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 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 0.19% for the week of 2024-11-29, compared to the national average (all VA variants) of 0% for the same period.

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

The average rate for the prior week (2024-11-22) was 6.56% and one month ago for the week of 2024-10-25, the average rate was 6.26%.

The average rate one year ago was 6.9%.

For refis of the same type during the week of 2024-11-29, the average rate was 0.11%.

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 $234,900 (7.3%) $287,795 (3.4%) 0.87 942
2018-02-01 $236,788 (7.7%) $287,892 (2.8%) 0.86 990
2018-03-01 $239,900 (9.1%) $293,675 (2.1%) 0.84 1,035
2018-04-01 $239,500 (6.5%) $292,963 (2.3%) 0.81 1,097
2018-05-01 $239,900 (6.6%) $298,183 (3.5%) 0.80 1,181
2018-06-01 $239,900 (7.1%) $297,487 (3.3%) 0.80 1,202
2018-07-01 $233,400 (3.8%) $285,935 (-1.9%) 0.78 1,242
2018-08-01 $231,200 (1.2%) $285,705 (-1.9%) 0.77 1,255
2018-09-01 $229,500 (0.2%) $285,794 (-2.0%) 0.77 1,272
2018-10-01 $229,500 (-0.2%) $283,970 (-2.6%) 0.78 1,286
2018-11-01 $229,900 (0.0%) $285,348 (-0.6%) 0.78 1,198
2018-12-01 $229,950 (0.0%) $286,717 (-0.2%) 0.79 1,078
2019-01-01 $234,950 (0.0%) $289,253 (0.5%) 0.81 998
2019-02-01 $234,900 (-0.8%) $289,934 (0.7%) 0.79 994
2019-03-01 $239,186 (-0.3%) $295,400 (0.6%) 0.78 1,056
2019-04-01 $244,900 (2.3%) $304,431 (3.9%) 0.78 1,154
2019-05-01 $244,900 (2.1%) $307,783 (3.2%) 0.77 1,277
2019-06-01 $242,900 (1.3%) $305,624 (2.7%) 0.76 1,343
2019-07-01 $244,925 (4.9%) $304,832 (6.6%) 0.77 1,374
2019-08-01 $246,955 (6.8%) $437,484 (53.1%) 0.78 1,390
2019-09-01 $248,611 (8.3%) $635,321 (122.3%) 0.80 1,386
2019-10-01 $249,900 (8.9%) $776,318 (173.4%) 0.81 1,401
2019-11-01 $244,900 (6.5%) $299,200 (4.9%) 0.80 1,379
2019-12-01 $239,900 (4.3%) $296,427 (3.4%) 0.80 1,170
2020-01-01 $242,400 (3.2%) $294,235 (1.7%) 0.81 1,102
2020-02-01 $239,950 (2.2%) $292,893 (1.0%) 0.79 1,187
2020-03-01 $244,950 (2.4%) $299,806 (1.5%) 0.77 1,324
2020-04-01 $249,650 (1.9%) $303,567 (-0.3%) 0.78 1,459
2020-05-01 $249,900 (2.0%) $309,269 (0.5%) 0.76 1,498
2020-06-01 $251,400 (3.5%) $319,406 (4.5%) 0.74 1,518
2020-07-01 $253,571 (3.5%) $317,748 (4.2%) 0.74 1,461
2020-08-01 $250,000 (1.2%) $311,420 (-28.8%) 0.72 1,428
2020-09-01 $249,900 (0.5%) $311,536 (-51.0%) 0.72 1,367
2020-10-01 $247,950 (-0.8%) $308,327 (-60.3%) 0.71 1,256
2020-11-01 $247,800 (1.2%) $309,187 (3.3%) 0.72 1,032
2020-12-01 $249,800 (4.1%) $312,995 (5.6%) 0.74 867
2021-01-01 $249,900 (3.1%) $311,694 (5.9%) 0.75 787
2021-02-01 $251,000 (4.6%) $312,116 (6.6%) 0.73 807
2021-03-01 $262,800 (7.3%) $315,653 (5.3%) 0.75 922
