What is an FHA Loan? Requirements, How to Get One and Best Lenders
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

2024 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) remain a popular choice for many homebuyers due to their flexible qualifying requirements. However, because there are loan limits on FHA loans, they may not be the right choice depending on the home you want to purchase. In South Dakota, FHA loan limits are $498,257 for single-family homes in every county except Lawrence County, which has an FHA loan limit of $541,650.

County nameOne unitTwo unitsThree unitsFour unitsMedian sales price
AURORA$498,257$637,950$771,125$958,350$154,000
BEADLE$498,257$637,950$771,125$958,350$139,000
BENNETT$498,257$637,950$771,125$958,350$168,000
BON HOMME$498,257$637,950$771,125$958,350$134,000
BROOKINGS$498,257$637,950$771,125$958,350$290,000
BROWN$498,257$637,950$771,125$958,350$247,000
BRULE$498,257$637,950$771,125$958,350$236,000
BUFFALO$498,257$637,950$771,125$958,350$136,000
BUTTE$498,257$637,950$771,125$958,350$230,000
CAMPBELL$498,257$637,950$771,125$958,350$239,000
CHARLES MIX$498,257$637,950$771,125$958,350$196,000
CLARK$498,257$637,950$771,125$958,350$168,000
CLAY$498,257$637,950$771,125$958,350$190,000
CODINGTON$498,257$637,950$771,125$958,350$242,000
CORSON$498,257$637,950$771,125$958,350$84,000
CUSTER$498,257$637,950$771,125$958,350$369,000
DAVISON$498,257$637,950$771,125$958,350$226,000
DAY$498,257$637,950$771,125$958,350$174,000
DEUEL$498,257$637,950$771,125$958,350$115,000
DEWEY$498,257$637,950$771,125$958,350$94,000
DOUGLAS$498,257$637,950$771,125$958,350$161,000
EDMUNDS$498,257$637,950$771,125$958,350$247,000
FALL RIVER$498,257$637,950$771,125$958,350$197,000
FAULK$498,257$637,950$771,125$958,350$136,000
GRANT$498,257$637,950$771,125$958,350$202,000
GREGORY$498,257$637,950$771,125$958,350$132,000
HAAKON$498,257$637,950$771,125$958,350$196,000
HAMLIN$498,257$637,950$771,125$958,350$242,000
HAND$498,257$637,950$771,125$958,350$192,000
HANSON$498,257$637,950$771,125$958,350$226,000
HARDING$498,257$637,950$771,125$958,350$142,000
HUGHES$498,257$637,950$771,125$958,350$269,000
HUTCHINSON$498,257$637,950$771,125$958,350$212,000
HYDE$498,257$637,950$771,125$958,350$148,000
JACKSON$498,257$637,950$771,125$958,350$101,000
JERAULD$498,257$637,950$771,125$958,350$139,000
JONES$498,257$637,950$771,125$958,350$123,000
KINGSBURY$498,257$637,950$771,125$958,350$183,000
LAKE$498,257$637,950$771,125$958,350$249,000
LAWRENCE$541,650$693,400$838,150$1,041,650$471,000
LINCOLN$498,257$637,950$771,125$958,350$352,000
LYMAN$498,257$637,950$771,125$958,350$177,000
MARSHALL$498,257$637,950$771,125$958,350$299,000
MCCOOK$498,257$637,950$771,125$958,350$352,000
MCPHERSON$498,257$637,950$771,125$958,350$99,000
MEADE$498,257$637,950$771,125$958,350$346,000
MELLETTE$498,257$637,950$771,125$958,350$82,000
MINER$498,257$637,950$771,125$958,350$120,000
MINNEHAHA$498,257$637,950$771,125$958,350$352,000
MOODY$498,257$637,950$771,125$958,350$235,000
OGLALA LAKOTA$498,257$637,950$771,125$958,350$60,000
PENNINGTON$498,257$637,950$771,125$958,350$346,000
PERKINS$498,257$637,950$771,125$958,350$146,000
POTTER$498,257$637,950$771,125$958,350$130,000
ROBERTS$498,257$637,950$771,125$958,350$330,000
SANBORN$498,257$637,950$771,125$958,350$156,000
SPINK$498,257$637,950$771,125$958,350$148,000
STANLEY$498,257$637,950$771,125$958,350$269,000
SULLY$498,257$637,950$771,125$958,350$209,000
TODD$498,257$637,950$771,125$958,350$45,000
TRIPP$498,257$637,950$771,125$958,350$156,000
TURNER$498,257$637,950$771,125$958,350$352,000
UNION$498,257$637,950$771,125$958,350$359,000
WALWORTH$498,257$637,950$771,125$958,350$146,000
YANKTON$498,257$637,950$771,125$958,350$225,000
ZIEBACH$498,257$637,950$771,125$958,350$120,000

