2024 FHA Loan Limits in South Dakota
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.
South Dakota FHA loan limits by county
| County name | One unit | Two units | Three units | Four units | Median 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 |
How are FHA loan limits determined?
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.
How to qualify for an FHA loan in South Dakota
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.
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 units | Low-cost FHA loan limit |
|---|---|
| Two | $637,950 |
| Three | $771,125 |
| Four | $958,350 |
FHA lenders in South Dakota
Lender | LendingTree rating | Min. FHA credit score | |
|---|---|---|---|
 Flagstar Bank | 580 | ||
 Guaranteed Rate | Not disclosed | ||
 PennyMac | 580 | ||
 Rocket Mortgage | 580 | ||
 BMO Harris | 580 |
