South Dakota
Welcome to South Dakota
Welcome to South Dakota, a state known for its rugged beauty, rich history, and strong sense of community. From the majestic Black Hills and Mount Rushmore to the rolling plains, South Dakota offers a peaceful yet vibrant setting for residents. Its low cost of living, outdoor recreational opportunities, and safe neighborhoods make it a desirable destination for veterans and their families seeking a fulfilling lifestyle.
The state’s economy thrives on agriculture, tourism, and manufacturing, while cities like Sioux Falls and Rapid City provide growing job markets and excellent amenities. South Dakota embraces its veterans with open arms, offering a range of benefits, educational opportunities, and support networks to ensure a smooth transition to civilian life. Let Military Home Spot Lending guide you toward homeownership in the heart of the Midwest.
Major South Dakota Cities
South Dakota’s cities offer a mix of urban convenience and small-town charm. Sioux Falls, the state’s largest city, boasts a strong healthcare sector and vibrant downtown scene, while Rapid City serves as a gateway to national landmarks like Mount Rushmore and the Badlands. Cities like Aberdeen, Brookings, and Pierre provide rich cultural experiences and a welcoming environment for veterans and families alike.
Quick Links To Other City Pages
Veteran Benefits in South Dakota
South Dakota is committed to supporting veterans through various programs and benefits. From property tax exemptions to free education opportunities, veterans and their families can take advantage of financial relief, healthcare, and recreational benefits that honor their service to the nation.
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South Dakota State Veterans Home
The South Dakota State Veterans Home in Hot Springs provides comprehensive long-term care and assisted living for veterans and their spouses. With a focus on community and well-being, the home offers a safe environment tailored to the needs of veterans.
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South Dakota Veteran Financial Benefits
Veterans in South Dakota enjoy various financial perks, including property tax exemptions for disabled veterans, a state bonus program for qualifying service, and emergency assistance grants.
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South Dakota Veterans Employment Preference
Veterans and eligible family members receive hiring preferences for state jobs, ensuring better employment opportunities and career advancement.
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South Dakota Veteran Education Benefits
Veterans and their families can pursue higher education with tuition waivers and scholarships, fostering opportunities for personal and professional growth.
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South Dakota Recreation Benefits
Veterans can enjoy outdoor activities through discounted hunting, fishing licenses, and state park admissions, reflecting the state’s commitment to enhancing veterans' quality of life.
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Burial and Memorial Benefits
South Dakota provides burial allowances, headstone settings, and other memorial benefits for veterans, ensuring they are honored with dignity.
South Dakota's Military Presence
South Dakota holds an important role in national defense, hosting several key military installations that provide operational support, training, and community for active-duty personnel and veterans. These installations bolster the state's contribution to military readiness and provide career opportunities for service members and their families.
- Ellsworth Air Force Base: Located near Rapid City, Ellsworth AFB is home to the 28th Bomb Wing and the B-1B Lancer fleet. It plays a crucial role in strategic deterrence and global strike operations.
- South Dakota National Guard Headquarters: Based in Rapid City, the SD National Guard provides critical state and national defense missions, contributing to both domestic response and overseas deployments.
- Army National Guard Camp Rapid: Camp Rapid serves as the primary training and operational site for the South Dakota Army National Guard, supporting various readiness initiatives.
VA Loans in South Dakota
VA Home Loan Volume in 2024 in South Dakota*
|
Total Loans |
1,279 |
|
Average Loan Amount |
$333,964 |
|
Total Loan Amount (ALL) |
$427,139,419 |
|
Total Purchase Loans |
988 |
|
Total Purchase Loans % |
77.25% |
|
Total IRRRL Loans |
107 |
|
Total IRRRL Loans % |
8.37% |
|
Total Cash-Out Loans |
184 |
|
Total Cash-Out Loans % |
14.39% |
*Data pulled from the Department of Veterans Affairs.
South Dakota VA Loan Requirements
VA loan requirements in South Dakota follow the same standards as other states, with specific eligibility criteria related to your service time and additional conditions, such as fees and property regulations.
To qualify for a VA loan, you typically need to meet one of the following service requirements:
- 90 days of active service during wartime
- 181 continuous days of active service during peacetime
- 6 or more years of service in the National Guard or Reserves
- Unremarried surviving spouse of a service member who died in the line of duty or from a service-connected disability
Additional VA loan conditions include:
- Funding Fee: A one-time fee required by the VA, based on down payment and military category. Some veterans may qualify for reduced fees or exemptions.
- Occupancy Requirement: Borrowers must typically occupy the home as their primary residence within 60 days of closing.
