2019 FHA Loan Limits in South Dakota
As a South Dakota homebuyer interested in an FHA loan, you’ll need to know about the limits of your borrowing power under this program. Across the entire state, the loan limit for a single-family home is $314,827. This is in line with the maximum loan amount for low-cost areas in the U.S., which means there is no area in South Dakota that is in the “high-cost” category.
In its latest annual report to Congress, the FHA notes that South Dakota buyers made up 0.21% of FHA borrowers nationwide in fiscal year 2018. The FHA’s 2016 report found there were 2,473 FHA loans issued, for a total value of $400 million (this is the most recent year for which the data is available). The same report stated 19.7% of all mortgage loans made in South Dakota were FHA loans.
South Dakota is a largely rural state. Its most populous cities are Sioux Falls (176,888), Rapid City (74,421) and Aberdeen (28,388). In the third quarter of 2018, the median sales prices of existing, single-family homes in Sioux Falls hit $209,900, signaling a significant year-over-year increase from $196,500 in third-quarter 2017, according to the National Association of Realtors.
South Dakota FHA loan limits by county
| FHA Loan Limits in South Dakota | |||||
| County Name | One-Family | Two-Family | Three-Family | Four-Family | Median Sale Price |
| Aurora | $331,760 | $424,800 | $513,450 | $638,100 | $126,000 |
| Beadle | $331,760 | $424,800 | $513,450 | $638,100 | $92,000 |
| Bennett | $331,760 | $424,800 | $513,450 | $638,100 | $82,000 |
| Bon Homme | $331,760 | $424,800 | $513,450 | $638,100 | $95,000 |
| Brookings | $331,760 | $424,800 | $513,450 | $638,100 | $194,000 |
| Brown | $331,760 | $424,800 | $513,450 | $638,100 | $180,000 |
| Brule | $331,760 | $424,800 | $513,450 | $638,100 | $138,000 |
| Buffalo | $331,760 | $424,800 | $513,450 | $638,100 | $61,000 |
| Butte | $331,760 | $424,800 | $513,450 | $638,100 | $161,000 |
| Campbell | $331,760 | $424,800 | $513,450 | $638,100 | $78,000 |
| Charles Mix | $331,760 | $424,800 | $513,450 | $638,100 | $106,000 |
| Clark | $331,760 | $424,800 | $513,450 | $638,100 | $96,000 |
| Clay | $331,760 | $424,800 | $513,450 | $638,100 | $172,000 |
| Codington | $331,760 | $424,800 | $513,450 | $638,100 | $196,000 |
| Corson | $331,760 | $424,800 | $513,450 | $638,100 | $63,000 |
| Custer | $331,760 | $424,800 | $513,450 | $638,100 | $244,000 |
| Davison | $331,760 | $424,800 | $513,450 | $638,100 | $162,000 |
| Day | $331,760 | $424,800 | $513,450 | $638,100 | $101,000 |
| Deuel | $331,760 | $424,800 | $513,450 | $638,100 | $85,000 |
| Dewey | $331,760 | $424,800 | $513,450 | $638,100 | $78,000 |
| Douglas | $331,760 | $424,800 | $513,450 | $638,100 | $97,000 |
| Edmunds | $331,760 | $424,800 | $513,450 | $638,100 | $180,000 |
| Fall River | $331,760 | $424,800 | $513,450 | $638,100 | $138,000 |
| Faulk | $331,760 | $424,800 | $513,450 | $638,100 | $101,000 |
| Grant | $331,760 | $424,800 | $513,450 | $638,100 | $136,000 |
| Gregory | $331,760 | $424,800 | $513,450 | $638,100 | $81,000 |
| Haakon | $331,760 | $424,800 | $513,450 | $638,100 | $92,000 |
| Hamlin | $331,760 | $424,800 | $513,450 | $638,100 | $196,000 |
| Hand | $331,760 | $424,800 | $513,450 | $638,100 | $136,000 |
| Hanson | $331,760 | $424,800 | $513,450 | $638,100 | $162,000 |
| Harding | $331,760 | $424,800 | $513,450 | $638,100 | $97,000 |
| Hughes | $331,760 | $424,800 | $513,450 | $638,100 | $204,000 |
| Hutchinson | $331,760 | $424,800 | $513,450 | $638,100 | $105,000 |
