South Dakota Mortgage Rates
& Home Loans
Find the best mortgage rates in South Dakota. Compare loan programs from 50+ lenders and get pre-qualified in 60 seconds. No credit impact.
Mortgage Programs in South Dakota
Compare loan options and find the right fit for your home purchase or refinance in South Dakota.
Conventional
6.25%Traditional financing with competitive rates for qualified borrowers.
- No upfront mortgage insurance fee
- PMI removable at 20% equity
- Primary, secondary & investment properties
FHA Loan
6.00%Government-backed loans with lower credit requirements.
- 580+ credit score accepted
- Loan limits up to $472,030
- Lower down payment requirements
VA Loan
5.75%Exclusive benefits for veterans and active-duty military.
- No down payment required
- No PMI ever
- Competitive below-market rates
Jumbo Loan
6.50%Financing for high-value properties above conforming limits.
- Loan amounts up to $3M+
- Flexible terms available
- Primary & secondary homes
Popular Cities in South Dakota
We serve borrowers across all of South Dakota. Here are some of the most popular markets:
How to Get a Mortgage in South Dakota
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Mortgage Guide for South Dakota Homebuyers
Whether you're a first-time homebuyer in Sioux Falls or refinancing your home in Rapid City, Slate Financial offers competitive mortgage rates across South Dakota. With an average home price of $290,000 and current rates starting at 6.25%, now is a great time to explore your options.
South Dakota homebuyers can choose from several loan programs including Conventional loans, FHA loans (with limits up to $472,030), VA loans for veterans, and Jumbo loans for higher-value properties. Our AI-powered platform compares rates from 50+ lenders to find you the best deal.
Property taxes in South Dakota average 1.28% of assessed value. When budgeting for your home purchase, be sure to factor in property taxes, homeowner's insurance, and PMI (if your down payment is less than 20%) alongside your monthly principal and interest payment.
First-Time Homebuyer Programs in South Dakota
- FHA Loans: As low as 3.5% down with a 580+ credit score. Popular choice for South Dakota first-time buyers.
- VA Loans: Zero down payment for eligible veterans. Available in all South Dakota markets.
- Conventional 97: Only 3% down for first-time buyers with good credit.
- Down Payment Assistance: Many South Dakota programs offer grants and low-interest second mortgages.
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