South Dakota FHA Loan Rates, Closing Costs & Stats

South Dakota

FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.

FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.

While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.

For additional requirements as defined by the FHA, click here.

South Dakota FHA Loans, 30 Year Fixed Rates

30 Year FHA mortgages in South Dakota averaged 6.77% for the week of 2024-05-17, compared to the national average (all FHA variants) of 6.744% for the same period.

South Dakota's average FHA mortgage closing costs are $7,002.

The average rate for the prior week (2024-05-10) was 6.41% and one month ago for the week of 2024-04-12, the average rate was 6.57%.

The average rate one year ago was 6.12%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.97%.

Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

South Dakota FHA Loan Lenders by Rates & Fees

The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the South Dakota level.

Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
Plains Commerce Bank 368 6.39% $8,336
First PREMIER Bank 109 6.41% $7,523
QUICKEN LOANS, LLC 103 6.27% $10,625
CROSSCOUNTRY MORTGAGE, LLC 63 6.77% $8,937
First Bank & Trust 57 6.44% $7,957
FAIRWAY INDEPENDENT MORTGAGE CORPORATION 56 6.86% $8,646
CMG MORTGAGE, INC. 48 6.79% $11,860
UNITED WHOLESALE MORTGAGE, LLC 47 6.48% $11,261
Unify Home Lending Inc. 44 6.56% $8,307
First Dakota National Bank 41 6.48% $7,118
Reliabank Dakota 31 6.69% $7,321
CU MORTGAGE DIRECT, LLC 26 6.31% $6,884
First National Bank of Omaha 26 6.21% $8,251
American Bank & Trust 25 6.20% $7,036
MID AMERICA MORTGAGE, INC. 22 6.41% $3,935
BANKWEST, INC. 20 6.28% $8,274
SIOUX FALLS 20 6.06% $7,642
First National Bank 20 6.56% $7,506
Gateway First Bank 19 6.56% $7,167
LOANDEPOT.COM, LLC 18 6.50% $12,291
Dacotah Bank 17 6.41% $6,638
First International Bank & Trust 17 6.33% $7,484
CORTRUST MORTGAGE, INC. 17 6.30% $5,339
PENNYMAC LOAN SERVICES, LLC 16 6.24% $12,493
GUARANTEED RATE, INC. 14 6.78% $9,962
Servion, Inc. 14 6.48% $12,937
U.S. Bank 13 6.19% $7,062
AMERICAN PACIFIC MORTGAGE CORPORATION 13 6.88% $13,478
AMERISAVE MORTGAGE CORPORATION 12 6.02% $15,051
BROKER SOLUTIONS, INC. 11 6.95% $11,351
Mr. Cooper ( Nationstar Mortgage ) 10 6.19% $16,691
POLARIS HOME FUNDING CORP. 9 6.63% $14,017
FREEDOM MORTGAGE CORPORATION 9 6.69% $12,277
NEWREZ LLC 8 6.47% $12,041
DAS Acquisition Company, LLC 8 6.66% $9,449
PRIMARY RESIDENTIAL MORTGAGE, INC. 8 6.78% $12,013
Flanagan State Bank 7 6.91% $11,424
MUTUAL OF OMAHA MORTGAGE, INC. 7 6.61% $15,851
BLACK HILLS FEDERAL CREDIT UNION 6 6.79% $5,681
Flagstar Bank, FSB 6 7.12% $9,486
Carrington Mortgage Services, LLC 6 6.15% $14,512
ARK-LA-TEX FINANCIAL SERVICES, LLC. 5 6.20% $4,963
Wells Fargo Bank 5 6.95% $10,131
First Interstate Bank 4 5.97% $6,783
FIRST COMMUNITY MORTGAGE, INC. 4 6.88% $9,657
American Mortgage & Equity Consultants, Inc. 4 7.19% $9,072
PLANET HOME LENDING, LLC 4 5.53% $5,653
LAKEVIEW LOAN SERVICING, LLC 4 6.44% $10,928
Mortgage Research Center, LLC 3 7.00% $4,865
Century Mortgage Company DBA Century Lending Company 3 6.63% $12,484
Citizens Bank 3 6.21% $7,432
ZILLOW HOME LOANS, LLC 2 6.69% $6,889
AMERICAN FINANCING CORPORATION 2 6.69% $11,891
Barrington Bank & Trust Company, N.A. 2 5.69% $10,555
BAY EQUITY LLC 2 6.44% $6,564
CARDINAL FINANCIAL 2 7.81% $13,056
GUILD MORTGAGE COMPANY 2 6.56% $16,596
HOMEOWNERS FINANCIAL GROUP USA, LLC 2 6.75% $14,516
Summit Mortgage Corporation 2 6.44% $9,840
The Federal Savings Bank 2 6.06% $15,096
Northpointe Bank 1 7.25% $12,650
MOVEMENT MORTGAGE, LLC 1 6.75% $20,171
Lend Smart Mortgage, LLC 1 6.75% $5,494
PLAZA HOME MORTGAGE, INC. 1 5.75% $14,899
LEADERONE FINANCIAL CORPORATION 1 7.25% $8,496
PREMIA MORTGAGE, LLC 1 5.75% $6,322
HOMESIDE FINANCIAL, LLC 1 7.88% $10,969
Prosperity Home Mortgage, LLC 1 6.25% $9,028
Heritage Bank 1 6.50% $13,135
Goldwater Bank, N.A. 1 7.25% $9,973
First Federal Bank 1 5.13% $15,442
CHURCHILL MORTGAGE CORPORATION 1 7.13% $9,654
AMERICAN FINANCIAL RESOURCES, INC. 1 7.00% $9,481
The Central Trust Bank 1 6.00% $7,962
AMERICAN FINANCIAL NETWORK, INC. 1 6.63% $8,571
TOTAL MORTGAGE SERVICES, LLC 1 6.75% $8,076
Truist 1 6.25% $6,802
Bremer Bank 1 6.63% $5,458
Arvest Bank 1 6.50% $7,514
AmeriHome Mortgage Company, LLC 1 6.63% $15,597
VILLAGE CAPITAL MORTGAGE 1 6.38% $16,030
Northwest Bank 1 7.75% $15,182
OPEN MORTGAGE, LLC 1 6.25% $16,498

