From the Badlands to the Black Hills, many homebuyers in South Dakota are utilizing the government-backed FHA loan program to help get them and their families into homes.
With all the different types of home financing options, the process can seem a bit overwhelming. Luckily, the FHA loan program is on the Mount Rushmore of mortgage options for South Dakota residents. Keep reading to see why so many South Dakotans choose FHA loans, and why it may be right for you.
South Dakota is sparsely populated state, with only 11 people per square mile, but despite this many people are still taking out home loans. An FHA loan is a great option regardless of where you want to live. As of April 2019, the total value of FHA loans in the state of South Dakota was over $17 million making it a popular choice among other home loan options.
There is a baseline loan limit of $331,760 for FHA loans in South Dakota. This limit is adjusted yearly and typically depends on where in the state you want to live. South Dakota however is unique, and the baseline limit applies statewide.
You may be eligible for an FHA loan, if you:
Buyers must be able to provide the following information and documents as requested by lenders:
Note: Facts and figures sourced from the latest statistics available at the time of this writing including data from the United States Department of Labor, United States Census Bureau and the United States Department of Housing and Urban Development.