FHA Loan Limits in South Dakota
Home loans backed by the Federal Housing Administration (FHA) offer lower down payment and credit score requirements, but there are limits to the amount you can borrow. In South Dakota, FHA loans in all counties are capped at $472,030 for a single-family home purchase.
South Dakota FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median sale 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 |
| MARSHALL | $472,030 | $604,400 | $730,525 | $907,900 | $173,000 |
| MCCOOK | $472,030 | $604,400 | $730,525 | $907,900 | $336,000 |
| MCPHERSON | $472,030 | $604,400 | $730,525 | $907,900 | $86,000 |
| 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 are FHA loan limits determined?
FHA loan limits can fluctuate from year to year, as they reflect both local housing market prices and the conforming loan limits set by the Federal Housing Finance Agency (FHFA) for conventional mortgages. Conforming loan limits increased nationally by 12% to reflect rising home prices.
FHA maximum loan limits are set at between 65% and 150% of the national conforming loan limits. The lowest FHA loan limit is called the “floor” and is the loan limit for single-family homes in most counties in the U.S. The highest FHA loan limit is called the “ceiling” and only applies to higher cost areas.
The floor is $472,030 and the ceiling is $1,089,300. Many counties in the U.S. have a loan limit between the floor and ceiling, but the entirety of the Mount Rushmore State sits at the floor.
How to qualify for an FHA loan in South Dakota
An FHA loan could help borrowers in South Dakota with lower credit scores or less cash to spare for a down payment, but you’ll have to meet certain minimum requirements:
Minimum credit score of 500. If your credit score is 500 to 579, you may be eligible for an FHA loan if you can also provide a 10% down payment.
Minimum 3.5% down payment. The required down payment goes down to 3.5% with a credit Score of 580 or higher.
Debt-to-income (DTI) ratio of 43% or less. Your DTI ratio is a measurement of your total monthly expenses compared to your total monthly income before taxes. While your DTI will typically need to be less than 43%, lenders may consider exceptions.
Purchase mortgage insurance. Two types of mortgage insurance must be purchased with an FHA loan. The upfront mortgage insurance premium (UFMIP) costs 1.75% of your loan amount, is charged at closing and can be rolled into your mortgage balance. The annual mortgage insurance premium (MIP) is paid monthly over the life of your loan, ranging between 0.15% and 0.75%, and is added to your monthly mortgage payment.
An FHA home appraisal. If you’re purchasing a home with an FHA loan, an FHA appraisal is required. This will determine the market value of the home, as well as ensure it meets minimum property requirements, including health and safety.
Primary residence. You must live in the home you purchase with an FHA loan for at least 12 months.
Buying a multifamily property with an FHA loan
You’re not restricted to single-family home purchases with an FHA loan. As long as you live in one unit for at least 12 months, the same requirements apply to purchasing a multifamily home of up to four units.
FHA lenders in South Dakota
| Lender name | LT rating | Minimum FHA credit score |
|---|---|---|
| Flagstar Bank | 5 stars | 580 |
| Carrington Mortgage | 3.5 | 500 |
| PennyMac | 5 stars | 580 |