South Dakota VA Loan Rates, Closing Costs & Stats

South Dakota

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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.

    South Dakota VA Loans, 30 Year Fixed Rates

    30 Year VA mortgages in South Dakota averaged 0.23% for the week of 2024-11-15, compared to the national average (all VA variants) of 0% for the same period.

    South Dakota's average VA mortgage closing costs are $6,051.

    The average rate for the prior week (2024-11-08) was 6.24% and one month ago for the week of 2024-10-11, the average rate was 5.91%.

    The average rate one year ago was 7.1%.

    For refis of the same type during the week of 2024-11-15, the average rate was 0.54%.

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

    South Dakota 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 South Dakota level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Plains Commerce Bank 154 6.12% $8,839
    Mortgage Research Center, LLC 149 6.79% $6,856
    CMG MORTGAGE, INC. 106 6.17% $10,643
    UNITED WHOLESALE MORTGAGE, LLC 69 6.47% $7,851
    QUICKEN LOANS, LLC 48 6.11% $12,405
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 48 6.36% $6,471
    USAA Federal Savings Bank 39 6.20% $7,397
    Gateway First Bank 36 6.15% $7,464
    Unify Home Lending Inc. 33 6.16% $8,605
    BLACK HILLS FEDERAL CREDIT UNION 30 5.96% $7,186
    NAVY FEDERAL CREDIT UNION 26 5.57% $5,551
    PENNYMAC LOAN SERVICES, LLC 23 5.89% $10,387
    First Bank & Trust 23 6.15% $6,822
    GUARANTEED RATE, INC. 22 6.46% $5,741
    CU MORTGAGE DIRECT, LLC 14 6.05% $6,863
    American Bank & Trust 14 6.21% $7,589
    First PREMIER Bank 14 6.18% $6,841
    ARK-LA-TEX FINANCIAL SERVICES, LLC. 14 6.29% $7,167
    NEW DAY FINANCIAL, LLC 14 7.44% $11,084
    First International Bank & Trust 14 6.13% $7,506
    BANKWEST, INC. 12 6.44% $8,636
    LOANDEPOT.COM, LLC 12 6.08% $12,212
    FREEDOM MORTGAGE CORPORATION 11 6.81% $11,671
    AMERICAN PACIFIC MORTGAGE CORPORATION 11 6.39% $14,560
    CROSSCOUNTRY MORTGAGE, LLC 9 6.71% $12,674
    The Federal Savings Bank 9 6.21% $14,771
    Reliabank Dakota 9 5.82% $6,843
    First Dakota National Bank 8 6.11% $4,312
    Wells Fargo Bank 8 5.80% $8,558
    Dacotah Bank 7 5.91% $7,355
    Mr. Cooper ( Nationstar Mortgage ) 6 6.25% $12,728
    Flagstar Bank, FSB 6 6.33% $9,666
    Servion, Inc. 6 6.25% $8,079
    CORTRUST MORTGAGE, INC. 5 6.17% $6,936
    NEWREZ LLC 5 6.60% $14,218
    First National Bank 5 6.18% $8,833
    AMERISAVE MORTGAGE CORPORATION 5 6.03% $12,671
    Barrington Bank & Trust Company, N.A. 4 6.50% $6,798
    DAS Acquisition Company, LLC 4 7.06% $12,189
    FIRST COLONY MORTGAGE CORPORATION 4 5.72% $7,005
    First National Bank of Omaha 4 6.31% $8,635
    Flanagan State Bank 4 6.47% $8,161
    MUTUAL OF OMAHA MORTGAGE, INC. 4 6.34% $14,085
    PENTAGON FEDERAL CREDIT UNION 4 5.59% $10,128
    U.S. Bank 3 7.33% $2,934