2021-04-01 $264,950 (6.1%) $321,556 (5.9%) 0.72 1,064
2021-05-01 $274,900 (10.0%) $330,603 (6.9%) 0.73 1,152
2021-06-01 $275,000 (9.4%) $331,567 (3.8%) 0.72 1,194
2021-07-01 $274,900 (8.4%) $330,327 (4.0%) 0.73 1,220
2021-08-01 $275,000 (10.0%) $331,684 (6.5%) 0.73 1,212
2021-09-01 $274,950 (10.0%) $341,410 (9.6%) 0.73 1,189
2021-10-01 $275,000 (10.9%) $343,891 (11.5%) 0.73 1,089
2021-11-01 $274,950 (11.0%) $343,929 (11.2%) 0.73 990
2021-12-01 $286,868 (14.8%) $357,838 (14.3%) 0.78 784
2022-01-01 $299,900 (20.0%) $375,706 (20.5%) 0.81 644
2022-02-01 $305,000 (21.5%) $379,543 (21.6%) 0.79 697
2022-03-01 $323,485 (23.1%) $391,114 (23.9%) 0.81 774
2022-04-01 $326,400 (23.2%) $390,392 (21.4%) 0.78 913
2022-05-01 $334,950 (21.8%) $400,365 (21.1%) 0.77 964
2022-06-01 $349,300 (27.0%) $406,907 (22.7%) 0.78 971
2022-07-01 $349,900 (27.3%) $412,229 (24.8%) 0.79 1,012
2022-08-01 $348,950 (26.9%) $410,459 (23.8%) 0.81 1,111
2022-09-01 $349,900 (27.3%) $413,342 (21.1%) 0.82 1,129
2022-10-01 $350,000 (27.3%) $408,931 (18.9%) 0.82 1,049
2022-11-01 $346,425 (26.0%) $405,853 (18.0%) 0.83 996
2022-12-01 $345,000 (20.3%) $402,407 (12.5%) 0.85 946
2023-01-01 $350,000 (16.7%) $404,550 (7.7%) 0.87 905
2023-02-01 $359,900 (18.0%) $415,018 (9.4%) 0.87 948
2023-03-01 $364,900 (12.8%) $422,201 (8.0%) 0.86 994
2023-04-01 $368,000 (12.8%) $426,382 (9.2%) 0.86 1,154
2023-05-01 $369,850 (10.4%) $429,644 (7.3%) 0.84 1,338
2023-06-01 $366,500 (4.9%) $430,781 (5.9%) 0.82 1,374
2023-07-01 $365,000 (4.3%) $440,411 (6.8%) 0.83 1,352
2023-08-01 $362,400 (3.9%) $440,682 (7.4%) 0.83 1,464
2023-09-01 $365,000 (4.3%) $448,429 (8.5%) 0.85 1,421
2023-10-01 $369,900 (5.7%) $454,475 (11.1%) 0.87 980
2023-11-01 $367,925 (6.2%) $449,695 (10.8%) 0.88 981
2023-12-01 $369,900 (7.2%) $454,459 (12.9%) 0.90 904
2024-01-01 $373,875 (6.8%) $457,461 (13.1%) 0.91 842
2024-02-01 $374,975 (4.2%) $459,078 (10.6%) 0.90 758
2024-03-01 $389,450 (6.7%) $478,027 (13.2%) 0.92 749
2024-04-01 $378,113 (2.8%) $469,151 (10.0%) 0.88 787
2024-05-01 $389,950 (5.4%) $467,133 (8.7%) 0.88 843
2024-06-01 $400,000 (9.1%) $475,386 (10.4%) 0.90 882
2024-07-01 $403,728 (10.6%) $477,416 (8.4%) 0.92 884
2024-08-01 $395,000 (9.0%) $465,546 (5.6%) 0.92 1,002
2024-09-01 $377,486 (3.4%) $456,627 (1.8%) 0.89 1,054
2024-10-01 $374,200 (1.2%) $452,377 (-0.5%) 0.88 1,117
Sioux Falls's median listing price for 2024-10-01 was $374,200, a difference of $4,300 (1.2%) versus the prior year and $-3,286 versus the prior month.

Sioux Falls's median listing price comes in at 88% of the national average.

Sioux Falls's average listing price for 2024-10-01 was $452,377, a difference of $-2,098 (-0.5%) versus the prior year and $-4,250 versus the prior month.

