FHA Loan Limits in South Dakota
FHA Loan Limits in South Dakota are in line with the national average, at $472,030 for a single-family home. There are no high-cost areas in South Dakota where the limits are higher. So to keep it simple, when you’re buying a 1-unit, duplex, triplex or fourplex in South Dakota with an FHA loan, there are the same limits in every county.
When it comes to choosing a mortgage, there are a lot of options available. But if you’re looking for an affordable option with low down payment requirements, an FHA loan might be the right choice for you. With an FHA loan, you can put as little as 3.5% down on your home, making it an ideal choice for first-time buyers or those with limited savings.
So if you’re thinking of buying a home in South Dakota, it’s important to understand the FHA loan limits in South Dakota and how they may impact your ability to get approved for a mortgage. To learn more about FHA loans and how they can help you achieve your homeownership goals, keep reading!
FHA Loan Limits in South Dakota by County
| County | Single-Family | 2 Family | 3 Family | 4 Family | Median House Price |
|---|---|---|---|---|---|
| AURORA | $472,030 | $604,400 | $730,525 | $907,900 | $119,000 |
| BEADLE | $472,030 | $604,400 | $730,525 | $907,900 | $104,000 |
| BENNETT | $472,030 | $604,400 | $730,525 | $907,900 | $137,000 |
| BON HOMME | $472,030 | $604,400 | $730,525 | $907,900 | $123,000 |
| BROOKINGS | $472,030 | $604,400 | $730,525 | $907,900 | $257,000 |
| BROWN | $472,030 | $604,400 | $730,525 | $907,900 | $235,000 |
| BRULE | $472,030 | $604,400 | $730,525 | $907,900 | $216,000 |
| BUFFALO | $472,030 | $604,400 | $730,525 | $907,900 | $93,000 |
| BUTTE | $472,030 | $604,400 | $730,525 | $907,900 | $213,000 |
| CAMPBELL | $472,030 | $604,400 | $730,525 | $907,900 | $88,000 |
| CHARLES MIX | $472,030 | $604,400 | $730,525 | $907,900 | $176,000 |
| CLARK | $472,030 | $604,400 | $730,525 | $907,900 | $149,000 |
| CLAY | $472,030 | $604,400 | $730,525 | $907,900 | $231,000 |
| CODINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $222,000 |
| CORSON | $472,030 | $604,400 | $730,525 | $907,900 | $77,000 |
| CUSTER | $472,030 | $604,400 | $730,525 | $907,900 | $319,000 |
| DAVISON | $472,030 | $604,400 | $730,525 | $907,900 | $215,000 |
| DAY | $472,030 | $604,400 | $730,525 | $907,900 | $152,000 |
| DEUEL | $472,030 | $604,400 | $730,525 | $907,900 | $55,000 |
| DEWEY | $472,030 | $604,400 | $730,525 | $907,900 | $90,000 |
| DOUGLAS | $472,030 | $604,400 | $730,525 | $907,900 | $116,000 |
| EDMUNDS | $472,030 | $604,400 | $730,525 | $907,900 | $235,000 |
| FALL RIVER | $472,030 | $604,400 | $730,525 | $907,900 | $188,000 |
| FAULK | $472,030 | $604,400 | $730,525 | $907,900 | $121,000 |
| GRANT | $472,030 | $604,400 | $730,525 | $907,900 | $187,000 |
| GREGORY | $472,030 | $604,400 | $730,525 | $907,900 | $145,000 |
| HAAKON | $472,030 | $604,400 | $730,525 | $907,900 | $159,000 |
| HAMLIN | $472,030 | $604,400 | $730,525 | $907,900 | $222,000 |
| HAND | $472,030 | $604,400 | $730,525 | $907,900 | $165,000 |
| HANSON | $472,030 | $604,400 | $730,525 | $907,900 | $215,000 |
| HARDING | $472,030 | $604,400 | $730,525 | $907,900 | $67,000 |
| HUGHES | $472,030 | $604,400 | $730,525 | $907,900 | $344,000 |
| HUTCHINSON | $472,030 | $604,400 | $730,525 | $907,900 | $184,000 |
| HYDE | $472,030 | $604,400 | $730,525 | $907,900 | $143,000 |
| JACKSON | $472,030 | $604,400 | $730,525 | $907,900 | $81,000 |
