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2021 FHA Loan Limits in South Dakota

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The FHA loan limit in South Dakota has increased to $356,362 for a single-family home in 2021. The same limit applies statewide, so potential homebuyers can gauge how much they may be able to borrow regardless of what county they set down roots in.

Dreaming about buying a house in South Dakota? This may be the perfect time to buy a home or refinance. And thanks to the Federal Housing Administration (FHA), some South Dakotans can qualify for federally backed loans to help get them into a new house. This year, residents may be able to borrow an FHA loan to make their dreams of homeownership in the Mount Rushmore State come true.

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 $356,362 $456,275 $551,500 $685,400 $91,000
Beadle $356,362 $456,275 $551,500 $685,400 $90,000
Bennett $356,362 $456,275 $551,500 $685,400 $88,000
Bon Homme $356,362 $456,275 $551,500 $685,400 $96,000
Brookings $356,362 $456,275 $551,500 $685,400 $252,000
Brown $356,362 $456,275 $551,500 $685,400 $183,000
Brule $356,362 $456,275 $551,500 $685,400 $139,000
Buffalo $356,362 $456,275 $551,500 $685,400 $58,000
Butte $356,362 $456,275 $551,500 $685,400 $169,000
Campbell $356,362 $456,275 $551,500 $685,400 $76,000
Charles Mix $356,362 $456,275 $551,500 $685,400 $119,000
Clark $356,362 $456,275 $551,500 $685,400 $122,000
Clay $356,362 $456,275 $551,500 $685,400 $152,000
Codington $356,362 $456,275 $551,500 $685,400 $151,000
Corson $356,362 $456,275 $551,500 $685,400 $67,000
Custer $356,362 $456,275 $551,500 $685,400 $205,000
Davison $356,362 $456,275 $551,500 $685,400 $138,000
Day $356,362 $456,275 $551,500 $685,400 $108,000
Deuel $356,362 $456,275 $551,500 $685,400 $105,000
Dewey $356,362 $456,275 $551,500 $685,400 $74,000
Douglas $356,362 $456,275 $551,500 $685,400 $98,000
Edmunds $356,362 $456,275 $551,500 $685,400 $183,000
Fall River $356,362 $456,275 $551,500 $685,400 $141,000
Faulk $356,362 $456,275 $551,500 $685,400 $101,000
Grant $356,362 $456,275 $551,500 $685,400 $146,000
Gregory $356,362 $456,275 $551,500 $685,400 $87,000
Haakon $356,362 $456,275 $551,500 $685,400 $120,000
Hamlin $356,362 $456,275 $551,500 $685,400 $151,000
Hand $356,362 $456,275 $551,500 $685,400 $138,000
Hanson $356,362 $456,275 $551,500 $685,400 $138,000
Harding $356,362 $456,275 $551,500 $685,400 $30,000
Hughes $356,362 $456,275 $551,500 $685,400 $203,000
Hutchinson $356,362 $456,275 $551,500 $685,400 $99,000
Hyde $356,362 $456,275 $551,500 $685,400 $91,000
Jackson $356,362 $456,275 $551,500 $685,400 $64,000
Jerauld $356,362 $456,275 $551,500 $685,400 $90,000
Jones $356,362 $456,275 $551,500 $685,400 $108,000
Kingsbury $356,362 $456,275 $551,500 $685,400 $123,000
Lake $356,362 $456,275 $551,500 $685,400 $183,000
Lawrence $356,362 $456,275 $551,500 $685,400 $236,000
Lincoln $356,362 $456,275 $551,500 $685,400 $276,000
Lyman $356,362 $456,275 $551,500 $685,400 $101,000
Marshall $356,362 $456,275 $551,500 $685,400 $132,000
Mccook $356,362 $456,275 $551,500 $685,400 $276,000
Mcpherson $356,362 $456,275 $551,500 $685,400 $66,000
Meade $356,362 $456,275 $551,500 $685,400 $239,000
Mellette $356,362 $456,275 $551,500 $685,400 $62,000
Miner $356,362 $456,275 $551,500 $685,400 $63,000
Minnehaha $356,362 $456,275 $551,500 $685,400 $276,000
Moody $356,362 $456,275 $551,500 $685,400 $146,000

How are FHA loan limits determined?

The U.S. Department of Housing and Urban Development (HUD) sets limits on how expensive a house the FHA will insure in each county in the United States. These limits are set based on the current year’s conforming loan limit — or how large of a mortgage Fannie Mae and Freddie Mac will purchase. In 2021, that conforming limit is $548,250, up roughly $38,000 from 2020’s limit of $510,400.

The FHA “floor” is the largest mortgage the agency will issue in most of the country and is 65% of the conforming loan limit. In 2021, the FHA floor is set at $356,362, an increase of about $24,600 above the 2020 limit of $331,760.

The FHA “ceiling” is a higher limit that only applies to high-cost areas. This is set at 150% of the conforming loan limit, or $822,375 for single-family homes. With a few exceptions, this is generally the largest mortgage amount the agency will insure for a single-family home. In many parts of the country, loan limits fall somewhere between the FHA floor and ceiling.

Outside of the lower 48 states, FHA maximum loan limits are higher because of more expensive construction costs. These include the special exception areas of Alaska, Hawaii, Guam and the U.S. Virgin Islands.

Here are the 2021 standard FHA limits for all property types:

  • One-unit: $356,362
  • Two-unit: $456,275
  • Three-unit: $551,500
  • Four-unit: $685,400

Here are the 2021 standard FHA limits for high-cost areas:

  • One-unit: $822,375
  • Two-unit: $1,053,000
  • Three-unit: $1,272,750
  • Four-unit: $1,581,750

Do you qualify for an FHA loan in South Dakota?

FHA loans are a great deal for qualified buyers, thanks to lower down payments and closing costs. Find out if your credit score and income will help you qualify for one of these loans.

 

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