| Hyde | $331,760 | $424,800 | $513,450 | $638,100 | $104,000 |
| Jackson | $331,760 | $424,800 | $513,450 | $638,100 | $66,000 |
| Jerauld | $331,760 | $424,800 | $513,450 | $638,100 | $92,000 |
| Jones | $331,760 | $424,800 | $513,450 | $638,100 | $102,000 |
| Kingsbury | $331,760 | $424,800 | $513,450 | $638,100 | $125,000 |
| Lake | $331,760 | $424,800 | $513,450 | $638,100 | $183,000 |
| Lawrence | $331,760 | $424,800 | $513,450 | $638,100 | $223,000 |
| Lincoln | $331,760 | $424,800 | $513,450 | $638,100 | $258,000 |
| Lyman | $331,760 | $424,800 | $513,450 | $638,100 | $65,000 |
| Mccook | $331,760 | $424,800 | $513,450 | $638,100 | $258,000 |
| Mcpherson | $331,760 | $424,800 | $513,450 | $638,100 | $64,000 |
| Marshall | $331,760 | $424,800 | $513,450 | $638,100 | $126,000 |
| Meade | $331,760 | $424,800 | $513,450 | $638,100 | $207,000 |
| Mellette | $331,760 | $424,800 | $513,450 | $638,100 | $60,000 |
| Miner | $331,760 | $424,800 | $513,450 | $638,100 | $97,000 |
| Minnehaha | $331,760 | $424,800 | $513,450 | $638,100 | $258,000 |
| Moody | $331,760 | $424,800 | $513,450 | $638,100 | $123,000 |
| Oglala Lakota | $331,760 | $424,800 | $513,450 | $638,100 | $22,000 |
| Pennington | $331,760 | $424,800 | $513,450 | $638,100 | $207,000 |
| Perkins | $331,760 | $424,800 | $513,450 | $638,100 | $88,000 |
| Potter | $331,760 | $424,800 | $513,450 | $638,100 | $199,000 |
| Roberts | $331,760 | $424,800 | $513,450 | $638,100 | $113,000 |
| Sanborn | $331,760 | $424,800 | $513,450 | $638,100 | $86,000 |
| Spink | $331,760 | $424,800 | $513,450 | $638,100 | $45,000 |
| Stanley | $331,760 | $424,800 | $513,450 | $638,100 | $204,000 |
| Sully | $331,760 | $424,800 | $513,450 | $638,100 | $144,000 |
| Todd | $331,760 | $424,800 | $513,450 | $638,100 | $46,000 |
| Tripp | $331,760 | $424,800 | $513,450 | $638,100 | $101,000 |
| Turner | $331,760 | $424,800 | $513,450 | $638,100 | $258,000 |
| Union | $331,760 | $424,800 | $513,450 | $638,100 | $192,000 |
| Walworth | $331,760 | $424,800 | $513,450 | $638,100 | $97,000 |
| Yankton | $331,760 | $424,800 | $513,450 | $638,100 | $160,000 |
| Ziebach | $331,760 | $424,800 | $513,450 | $638,100 | $68,000 |
How are FHA loan limits determined?
The U.S. Department of Housing and Urban Development (HUD) sets FHA loan limits based on the conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2019, that limit is $484,350.
The FHA “floor” is the largest mortgage the agency will insure in most of the country and is set at $314,827 for 2019. The FHA “ceiling” applies to high-cost areas and is set at 150% of the conforming loan limit, or $726,525. Outside of a few exceptions, this is the highest mortgage the agency will insure for a single-family home. In other areas, loan limits fall somewhere between the FHA floor and ceiling.
Here are the 2019 standard FHA limits for all property types:
- One-unit: $314,827
- Two-unit: $403,125
- Three-unit: $487,250
- Four-unit: $605,525
Here are the 2019 standard FHA limits for high-cost areas:
- One-unit: $726,525
- Two-unit: $930,300
- Three-unit: $1,124,475
- Four-unit: $1,397,400
Do you qualify for an FHA loan in South Dakota?
An FHA loan may be able to help you become a homeowner, but you will need to qualify. Your credit score, income level and debt-to-income ratio will all be taken into consideration by lenders. To learn more about qualifying for an FHA loan, as well as other information about the process, visit LendingTree’s main FHA page.
