FHA Loan Requirements, Limits, How to Apply and Best Lenders
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2023 FHA Loan Limits in South Dakota

Updated on:
Content was accurate at the time of publication.

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 in 2023.

South Dakota FHA loan limits by county

County nameOne unitTwo unitsThree unitsFour unitsMedian 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. In 2023, 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.

In 2023 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 for 2023 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 nameLT ratingMinimum FHA credit score
Flagstar Bank5 stars580
Carrington Mortgage3.5500
PennyMac5 stars580