South Dakota First-Time Homebuyer Calculator
First-time homebuyer costs in South Dakota: $9,450 FHA down payment, $7,020 closing costs, 1.31% property tax. See total upfront costs & monthly payments.
How This Calculator Works
Calculation methodology and assumptions
First-time homebuyer cost breakdown for South Dakota. Includes down payment, closing costs (2.6%), PMI (required below 20% down), property tax (1.31%), and homeowners insurance ($2,800/yr). DTI ratio should stay below 43% for conventional loans and 50% for FHA.
Key State Information
South Dakota homebuyer facts: Median price $270,000 | 20% down = $54,000 | FHA 3.5% down = $9,450 | Closing costs ~$7,020 | Property tax 1.31% | No attorney required.
Frequently Asked Questions
How much do I need to buy a house in South Dakota?
For South Dakota's median home ($270,000): FHA minimum down payment is $9,450 (3.5%), plus $7,020 in closing costs. Total minimum: ~$16,470. With 20% down to avoid PMI: ~$61,020.
What are closing costs in South Dakota?
South Dakota closing costs average 2.6% of the home price, or about $7,020 on the median home. This includes title insurance, appraisal, origination fees, recording fees, and optional attorney fees. Transfer taxes are 0.1%.
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