| JERAULD | $472,030 | $604,400 | $730,525 | $907,900 | $104,000 |
| JONES | $472,030 | $604,400 | $730,525 | $907,900 | $116,000 |
| KINGSBURY | $472,030 | $604,400 | $730,525 | $907,900 | $163,000 |
| LAKE | $472,030 | $604,400 | $730,525 | $907,900 | $234,000 |
| LAWRENCE | $472,030 | $604,400 | $730,525 | $907,900 | $308,000 |
| LINCOLN | $472,030 | $604,400 | $730,525 | $907,900 | $336,000 |
| LYMAN | $472,030 | $604,400 | $730,525 | $907,900 | $151,000 |
| MCCOOK | $472,030 | $604,400 | $730,525 | $907,900 | $336,000 |
| MCPHERSON | $472,030 | $604,400 | $730,525 | $907,900 | $86,000 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 | $173,000 |
| MEADE | $472,030 | $604,400 | $730,525 | $907,900 | $372,000 |
| MELLETTE | $472,030 | $604,400 | $730,525 | $907,900 | $70,000 |
| MINER | $472,030 | $604,400 | $730,525 | $907,900 | $120,000 |
| MINNEHAHA | $472,030 | $604,400 | $730,525 | $907,900 | $336,000 |
| MOODY | $472,030 | $604,400 | $730,525 | $907,900 | $210,000 |
| OGLALA LAKOTA | $472,030 | $604,400 | $730,525 | $907,900 | $48,000 |
| PENNINGTON | $472,030 | $604,400 | $730,525 | $907,900 | $372,000 |
| PERKINS | $472,030 | $604,400 | $730,525 | $907,900 | $138,000 |
| POTTER | $472,030 | $604,400 | $730,525 | $907,900 | $146,000 |
| ROBERTS | $472,030 | $604,400 | $730,525 | $907,900 | $147,000 |
| SANBORN | $472,030 | $604,400 | $730,525 | $907,900 | $147,000 |
| SPINK | $472,030 | $604,400 | $730,525 | $907,900 | $123,000 |
| STANLEY | $472,030 | $604,400 | $730,525 | $907,900 | $344,000 |
| SULLY | $472,030 | $604,400 | $730,525 | $907,900 | $179,000 |
| TODD | $472,030 | $604,400 | $730,525 | $907,900 | $37,000 |
| TRIPP | $472,030 | $604,400 | $730,525 | $907,900 | $139,000 |
| TURNER | $472,030 | $604,400 | $730,525 | $907,900 | $336,000 |
| UNION | $472,030 | $604,400 | $730,525 | $907,900 | $280,000 |
| WALWORTH | $472,030 | $604,400 | $730,525 | $907,900 | $133,000 |
| YANKTON | $472,030 | $604,400 | $730,525 | $907,900 | $200,000 |
| ZIEBACH | $472,030 | $604,400 | $730,525 | $907,900 | $95,000 |
How To Qualify For FHA Loan in South Dakota
There are many different types of loans available to homebuyers, and each has its own set of qualifications. When you’re considering financing options, it’s important to compare loans side-by-side in order to choose the one that best suits your needs. Here’s a look at some key considerations for an FHA loan:
Income and credit score requirements: To qualify for an FHA loan, borrowers must have a minimum income of $31,200 per year and a credit score of 500 or higher. Additionally, borrowers must have a debt-to-income ratio below 43%.
Down payment: One of the biggest benefits of an FHA loan is that it requires a much lower down payment than other types of loans. Borrowers can put as little as 3.5% down on a home, which can make it easier to save up for the down payment if you don’t have a lot of money saved up upfront.
FHA Loan limits in South Dakota: FHA loans are available in both fixed-rate and adjustable-rate varieties. The loan limit for an FHA loan depends on the county where the property is located. In general, FHA loans are available for properties with up to 4 units, although some exceptions may apply.
Now that you know more about how to qualify for an FHA loan, start exploring your financing options today. Comparing different loans side-by-side can help you choose the one that best meets your needs and budget. Then, once you’ve found the right loan, you can begin the process of buying your dream home.
