USDA Home Loans
near Sioux Falls
A USDA loan lets qualifying buyers purchase a home with zero down payment in eligible rural and suburban areas. Sioux Falls itself doesn’t qualify, but many nearby communities like Hartford, Harrisburg, Brookings, Dell Rapids, Canton, and Tea do.Key Benefits of USDA Financing
Zero down payment
Lower annual mortgage insurance cost than FHA (0.35 percent vs. 0.55 percent)
Competitive interest rates
Flexible credit guidelines
Is a USDA Loan Right for you?
Moderate-income buyers who are open to living just outside Sioux Falls and still want an easy commute to work.
USDA Loan Questions, Answered
-
Yes. Household income generally can’t exceed 115 percent of the area median income for your county. Certain deductions, like childcare costs, can help you qualify even if you’re close to the limit.
-
USDA eligibility depends on location. A loan officer can check any address for you before you make an offer.
-
Most lenders require a 640 credit score, though manual underwriting may accept lower scores with additional documentation.