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South Dakota Mortgage Rates

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Last updated: Apr 20, 2024
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Click here for more information on rates and product details.

South Dakota Mortgage Overview

South Dakota isn't heavily populated, but there are plenty of reasons to live there. First, of course, is Mount Rushmore, but the climate, beautiful areas, and amazing houses are reasons too. The average home price in SD is $167,000 and less than 1 million people are living there.

Here are your top loan options when buying a home in South Dakota.

South Dakota conventional loans

If you have good credit, which is 660 credit or higher you can get a conventional loan. You may need just 3 percent down if you're a first-time homebuyer. If you're a subsequent home buyer you'll need 5 percent down. Eligible borrowers need a debt ratio of around 36 percent, but if you have compensating factors, some lenders may allow higher ratios. You'll pay PMI if you put less than 20 percent down but can cancel it once you owe less than 80 percent of the home's value.

South Dakota FHA loans

If you don't qualify for a conventional loan, FHA loans are a good option. You need a 580 credit score and 3.5 percent down. If you have a 500 - 579 credit score you'll need 10 percent down. Down payment assistance funds and gift funds are allowed and FHA loans have mortgage insurance for the life of the loan.

South Dakota VA loans

If you served in the military you can get a loan with no down payment and a 620 credit score. You must prove you can afford the loan, your current debts, and the cost of living. VA loans don't charge mortgage insurance, but they do have an upfront funding fee.

South Dakota USDA loans

If you make less than 115 percent of the area's median income, you may be eligible for a USDA loan but only if you don't qualify for any other loan. Eligible borrowers need a 640 credit score but don't need a down payment. USDA rates are low as are their mortgage insurance rates.

First-Time Homebuyer Programs in South Dakota

First-Time Homebuyer

If you buy a home for less than $275,000 and you've never owned a home (or haven't in the last 3 years), you may qualify for a low interest loan. You must be within the SD income guidelines and work with a local lender.

Down payment assistance

The Fixed Rate Plus loan provides up to 3 percent of the loan amount to help with closing costs or the down payment. It's a second mortgage that's deferred until you pay off the home, sell it, or refinance.

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