The Best City to Live and FHA Loan Limits in South Dakota
In this blog post, we will be discussing the best city to live in South Dakota. Specifically, we will be covering a variety of different factors that contribute to making a city a great place to call home, including things like access to amenities and employment opportunities, affordability, and safety. We will also discuss some popular cities in South Dakota and why they stand out as being great places to live. So if you’re looking for the best city to live in South Dakota, keep reading!
In all the below cities, FHA loan limits in South Dakota are the same for a single-home family which is: $472,030, for triplex you can borrow up to $604,400 in all counties in South Dakota, To buy a triplex a lender can lend you up to $730,525. When thinking about house hacking, living in one of the units, and renting others you can get financing up to $907,900 for the fourplex.
To start off, let’s talk about what makes a city ideal for living. Some of the most important factors include things like access to quality education and health services, affordable housing options, good job prospects or strong economic growth potential, and a safe and welcoming community. All of these factors are important considerations when deciding where to live, and we’ll be discussing them in more detail below.
Sioux Falls
One city in South Dakota that stands out as being a great place to live is Sioux Falls. Sioux Falls is the largest city in the state, and it offers residents access to all of the amenities and opportunities that you would expect from a large city. But what really makes Sioux Falls stand out is its affordability. The cost of living in Sioux Falls is significantly lower than the national average, making it a great option for those who want to save money. In addition, Sioux Falls also has a very low crime rate, making it one of the safest cities in South Dakota to call home.
Rapid City
Another city that is a great option for those looking for the best city to live in South Dakota is Rapid City. Rapid City is the second-largest city in the state, and it offers a small-town feel with all of the amenities of a larger city. The cost of living in Rapid City is also very affordable, and the city has a low crime rate. In addition, Rapid City is located close to some of the most beautiful scenery in the country, making it a great place to enjoy the outdoors.
South Dakota
And finally, another city worth considering if you’re looking for the best city to live in South Dakota is Aberdeen. Aberdeen is a smaller city, but it still offers residents access to all of the amenities they need. It is also very affordable, and the city has a low crime rate. Plus, Aberdeen is located close to some of the best outdoor recreation areas in South Dakota, making it a great place to enjoy all that nature has to offer.
How FHA Loan Limits in South Dakota Are Calculated
FHA loan limits in South Dakota are calculated according to a formula specified in the National Housing Act. This formula is based on the maximum insurable mortgage limit, which is the highest loan amount that the FHA will insure against default. The maximum insurable mortgage limit is set at 115% of the median home price in an area with a high cost of living, and at 95% of the median home price in an area with a low cost of living.
The actual loan limits are calculated each year by the Federal Housing Administration and announced in early December. They are typically increased each year, in order to keep up with inflation and rising home prices.
For example, in 2022, the maximum loan limit for a single-family home in a high-cost area was $970,800. In a low-cost area, it was $420,680.
If you’re considering an FHA loan, it’s important to know the maximum loan limits for your area so that you can be sure to apply for a loan amount that you’ll qualify for. You can find the maximum loan limits for your area on the FHA website.
If you’re looking to buy a home in an area with high property values, you may need to apply for a jumbo loan, which is a loan that exceeds the FHA limit. You can find information about jumbo loans on the Credible website.
Now that you know how FHA loan limits are calculated, you can start shopping for a home with confidence. Use Credible to compare mortgage rates and find a lender who can help you get pre-qualified for an FHA loan.
South Dakota Down Payment Assistance Program
The South Dakota Housing Development Authority (SDHDA) provides a Fixed Rate Plus loan that may help you pay for part of your down payment and closing costs. This can range from 3% to 5% of the purchase price, depending on the lender.
A fixed rate is an agreement to pay a particular price for a set period of time. It may be paid off over as many years as you want, with interest accruing during the term and being capitalized (added) when the loan is paid off. A fixed-rate plus takes the form of a second mortgage with 0% interest and no monthly payments. When you sell your property or refinance, the sum must be repaid.
For more information, go to the SDHDA website. Also, check out HUD’s list of additional homeownership assistance programs in the state.