4 Best Jumbo Loans in South Dakota


South Dakota jumbo mortgage loans offer a convenient way to finance larger home purchases.

Key Terms

  • Jumbo loans have higher limits than those for conventional mortgages in South Dakota.
  • These loans require less money down, in many cases.
  • A jumbo loan can cover all the financing of a larger or more expensive property.

You could almost say that it’s hard to avoid natural beauty in South Dakota. With an abundance of parks, lakes and trails, the state features some of the country’s best hunting, fishing and outdoor activities. It’s also the location of many famous landmarks, including Mount Rushmore and the Badlands.  

The prices on many homes in South Dakota are rising, however, making home buying more complicated. According to the Argus Leader, the average price for a home in the state is $241,500. While that average price is still well below the limits on traditional mortgages, South Dakotans looking for larger parcels or more modern homes may need more purchasing power than they can get with a conventional loan. 

For the most recent year, the HDMA data places South Dakota 49th in the country in terms of mortgage origination activity. If you decide to go with a jumbo mortgage in South Dakota, you may see quite a few other South Dakotans doing so, as well. 

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What is the jumbo loan limit in South Dakota?

The jumbo loan limit in South Dakota is $647,200 for all counties in the state. Any loan that exceeds $647,200 is a jumbo loan in the state of South Dakota. Any loan that is less than $647,200 is a conforming loan in the state of South Dakota.

South Dakota Jumbo Loan Limits (December 2022)

South Dakota county-by-county jumbo loan, conforming loan and FHA loan limits.

South Dakota
County
South Dakota
Jumbo loan
(1-unit)
South Dakota
Conforming
loan limit
(1-unit)
South Dakota
FHA loan limit
(1-unit)
Aurora$647,200+$647,200 $420,680
Beadle$647,200+$647,200 $420,680
Bennett$647,200+$647,200 $420,680
Bon Homme$647,200+$647,200 $420,680
Brookings$647,200+$647,200 $420,680
Brown$647,200+$647,200 $420,680
Brule$647,200+$647,200 $420,680
Buffalo$647,200+$647,200 $420,680
Butte$647,200+$647,200 $420,680
Campbell$647,200+$647,200 $420,680
Charles Mix$647,200+$647,200 $420,680
Clark$647,200+$647,200 $420,680
Clay$647,200+$647,200 $420,680
Codington$647,200+$647,200 $420,680
Corson$647,200+$647,200 $420,680
Custer$647,200+$647,200 $420,680
Davison$647,200+$647,200 $420,680
Day$647,200+$647,200 $420,680
Deuel$647,200+$647,200 $420,680
Dewey$647,200+$647,200 $420,680
Douglas$647,200+$647,200 $420,680
Edmunds$647,200+$647,200 $420,680
Fall River$647,200+$647,200 $420,680
Faulk$647,200+$647,200 $420,680
Grant$647,200+$647,200 $420,680
Gregory$647,200+$647,200 $420,680
Haakon$647,200+$647,200 $420,680
Hamlin$647,200+$647,200 $420,680
Hand$647,200+$647,200 $420,680
Hanson$647,200+$647,200 $420,680
Harding$647,200+$647,200 $420,680
Hughes$647,200+$647,200 $420,680
Hutchinson$647,200+$647,200 $420,680
Hyde$647,200+$647,200 $420,680
Jackson$647,200+$647,200 $420,680
Jerauld$647,200+$647,200 $420,680
Jones$647,200+$647,200 $420,680
Kingsbury$647,200+$647,200 $420,680
Lake$647,200+$647,200 $420,680
Lawrence$647,200+$647,200 $420,680
Lincoln$647,200+$647,200 $420,680
Lyman$647,200+$647,200 $420,680
Mccook$647,200+$647,200 $420,680
Mcpherson$647,200+$647,200 $420,680
Marshall$647,200+$647,200 $420,680
Meade$647,200+$647,200 $420,680
Mellette$647,200+$647,200 $420,680
Miner$647,200+$647,200 $420,680
Minnehaha$647,200+$647,200 $420,680
Moody$647,200+$647,200 $420,680
Oglala Lakota$647,200+$647,200 $420,680
Pennington$647,200+$647,200 $420,680
Perkins$647,200+$647,200 $420,680
Potter$647,200+$647,200 $420,680
Roberts$647,200+$647,200 $420,680
Sanborn$647,200+$647,200 $420,680
Spink$647,200+$647,200 $420,680
Stanley$647,200+$647,200 $420,680
Sully$647,200+$647,200 $420,680
Todd$647,200+$647,200 $420,680
Tripp$647,200+$647,200 $420,680
Turner$647,200+$647,200 $420,680
Union$647,200+$647,200 $420,680
Walworth$647,200+$647,200 $420,680
Yankton$647,200+$647,200 $420,680
Ziebach$647,200+$647,200 $420,680

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4 Top South Dakota jumbo loan lenders

If you’re ready to learn more about the best jumbo mortgage lenders in South Dakota, here are the top options we’ve found through our research.

1. BMO Harris Bank

BMO Harris Bank is an established player in the mortgage industry that ranks 16th largest by total assets in the country. The bank offers a full range of financial products, including a jumbo loans.