The top South Dakota FHA lender as defined by loan originations is Plains Commerce Bank, with 368 FHA loans originated. Their average total fees are $8,336, which is $813 higher than the next largest lender, First PREMIER Bank.

The lowest fee South Dakota FHA lenders (with over 10 loans originated) are MID AMERICA MORTGAGE, INC. ($3,935), CORTRUST MORTGAGE, INC. ($5,339), Dacotah Bank ($6,638), CU MORTGAGE DIRECT, LLC ($6,884) and American Bank & Trust ($7,036).

The lowest rate South Dakota FHA lenders (with over 10 loans originated) are AMERISAVE MORTGAGE CORPORATION (6.02%), SIOUX FALLS (6.06%), Mr. Cooper ( Nationstar Mortgage ) (6.19%), U.S. Bank (6.19%) and American Bank & Trust (6.20%).

South Dakota FHA Loan Limits

Metro County Year Single Family Limit 2 Family Limit 3 Family Limit 4 Family Limit
NON-METRO AURORA 2022 $420,680 $538,650 $651,050 $809,150
HURON, SD BEADLE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BENNETT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BON HOMME 2022 $420,680 $538,650 $651,050 $809,150
BROOKINGS, SD BROOKINGS 2022 $420,680 $538,650 $651,050 $809,150
ABERDEEN, SD BROWN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BRULE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BUFFALO 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO BUTTE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CAMPBELL 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CHARLES MIX 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CLARK 2022 $420,680 $538,650 $651,050 $809,150
VERMILLION, SD CLAY 2022 $420,680 $538,650 $651,050 $809,150
WATERTOWN, SD CODINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CORSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO CUSTER 2022 $420,680 $538,650 $651,050 $809,150
MITCHELL, SD DAVISON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DAY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DEUEL 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DEWEY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO DOUGLAS 2022 $420,680 $538,650 $651,050 $809,150
ABERDEEN, SD EDMUNDS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FALL RIVER 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO FAULK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GRANT 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO GREGORY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HAAKON 2022 $420,680 $538,650 $651,050 $809,150
WATERTOWN, SD HAMLIN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HAND 2022 $420,680 $538,650 $651,050 $809,150
MITCHELL, SD HANSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HARDING 2022 $420,680 $538,650 $651,050 $809,150
PIERRE, SD HUGHES 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HUTCHINSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO HYDE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO JACKSON 2022 $420,680 $538,650 $651,050 $809,150
HURON, SD JERAULD 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO JONES 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO KINGSBURY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LAKE 2022 $420,680 $538,650 $651,050 $809,150
SPEARFISH, SD LAWRENCE 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD LINCOLN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO LYMAN 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD MCCOOK 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MCPHERSON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MARSHALL 2022 $420,680 $538,650 $651,050 $809,150
RAPID CITY, SD MEADE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MELLETTE 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MINER 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD MINNEHAHA 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO MOODY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO OGLALA LAKOTA 2022 $420,680 $538,650 $651,050 $809,150
RAPID CITY, SD PENNINGTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO PERKINS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO POTTER 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ROBERTS 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SANBORN 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SPINK 2022 $420,680 $538,650 $651,050 $809,150
PIERRE, SD STANLEY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SULLY 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO TODD 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO TRIPP 2022 $420,680 $538,650 $651,050 $809,150
SIOUX FALLS, SD TURNER 2022 $420,680 $538,650 $651,050 $809,150
SIOUX CITY, IA-NE-SD UNION 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO WALWORTH 2022 $420,680 $538,650 $651,050 $809,150
YANKTON, SD YANKTON 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO ZIEBACH 2022 $420,680 $538,650 $651,050 $809,150
NON-METRO SULLY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO AURORA 2023 $472,030 $604,400 $730,525 $907,900
HURON, SD BEADLE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BENNETT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BON HOMME 2023 $472,030 $604,400 $730,525 $907,900
BROOKINGS, SD BROOKINGS 2023 $472,030 $604,400 $730,525 $907,900
ABERDEEN, SD BROWN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BRULE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BUFFALO 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO BUTTE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CAMPBELL 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CHARLES MIX 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CLARK 2023 $472,030 $604,400 $730,525 $907,900
