FHA Loan Calculator for South Dakota

FHA Loans in South Dakota

FHA loans require a minimum 3.5% down payment (10% if credit score is 580-619). On South Dakota's median home of $280,000, that's a minimum down payment of $9,800.

FHA Loan Limits in South Dakota

FHA loan limits vary by county and are tied to conforming limits. In most South Dakota counties, the FHA floor limit is $498,257 (2024). High-cost areas like certain counties may qualify for higher limits up to $1,149,825. All South Dakota counties are at the standard conforming limit.

FHA vs Conventional in South Dakota

FHA MIP (Mortgage Insurance Premium) is required regardless of down payment. Conventional loans eliminate PMI at 20% equity. With South Dakota's median home at $280,000, buyers who can put down $56,000 (20%) are better served by conventional financing. FHA makes sense for buyers with limited savings or credit scores below 740.

Closing Costs

South Dakota closing costs average $2,600. South Dakota charges no transfer tax on real estate, keeping closing costs low. Sellers can contribute up to 6% of the purchase price toward FHA buyer closing costs.

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