 60 days 1,698 sqft
    2025-01-01 0 days 1,670 sqft
    Sioux Falls's median listing age (time on market) for 2025-01-01 was 0 days. This is -100% shorter than the same period one year ago.

    Sioux Falls's median square footage for active listings during the 2025-01-01 period was 1,670 sqft. One year prior, the average listing was 1,699 sqft.

    VA Loan Features

  • No down payment required
  • Negotiable and competitive interest rate.
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5 percent and exemption for veterans receiving VA compensation).
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs are comparable with other financing types (and may be lower).
  • Closing costs may be paid by the seller.
  • No private mortgage insurance premiums are required.
  • An assumable mortgage.
  • Right to prepay your mortgage without penalty.
  • For homes inspected by VA during construction, a warranty from builder and assistance from VA to obtain cooperation of builder.
  • VA assistance to veteran borrowers in default due to temporary financial difficulty.