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 6.55% for the week of 2024-04-19, compared to the national average (all VA variants) of 6.758% for the same period.

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

    The average rate for the prior week (2024-04-12) was 6.68% and one month ago for the week of 2024-03-15, the average rate was 6.64%.

    The average rate one year ago was 6.03%.

    For refis of the same type during the week of 2024-04-19, the average rate was 6.77%.

    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
    Sioux Falls's median listing price for 2024-03-01 was $389,450, a difference of $24,550 (6.7%) versus the prior year and $14,475 versus the prior month.

    Sioux Falls's median listing price comes in at 92% of the national average.

    Sioux Falls's average listing price for 2024-03-01 was $478,027, a difference of $55,826 (13.2%) versus the prior year and $18,949 versus the prior month.

    For the 2024-03-01 period, Sioux Falls had 749 MLS listings, a difference of -9 listings (-1%) versus the prior month and -245 listings (-25%) 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
    Sioux Falls's median listing age (time on market) for 2024-03-01 was 45 days. This is -16% shorter than the same period one year ago.

    Sioux Falls's median square footage for active listings during the 2024-03-01 period was 1,696 sqft. One year prior, the average listing was 1,674 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.