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 51 lenders originated 452 VA loans during 2024. The total origination value was $156,180,000, with an average VA loan value of $345,531.

    Sioux Falls VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in Sioux Falls averaged 0.15% for the week of 2025-07-04, compared to the national average (all VA variants) of 0% for the same period.

    Sioux Falls's average VA mortgage closing costs are $5,997.

    The average rate for the prior week (2025-06-27) was 6.48% and one month ago for the week of 2025-05-30, the average rate was 6.71%.

    The average rate one year ago was 6.82%.

    For refis of the same type during the week of 2025-07-04, the average rate was -0.06%.

    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 2024 Avg. 30yFix Rate 2024 Avg. Closing Costs
    Plains Commerce Bank 91 5.98% $9,119
    Mortgage Research Center, LLC 58 6.29% $5,756
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 28 6.18% $5,137
    UNITED WHOLESALE MORTGAGE, LLC 20 5.93% $7,394
    First Bank & Trust 18 5.90% $6,642
    NEWREZ LLC 18 5.92% $7,910
    First PREMIER Bank 16 5.72% $7,415
    FREEDOM MORTGAGE CORPORATION 16 6.52% $13,925
    QUICKEN LOANS, LLC 13 6.00% $10,510
    CROSSCOUNTRY MORTGAGE, LLC 10 6.52% $7,670
    First International Bank & Trust 10 6.38% $5,597
    SIOUX FALLS 9 5.57% $7,832
    PENNYMAC LOAN SERVICES, LLC 9 5.50% $9,997
    LOANDEPOT.COM, LLC 8 5.60% $14,992
    NEW DAY FINANCIAL, LLC 7 7.39% $13,075
    First National Bank of Omaha 6 6.04% $9,641
    CU MORTGAGE DIRECT, LLC 5 5.78% $3,188
    USAA Federal Savings Bank 5 6.30% $3,794
    LAKEVIEW LOAN SERVICING, LLC 5 5.50% $4,046
    First Dakota National Bank 5 5.95% $6,194
    GUARANTEED RATE, INC. 5 5.90% $5,043
    NBKC BANK 5 5.90% $7,813
    NAVY FEDERAL CREDIT UNION 4 6.00% $1,220
    U.S. Bank 4 6.72% $4,680
    Reliabank Dakota 3 6.25% $6,269
    The Loan Store, Inc. 3 6.16% $12,388
    Flanagan State Bank 3 6.42% $4,439
    PRIMARY RESIDENTIAL MORTGAGE, INC. 3 5.79% $5,932
    MUTUAL OF OMAHA MORTGAGE, INC. 3 6.63% $1,699
    American Bank & Trust 2 6.38% $25,647
    AmeriHome Mortgage Company, LLC 2 6.13% $4,867
    BLACK HILLS FEDERAL CREDIT UNION 2 5.68% $2,515
    CORTRUST MORTGAGE, INC. 2 5.88% $5,920
    Dacotah Bank 2 6.00% $13,366
    Flagstar Bank, FSB 2 6.25% $14,699
    GUILD MORTGAGE COMPANY 2 6.63% $15,863
    PLANET HOME LENDING, LLC 2 6.12% $5,292
    Wells Fargo Bank 2 6.38% $8,517
    Prosperity Home Mortgage, LLC 1 5.25% $3,033
    Mr. Cooper ( Nationstar Mortgage ) 1 5.50% $739
    HOMESIDE FINANCIAL, LLC 1 6.75% $26,887
    Servion, Inc. 1 6.13% $9,895
    First Federal Bank 1 6.13% $12,257
    SUN WEST MORTGAGE COMPANY, INC. 1 5.88% $17,323
    Texana Bank 1 6.25% $7,198
    CMG MORTGAGE, INC. 1 6.50% $4,274
    Citizens Bank 1 4.88% $13,987
    BANKWEST, INC. 1 6.50% $5,688
    AMERICAN PACIFIC MORTGAGE CORPORATION 1 6.63% $7,068
    VILLAGE CAPITAL MORTGAGE 1 5.25% $5,802
    PHH Mortgage Corporation 1 4.88% $1,258

    The top Sioux Falls VA lender as defined by loan originations is Plains Commerce Bank, with 91 VA loans originated. Their average total fees are $9,119, which is $3,363 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee Sioux Falls VA lenders (with over 10 loans originated) are FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($5,137), First International Bank & Trust ($5,597), Mortgage Research Center, LLC ($5,756), First Bank & Trust ($6,642) and UNITED WHOLESALE MORTGAGE, LLC ($7,394).

    The lowest rate Sioux Falls VA lenders (with over 10 loans originated) are First PREMIER Bank (5.72%), First Bank & Trust (5.90%), NEWREZ LLC (5.92%), UNITED WHOLESALE MORTGAGE, LLC (5.93%) and Plains Commerce Bank (5.98%).

    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.