South Dakota VA Loan Rates, Closing Costs & Stats

South Dakota

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 6.64% for the week of 2024-05-17, compared to the national average (all VA variants) of 6.502% for the same period.

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

The average rate for the prior week (2024-05-10) was 6.44% and one month ago for the week of 2024-04-12, the average rate was 6.62%.

The average rate one year ago was 6.03%.

For refis of the same type during the week of 2024-05-17, the average rate was 6.74%.

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.