Home LoansFHA Loans

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.

 

Compare FHA Loans for Free