- Primary Residence Only: VA loans cannot be used for investment properties or vacation homes.
South Dakota VA Loan Limits
South Dakota adheres to the standard VA loan limit of $766,550 for a single-family home in most counties. However, VA loan limits may change annually based on housing market adjustments. These limits reflect the maximum amount the VA will guarantee without a down payment.
For veterans with full entitlement, there are no loan limits. This means qualified borrowers can purchase homes above the loan limit without a down payment, depending on lender approval.
VA Loan Entitlement in South Dakota
VA loan entitlement determines how much the VA guarantees to a lender. There are two types of entitlement:
- Full Entitlement: Allows you to borrow without a down payment up to the lender's limit.
- Remaining Entitlement: Used when you’ve already taken out a VA loan. The VA guarantees 25% of the county loan limit minus what has already been used.
Entitlement is a lifelong benefit that can be reused under specific conditions. Consult your Loan Officer for details on how your entitlement can impact your borrowing options.
VA Loan Rates in South Dakota
VA loan rates in South Dakota fluctuate based on economic conditions, borrower credit profiles, and lender policies. VA loans typically offer lower interest rates compared to conventional loans, reflecting the reduced risk due to VA backing.
Types of VA Mortgage Programs in South Dakota
- VA Purchase Loan: Offers fixed and adjustable-rate mortgages, allowing veterans to buy homes with no down payment.
- VA Cash-Out Refinance Loan: Enables veterans to refinance their mortgage for a higher amount, accessing cash for home improvements or debt consolidation.
- VA Streamline Refinance Loan (IRRRL): Provides an option to lower interest rates with minimal paperwork and costs for existing VA loan holders.
How to Get a VA Loan in South Dakota
Follow these steps to secure a VA loan in South Dakota:
- Obtain Your Certificate of Eligibility (COE): This document confirms your eligibility for a VA loan. Your lender can assist in acquiring it.
- Find the Right VA Loan: Collaborate with your Loan Officer to select the best program for your needs.
- Identify Your Home: Work with a real estate professional to locate and negotiate your home purchase.
- Appraisal and Inspection: The VA will conduct an appraisal to ensure the home meets minimum property requirements.
- Close the Deal: Your lender finalizes the paperwork, and you move into your new home.
With these steps completed, you can enjoy the benefits of homeownership in South Dakota.
Real Estate in South Dakota
South Dakota's real estate market offers affordable housing options across urban, suburban, and rural areas. Cities like Sioux Falls and Rapid City provide a mix of modern developments, family-friendly neighborhoods, and historic homes. The state's relatively low cost of living and robust job market make it an attractive destination for veterans and their families.
Veterans using VA loans in South Dakota benefit from competitive home prices compared to national averages. Whether you’re looking for a starter home in a suburban area or a spacious property in the countryside, South Dakota has housing opportunities to fit various needs and lifestyles.
Median Sale Price of Homes in South Dakota*
|
Sioux Falls |
$315,000 |
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Rapid City |
$325,250 |
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Aberdeen |
$203,750 |
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Brookings |
$253,000 |
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Watertown |
$277,500 |
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Mitchell |
$202,500 |
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Yankton |
$283,900 |
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South Dakota Statewide Average |
$320,500 |
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*Data sourced from Redfin (November 2024)
Frequently Asked Questions
Find answers to common questions about Military Home Spot Lending and our services. Can't find what your need? Get in touch with us.
A VA Loan is a mortgage designed for veterans, active-duty service members, and some surviving spouses. The VA has specific service requirements to qualify. Want to check if you’re eligible? Click here to find out.
It’s easier than you might think! First, you’ll need your Certificate of Eligibility (COE), and then you can connect with a VA-approved lender like us. We’ll guide you through the rest. Get started here.
VA Loans come with significant perks—think no down payment, no private mortgage insurance (PMI), and competitive rates. Plus, they’re more flexible with credit requirements. Want to learn more? Click here.
Absolutely, we serve veterans throughout South Dakota. You can get started by visiting our online application page or speaking directly with one of our loan officers.
There might be a funding fee and some closing costs, but these can often be negotiated. We’re here to help you understand what to expect. Get the details here.
The amount you can borrow depends on where you live since loan limits vary by county. Curious about how much you might qualify for? Learn more here.
Yes, you can! VA Loans are known for being more forgiving with credit scores, though a lower score might mean a higher interest rate. Want to know how you can still qualify? Find out more here.
You’ll need to live in the home as your primary residence, and typically, you have to move in within 60 days of closing. Need more info on this? Click here.