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FHA loan limits are set year to year based on a formula set forth in the National Housing Act. Under this law, the FHA must set a floor (or minimum) loan limit and a ceiling (or maximum) loan limit for every loan it guarantees. These loan limits are calculated by using a percentage of the national conforming loan limit. Each year, the Federal Housing Finance Agency (FHFA) sets the national conforming loan limit for all conventional mortgages guaranteed or owned by Fannie Mae or Freddie Mac.

The national conforming loan limit for 2024 is $766,550 for a one-unit property. For the FHA loan limit, the floor is 65% of the national conforming loan limit, or $498,257, for a one-unit property. Most counties nationwide use the floor limit for their FHA loan limit.

The ceiling is 150% of the national conforming loan limit, or $1,149,825. This applies to counties in high-cost areas of the country. For areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands, this amount could be increased due to higher building costs.

While requirements for FHA loans in South Dakota can be less stringent than certain aspects of conventional home loans, homebuyers will still need to meet specific requirements. Lenders will review personal and financial information such as work history and credit reports to determine if you meet the following requirements:

 Credit score. For FHA loans, the minimum credit score required depends on your down payment. If paying 3.5% down, you’ll need a credit score of at least 580. If paying 10% down, the minimum credit score is 500.
 Debt-to-income (DTI) ratio. The DTI ratio is calculated by adding up your total monthly debt and dividing that amount by your gross monthly income. The maximum DTI ratio for a FHA loan is 43%. However, for borrowers with high credit scores plus a large cash reserve, the maximum DTI could increase to 50% or even higher.
 Mortgage insurance. Every FHA loan must include two types of FHA mortgage insurance. This protects the lender should you become unable to repay the loan. The upfront premium is equal to 1.75% of the loan amount, while the annual premium runs between 0.15% and 0.75% of the loan amount.
 Income limits. There are no income limits for FHA loans.
 Residency. All borrowers must live in the home for at least one year when using an FHA loan to buy the property.
 Cash reserves. FHA lenders could require borrowers to maintain a sufficient amount of cash reserves to cover several monthly mortgage payments.

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Buying a multifamily property with an FHA loan

Many people looking to invest in real estate can do so using an FHA loan to purchase a multifamily home with two to four units. As with FHA loans for single-family homes, FHA loans for multifamily homes have the same flexible requirements. For example, you only need to pay 3.5% down on the multifamily loan. Other requirements include:

 Credit score. As with single-family homes, the minimum credit score required is 580 with a down payment of 3.5%. With a down payment of 10%, the minimum credit score required is 500.
 Debt-to-income (DTI) ratio. The maximum DTI ratio when purchasing a multifamily home remains at 43%.
 Residency. Borrowers must live in one of the units of the multifamily home.
 Cash reserves. You will need cash reserves equal to at least one monthly mortgage payment.

Number of unitsLow-cost FHA loan limit
Two$637,950
Three$771,125
Four$958,350

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

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