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 5.95% for the week of 2024-10-11, compared to the national average (all VA variants) of 5.854% for the same period.

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

    The average rate for the prior week (2024-10-04) was 5.41% and one month ago for the week of 2024-09-06, the average rate was 5.51%.

    The average rate one year ago was 7.07%.

    For refis of the same type during the week of 2024-10-11, the average rate was 5.87%.

    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%).

    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.