For the 2024-10-01 period, Sioux Falls had 1,117 MLS listings, a difference of 63 listings (6%) versus the prior month and 137 listings (14%) 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 1,809 sqft
2018-02-01 51 days 1,808 sqft
2018-03-01 45 days 1,811 sqft
2018-04-01 39 days 1,846 sqft
2018-05-01 38 days 1,863 sqft
2018-06-01 38 days 1,890 sqft
2018-07-01 37 days 1,811 sqft
2018-08-01 38 days 1,796 sqft
2018-09-01 39 days 1,766 sqft
2018-10-01 41 days 1,732 sqft
2018-11-01 51 days 1,737 sqft
2018-12-01 61 days 1,724 sqft
2019-01-01 66 days 1,734 sqft
2019-02-01 55 days 1,739 sqft
2019-03-01 46 days 1,776 sqft
2019-04-01 34 days 1,831 sqft
2019-05-01 30 days 1,868 sqft
2019-06-01 32 days 1,861 sqft
2019-07-01 36 days 1,833 sqft
2019-08-01 40 days 1,867 sqft
2019-09-01 42 days 1,908 sqft
2019-10-01 44 days 1,920 sqft
2019-11-01 52 days 1,858 sqft
2019-12-01 63 days 1,783 sqft
2020-01-01 67 days 1,754 sqft
2020-02-01 57 days 1,754 sqft
2020-03-01 46 days 1,777 sqft
2020-04-01 45 days 1,786 sqft
2020-05-01 45 days 1,787 sqft
2020-06-01 44 days 1,842 sqft
2020-07-01 46 days 1,830 sqft
2020-08-01 44 days 1,822 sqft
2020-09-01 44 days 1,805 sqft
2020-10-01 46 days 1,774 sqft
2020-11-01 53 days 1,742 sqft
2020-12-01 58 days 1,711 sqft
2021-01-01 55 days 1,666 sqft
2021-02-01 44 days 1,664 sqft
2021-03-01 39 days 1,684 sqft
2021-04-01 37 days 1,707 sqft
2021-05-01 39 days 1,780 sqft
2021-06-01 38 days 1,797 sqft
2021-07-01 39 days 1,752 sqft
2021-08-01 37 days 1,724 sqft
2021-09-01 39 days 1,680 sqft
2021-10-01 42 days 1,662 sqft
2021-11-01 43 days 1,647 sqft
2021-12-01 48 days 1,652 sqft
2022-01-01 57 days 1,654 sqft
2022-02-01 37 days 1,662 sqft
2022-03-01 36 days 1,714 sqft
2022-04-01 36 days 1,768 sqft
2022-05-01 37 days 1,802 sqft
2022-06-01 36 days 1,847 sqft
2022-07-01 33 days 1,866 sqft
2022-08-01 35 days 1,824 sqft
2022-09-01 39 days 1,786 sqft
2022-10-01 41 days 1,766 sqft
2022-11-01 44 days 1,737 sqft
2022-12-01 51 days 1,689 sqft
2023-01-01 56 days 1,667 sqft
2023-02-01 55 days 1,669 sqft
2023-03-01 54 days 1,674 sqft
2023-04-01 43 days 1,700 sqft
2023-05-01 38 days 1,763 sqft
2023-06-01 43 days 1,783 sqft
2023-07-01 44 days 1,803 sqft
2023-08-01 44 days 1,797 sqft
2023-09-01 53 days 1,751 sqft
2023-10-01 53 days 1,736 sqft
2023-11-01 46 days 1,713 sqft
2023-12-01 58 days 1,715 sqft
2024-01-01 69 days 1,701 sqft
2024-02-01 46 days 1,666 sqft
2024-03-01 45 days 1,696 sqft
2024-04-01 39 days 1,701 sqft
2024-05-01 35 days 1,725 sqft
2024-06-01 37 days 1,816 sqft
2024-07-01 44 days 1,847 sqft
2024-08-01 39 days 1,855 sqft
2024-09-01 41 days 1,775 sqft
2024-10-01 44 days 1,727 sqft
Sioux Falls's median listing age (time on market) for 2024-10-01 was 44 days. This is -16% shorter than the same period one year ago.

Sioux Falls's median square footage for active listings during the 2024-10-01 period was 1,727 sqft. One year prior, the average listing was 1,736 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.