We spoke to a BMO Harris loan officer to get additional details about the doctor mortgage, many of which aren’t published. Here are some key terms and highlights:

  • 10% down to $1 million (740+ credit score)
  • 15% down to $1.5 million (720+ credit score)
  • 20% down to $2 million (700+ credit score)
  • 25% down to $3 million (700+ credit score)
  • 30% down to $5 million (700+ credit score)
  • 45% down over $5 million (700+ credit score)
  • 30/20/15/10 year fixed
  • 5/6, 7/6, and 10/6 ARMs
  • All 50 states
  • 12 months reserves

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

2. SoFi

SoFi is a financial institution based in California that specializes in student loan refinance options, PLUS loans and flexible repayment terms. You might not know that they also offer jumbo loan mortgages.

We spoke to a loan officer at SoFi to discuss their jumbo loan mortgage and this is what we learned:

  • Loan amounts up to $3 million
  • Down payments start at 10% and increase as the loan amount increases.
  • No PMI, regardless of your down payment amount.
  • 15-year or 30-year fixed rate products available

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

3. Huntington Bank

Huntington Bank is the 26th largest bank in the United States. Operating primarily out of the Midwest, their mortgage group can service a large part of the country. Huntington has a competitive physician loan product with no money down financing options.

We contacted a loan officer at Huntington Bank to gather information about the doctor mortgage and here’s what we heard back:

  • Loan amounts up to $2.5 million
  • Purchase and refinance available
  • Refinancing allows you to take up to $750,000 of equity out of your home.
  • Second homes are eligible
  • Multi-unit properties are eligible

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

4. Flagstar Bank

Flagstar Bank has a jumbo product in all 50 states, making it a popular choice among many people looking for higher mortgage amounts. If you’re considering a jumbo mortgage, you’ll want to compare Flagstar’s rates as part of your analysis.

We reached out to a loan officer at Flagstar Bank to get details on their jumbo mortgage. Here are the highlights:

  • Loan amounts up to $3 million on primary residences
  • Loan amounts up to $2.5 million on second homes
  • Purchase and rate/term refinance options available on primary residences and second homes
  • No prepayment penalties
  • First-time homebuyers permitted
  • No mortgage insurance options available
  • Cash-out options available on primary residence

When you’re ready to connect with a loan officer experienced in jumbo mortgages, use our form to quickly match with jumbo loan programs based on your specific circumstances.

Benefits of getting a jumbo loan in South Dakota

Whether you want a home in Butte, Beadle, Brule, Yankton, Brookings, or Sioux Falls, a conforming loan limit might block you from your dream home. If you have already looked into an adjustable rate mortgage or a VA loan and those won’t work for you, a jumbo loan could help you get that single-family home you’ve had your eye on.

Although new and modernized houses are becoming more popular in South Dakota, many homebuyers are having trouble finding ways to finance these more expensive homes. Some lenders in South Dakota provide an answer to remedy this situation: jumbo loans. FHA home loans and VA loans come with very rigid requirements, especially when it comes to the purchase price allowed. The down payment for a traditional home loan can be a lot of money, even with an FHA loan, so borrowers will want to shop around and see if mortgage lenders offer alternative loans, too.

By taking out a jumbo loan, homebuyers can finance a large purchase with just one loan, as opposed to taking out several loans. They also will not likely need as big a down payment as they would with a traditional loan. With prices going in the direction they are going in South Dakota, this can be one of the easiest ways homebuyers can finance a larger or more expensive home. 

Always do your own research about mortgage rates or interest rates, closing costs, down payment requirements, and monthly payments if you’re going with a jumbo loan. Buying real estate is exciting for homeowners in the moment, but don’t forget about paying that back over the life of your South Dakota mortgage, either.

After verifying your eligibility, use a mortgage calculator to make sure you’re confident with all the terms in your home loan. With so many loan options out there, you want to feel confident that you’ve selected the best loan term and mortgage payment for your needs, especially if you’re stepping outside of conventional loans.

Does a South Dakota jumbo loan make sense for you?

If your credit score is in great shape, a South Dakota jumbo loan might be right for you. Lenders making these loans have strict criteria due to their risk exposure, so you will need to have good to great credit. Over time, your home equity will help you keep that good credit, too, so long as you keep up with the monthly payments.

A jumbo loan also makes sense for you if you are okay with potentially having to pay more in terms of interest.  The approval process can take some time, too, so be prepared to spend some time on it. If you are not bothered by these complexities and attracted to the ease with which a jumbo loan lets you finance a big purchase, these loans may be ideal for you.

If you’re looking to explore jumbo mortgage loans in other states, check out our national overview of jumbo loans as a starting point in your search.

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Joshua Holt

Joshua Holt is a licensed mortgage loan originator (NMLS #2306824) and founder of Biglaw Investor. His mortgage expertise lies in the areas of professional mortgage loans, particularly for lawyers, doctors and other high-income professionals. Prior to Biglaw Investor, Josh practiced private equity mergers & acquisition law for one of the largest law firms in the country.

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