VERMILLION, SD CLAY 2023 $472,030 $604,400 $730,525 $907,900
WATERTOWN, SD CODINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CORSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO CUSTER 2023 $472,030 $604,400 $730,525 $907,900
MITCHELL, SD DAVISON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DAY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DEUEL 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DEWEY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO DOUGLAS 2023 $472,030 $604,400 $730,525 $907,900
ABERDEEN, SD EDMUNDS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FALL RIVER 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO FAULK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GRANT 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO GREGORY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HAAKON 2023 $472,030 $604,400 $730,525 $907,900
WATERTOWN, SD HAMLIN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HAND 2023 $472,030 $604,400 $730,525 $907,900
MITCHELL, SD HANSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HARDING 2023 $472,030 $604,400 $730,525 $907,900
PIERRE, SD HUGHES 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HUTCHINSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO HYDE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO JACKSON 2023 $472,030 $604,400 $730,525 $907,900
HURON, SD JERAULD 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO JONES 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO KINGSBURY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LAKE 2023 $472,030 $604,400 $730,525 $907,900
SPEARFISH, SD LAWRENCE 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD LINCOLN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO LYMAN 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD MCCOOK 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MCPHERSON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MARSHALL 2023 $472,030 $604,400 $730,525 $907,900
RAPID CITY, SD MEADE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MELLETTE 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MINER 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD MINNEHAHA 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO MOODY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO OGLALA LAKOTA 2023 $472,030 $604,400 $730,525 $907,900
RAPID CITY, SD PENNINGTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO PERKINS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO POTTER 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ROBERTS 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SANBORN 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO SPINK 2023 $472,030 $604,400 $730,525 $907,900
PIERRE, SD STANLEY 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO TODD 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO TRIPP 2023 $472,030 $604,400 $730,525 $907,900
SIOUX FALLS, SD TURNER 2023 $472,030 $604,400 $730,525 $907,900
SIOUX CITY, IA-NE-SD UNION 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO WALWORTH 2023 $472,030 $604,400 $730,525 $907,900
YANKTON, SD YANKTON 2023 $472,030 $604,400 $730,525 $907,900
NON-METRO ZIEBACH 2023 $472,030 $604,400 $730,525 $907,900

FHA Loan Requirements

  • Borrowers must have a steady employment history or worked for the same employer for the past two years.
  • Borrowers must have a valid Social Security number, lawful residency in the U.S. and be of legal age to sign a mortgage in your state.
  • Borrowers must pay a minimum down payment of 3.5 percent. The money may be gifted by a family member. (Traditional mortgages do not permit gifted down payments)
  • New FHA loans are only available for primary residence occupancy.
  • Borrowers must have a property appraisal from a FHA-approved appraiser.
  • Borrowers’ front-end ratio (mortgage payment plus HOA fees, property taxes, mortgage insurance, homeowners insurance) needs to be less than 31 percent of their gross income, typically. You may be able to get approved with as high a percentage as 40 percent. Your lender will be required to provide justification as to why they believe the mortgage presents an acceptable risk. The lender must include any compensating factors used for loan approval.
  • Borrowers’ debt to income ratio (mortgage plus all your monthly debt, i.e., credit card payment, car payment, student loans, etc.) needs to be less than 43 percent of their gross income, typically. You may be able to get approved with as high a percentage as 50 percent.
  • Borrowers must have a minimum credit score of 580 for maximum financing with a minimum down payment of 3.5 percent.
  • Borrowers must have a minimum credit score of 500-579 for maximum LTV of 90 percent with a minimum down payment of 10 percent.
  • Bborrowers must be two years out of bankruptcy and have re-established good credit. Exceptions can be made.
  • Typically borrowers must be three years out of foreclosure and have re-established good credit.
  • The purchased property must meet certain minimum standards at appraisal. If the home you are purchasing does not meet these standards and a seller will not agree to the required repairs, your only option is to pay for the required repairs at closing (to be held in escrow until the repairs are complete).