South Dakota FHA Loan Rates, Closing Costs & Stats

South Dakota

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    • 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% for the week of 2024-12-13, compared to the national average (all FHA variants) of 6.277% for the same period.

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

    The average rate for the prior week (2024-12-06) was 6.37% and one month ago for the week of 2024-11-08, the average rate was 6.13%.

    The average rate one year ago was 6.54%.

    For refis of the same type during the week of 2024-12-13, the average rate was 6.41%.

    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).