Sioux Falls VA Loan Rates, Closing Costs & Stats

SIOUX FALLS, SD

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 6.01% for the week of 2025-04-04, compared to the national average (all VA variants) of 6.06% for the same period.

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

The average rate for the prior week (2025-03-28) was 6.53% and one month ago for the week of 2025-02-28, the average rate was 6.1%.

The average rate one year ago was 6.71%.

For refis of the same type during the week of 2025-04-04, the average rate was 5.8%.

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%).


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%) 0.85 972
2018-02-01 $234,900 (9.0%) $284,745 (3.5%) 0.85 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%) 0.80 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%) 0.79 1,241
2018-07-01 $229,900 (2.4%) $282,181 (-2.3%) 0.77 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%) 0.77 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%) 0.78 1,031
2019-03-01 $234,186 (-2.3%) $291,424 (0.1%) 0.77 1,092
2019-04-01 $239,900 (2.1%) $300,332 (3.4%) 0.76 1,192
2019-05-01 $239,900 (0.0%) $303,605 (2.6%) 0.75 1,319
2019-06-01 $239,900 (1.8%) $302,318 (2.7%) 0.75 1,380
2019-07-01 $239,900 (4.4%) $300,997 (6.7%) 0.75 1,414
2019-08-01 $242,382 (5.4%) $429,993 (52.6%) 0.77 1,429
2019-09-01 $246,105 (7.5%) $622,578 (120.5%) 0.79 1,424
2019-10-01 $248,186 (8.7%) $761,847 (171.0%) 0.80 1,436
2019-11-01 $239,900 (4.4%) $295,511 (4.6%) 0.79 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%) 0.80 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%) 0.76 1,366
2020-04-01 $245,900 (2.5%) $300,215 (0.0%) 0.77 1,498
2020-05-01 $247,900 (3.3%) $305,113 (0.5%) 0.75 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%) 0.72 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%) 0.71 1,419
2020-10-01 $245,950 (-0.9%) $305,383 (-59.9%) 0.70 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%) 0.73 915
2021-01-01 $247,900 (3.3%) $307,010 (5.8%) 0.74 835
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%) 0.74 961
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%) 0.72 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%) 0.72 1,256
2021-08-01 $271,225 (8.5%) $328,123 (6.8%) 0.72 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%) 0.77 812
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%) 0.80 794
2022-04-01 $325,000 (22.7%) $389,134 (22.2%) 0.77 933
2022-05-01 $330,000 (22.2%) $397,823 (21.4%) 0.75 993
2022-06-01 $347,000 (26.2%) $404,858 (23.1%) 0.77 997
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%) 0.80 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%) 0.82 1,031
2022-12-01 $339,900 (20.3%) $399,285 (12.4%) 0.84 980
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%) 0.86 975
2023-03-01 $360,000 (12.1%) $419,831 (7.7%) 0.85 1,022
2023-04-01 $365,000 (12.3%) $424,270 (9.0%) 0.85 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%) 0.87 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%) 0.91 770
2024-04-01 $375,950 (3.0%) $467,957 (10.3%) 0.87 814
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%) 0.91 911
2024-07-01 $399,924 (9.6%) $473,207 (7.6%) 0.91 920
2024-08-01 $390,000 (7.7%) $462,507 (5.2%) 0.91 1,039
2024-09-01 $376,100 (3.1%) $454,300 (1.7%) 0.88 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%) 0.91 959
2025-02-01 $371,800 (-0.8%) $445,539 (-2.6%) 0.90 938
2025-03-01 $381,064 (-1.2%) $453,828 (-4.6%) 0.00 912
Sioux Falls's median listing price for 2025-03-01 was $381,064, a difference of $-4,736 (-1.2%) versus the prior year and $9,264 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 2025-03-01 was $453,828, a difference of $-22,051 (-4.6%) versus the prior year and $8,289 versus the prior month.

For the 2025-03-01 period, Sioux Falls had 912 MLS listings, a difference of -26 listings (-3%) versus the prior month and 142 listings (18%) 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 67 days 1,810 sqft
2018-02-01 52 days 1,808 sqft
2018-03-01 45 days 1,809 sqft
2018-04-01 40 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 39 days 1,791 sqft
2018-09-01 40 days 1,761 sqft
2018-10-01 42 days 1,732 sqft
2018-11-01 51 days 1,739 sqft
2018-12-01 62 days 1,729 sqft
2019-01-01 68 days 1,736 sqft
2019-02-01 56 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 65 days 1,776 sqft
2020-01-01 68 days 1,751 sqft
2020-02-01 58 days 1,748 sqft
2020-03-01 47 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 47 days 1,826 sqft
2020-08-01 45 days 1,816 sqft
2020-09-01 45 days 1,806 sqft
2020-10-01 47 days 1,775 sqft
2020-11-01 53 days 1,748 sqft
2020-12-01 59 days 1,716 sqft
2021-01-01 56 days 1,670 sqft
2021-02-01 46 days 1,664 sqft
2021-03-01 40 days 1,682 sqft
2021-04-01 38 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 38 days 1,718 sqft
2021-09-01 40 days 1,679 sqft
2021-10-01 43 days 1,665 sqft
2021-11-01 43 days 1,654 sqft
2021-12-01 49 days 1,656 sqft
2022-01-01 57 days 1,657 sqft
2022-02-01 38 days 1,663 sqft
2022-03-01 36 days 1,718 sqft
2022-04-01 35 days 1,766 sqft
2022-05-01 38 days 1,797 sqft
2022-06-01 36 days 1,848 sqft
2022-07-01 34 days 1,865 sqft
2022-08-01 36 days 1,823 sqft
2022-09-01 39 days 1,784 sqft
2022-10-01 42 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 39 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 47 days 1,712 sqft
2023-12-01 58 days 1,715 sqft
2024-01-01 71 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 37 days 1,730 sqft
2024-06-01 40 days 1,819 sqft
2024-07-01 44 days 1,848 sqft
2024-08-01 39 days 1,857 sqft
2024-09-01 42 days 1,783 sqft
2024-10-01 45 days 1,737 sqft
2024-11-01 47 days 1,712 sqft
2024-12-01 61 days 1,698 sqft
2025-01-01 65 days 1,670 sqft
2025-02-01 55 days 1,669 sqft
2025-03-01 0 days 1,696 sqft
Sioux Falls's median listing age (time on market) for 2025-03-01 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 2025-03-01 period was 1,696 sqft. One year prior, the average listing was 1,700 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.