    SIOUX FALLS 3 6.08% $5,014
    Century Mortgage Company DBA Century Lending Company 3 6.71% $15,971
    BROKER SOLUTIONS, INC. 3 6.33% $12,481
    First Interstate Bank 3 5.71% $5,482
    Prosperity Home Mortgage, LLC 3 6.21% $4,460
    MOVEMENT MORTGAGE, LLC 2 6.44% $8,419
    GUILD MORTGAGE COMPANY 2 6.06% $14,227
    LAKEVIEW LOAN SERVICING, LLC 2 7.00% $13,498
    Lend Smart Mortgage, LLC 2 5.75% $7,459
    Magnolia Bank 2 5.94% $17,108
    CARDINAL FINANCIAL 2 7.31% $7,305
    PRIMARY RESIDENTIAL MORTGAGE, INC. 2 6.63% $12,249
    PRIMELENDING, A PLAINSCAPITAL COMPANY 2 6.49% $7,910
    VILLAGE CAPITAL MORTGAGE 2 6.38% $7,055
    Nations Lending Corporation 1 6.50% $12,699
    Core Bank 1 6.99% $6,240
    NBKC BANK 1 5.63% $7,331
    NETWORK CAPITAL FUNDING CORPORATION 1 5.38% $9,706
    Commerce Bank 1 6.13% $15,287
    CHURCHILL MORTGAGE CORPORATION 1 6.13% $8,004
    North American Savings Bank, F.S.B. 1 5.25% $7,855
    OPEN MORTGAGE, LLC 1 6.75% $6,020
    Paramount Residential Mortgage Group, Inc. 1 5.75% $6,841
    First Federal Bank 1 6.25% $6,994
    ZILLOW HOME LOANS, LLC 1 5.38% $14,372
    PHH Mortgage Corporation 1 6.13% $5,047
    GSF Mortgage Corporation 1 5.63% $11,000
    PREMIA MORTGAGE, LLC 1 5.75% $248
    AMERICAN FINANCIAL RESOURCES, INC. 1 5.75% $6,759
    GENEVA FINANCIAL, LLC 1 7.13% $10,965
    Lakeview Community Capital, LLC 1 6.25% $8,560
    Ixonia Bank 1 6.99% $6,485
    BNC National Bank 1 6.00% $9,045
    AMCAP MORTGAGE, LTD. 1 7.25% $23,063
    HOMESTEAD FUNDING CORP. 1 5.75% $13,849
    Summit Mortgage Corporation 1 6.25% $22,281
    Bank of England 1 6.25% $16,459
    The Huntington National Bank 1 5.38% $24,866
    AmeriHome Mortgage Company, LLC 1 5.99% $17,338
    United Fidelity Funding Corp. 1 7.25% $17,163
    American National Bank 1 6.38% $7,591
    AMERICAN FINANCING CORPORATION 1 6.75% $6,034
    HOMEOWNERS FINANCIAL GROUP USA, LLC 1 6.50% $0
    MORTGAGE SOLUTIONS OF COLORADO, LLC 1 7.75% $0
    FIRST COMMUNITY MORTGAGE, INC. 1 7.00% $5,601
    Equity Prime Mortgage LLC 1 5.88% $26,847
    Willamette Valley Bank 1 6.13% $13,555

    The top South Dakota VA lender as defined by loan originations is Plains Commerce Bank, with 154 VA loans originated. Their average total fees are $8,839, which is $1,983 higher than the next largest lender, Mortgage Research Center, LLC.

    The lowest fee South Dakota VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION ($5,551), GUARANTEED RATE, INC. ($5,741), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($6,471), First Bank & Trust ($6,822) and First PREMIER Bank ($6,841).

    The lowest rate South Dakota VA lenders (with over 10 loans originated) are NAVY FEDERAL CREDIT UNION (5.57%), PENNYMAC LOAN SERVICES, LLC (5.89%), BLACK HILLS FEDERAL CREDIT UNION (5.96%), CU MORTGAGE DIRECT, LLC (6.05%) and LOANDEPOT.COM, LLC (6.08%).

    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.