Best mortgage lenders in South Dakota
No lender is best for everyone, so this page ranks South Dakota lenders on what federal records can measure: who makes the most loans here, who leads for FHA and VA, and what their South Dakota borrowers paid. All figures are 2025 HMDA data; no lender pays to be listed.
Who leads for what in South Dakota
"Most loans" and "Largest average loan" are among the 15 lenders with the most South Dakota originations in 2025 (the latter counts lenders with at least 300 loans in the state); FHA and VA leaders count every lender's home-purchase loans.
The 15 lenders that made the most home loans in South Dakota
| # | Lender | Type | Loans | FHA | VA | Avg loan | Approval* |
|---|---|---|---|---|---|---|---|
| 1 | Plains Commerce Bank | — | 1,570 | 22.9% | 9.7% | $297,567 | 92.6% |
| 2 | First Bank & Trust | — | 972 | 7.9% | 3.0% | $219,054 | 86.8% |
| 3 | First Premier Bank | — | 942 | 11.4% | 3.2% | $237,548 | 85.2% |
| 4 | Rocket Mortgage | Nonbank lender | 753 | 15.8% | 11.4% | $210,631 | 81.2% |
| 5 | Black Hills Federal Credit Union | — | 738 | 7.0% | 2.7% | $195,041 | 72.4% |
| 6 | CMG Home Loans | Nonbank lender | 689 | 19.6% | 21.5% | $329,935 | 97.0% |
| 7 | First Dakota National Bank | — | 576 | 5.2% | 2.6% | $382,917 | 94.7% |
| 8 | Levo Federal Credit Union | — | 541 | 5.7% | 2.4% | $179,400 | 92.5% |
| 9 | First International Bank & Trust | — | 503 | 13.3% | 6.8% | $310,248 | 95.3% |
| 10 | Bankwest, Inc. | — | 494 | 9.9% | 1.0% | $233,077 | 81.8% |
| 11 | Dacotah Bank | — | 433 | 8.3% | 4.8% | $265,808 | 93.5% |
| 12 | United Wholesale Mortgage | Nonbank lender | 426 | 19.0% | 30.0% | $332,817 | 88.9% |
| 13 | American Bank & Trust | — | 417 | 9.8% | 3.8% | $347,590 | 85.1% |
| 14 | U.S. Bank | Bank | 392 | 9.2% | 2.8% | $229,133 | 71.9% |
| 15 | Fairway Independent Mortgage | Nonbank lender | 375 | 34.7% | 10.7% | $282,280 | 97.2% |
Source: 2025 HMDA originations, FFIEC/CFPB. FHA/VA = share of each lender's South Dakota loans. *Approval = originated ÷ (originated + denied); it mirrors a lender's channel and borrower mix, not how hard it is to qualify.
Also among the 25 lenders with the most HMDA filings here: PennyMac, Citizens, Newrez, First Interstate Bank, Veterans United, Freedom Mortgage, Chase, Central Bank, CorTrust Bank National Association, Mr. Cooper.
FHA lenders in South Dakota
1,731 FHA home-purchase loans were made in South Dakota in 2025 by 86 lenders. The typical FHA buyer here paid $8,301 in loan costs, including the 1.75% upfront mortgage insurance premium, at a median rate of 6.125%. The ten lenders that made the most:
| # | Lender | FHA purchases | Share | Loan costs | APR vs benchmark |
|---|---|---|---|---|---|
| 1 | Plains Commerce Bank | 347 | 20.0% | $11,538 | +0.53 |
| 2 | CMG Home Loans | 117 | 6.8% | $11,601 | +0.33 |
| 3 | Fairway Independent Mortgage | 106 | 6.1% | $7,599 | +0.35 |
| 4 | First Premier Bank | 103 | 6.0% | $7,553 | +0.08 |
| 5 | First Bank & Trust | 74 | 4.3% | $7,493 | +0.03 |
| 6 | First International Bank & Trust | 58 | 3.4% | — | — |
| 7 | Granite Bank | 57 | 3.3% | $8,832 | +0.19 |
| 8 | Black Hills Federal Credit Union | 51 | 2.9% | $11,557 | −0.06 |
| 9 | United Wholesale Mortgage | 51 | 2.9% | $10,603 | +0.29 |
| 10 | CrossCountry Mortgage | 47 | 2.7% | $8,482 | +0.62 |
| All South Dakota FHA buyers | 1,731 | 100% | $8,301 | +0.27 |
Among them, First Bank & Trust had the lowest median loan costs ($7,493) and CMG Home Loans the highest ($11,601) — $4,108 apart on similar loans, which is why a second Loan Estimate is worth getting.
Source: 2025 HMDA loan-level records (FFIEC/CFPB), first-lien FHA home purchases in South Dakota. Costs and APR vs benchmark are medians of each lender's 30-year fixed loans here; "—" = fewer than 30. How we compare lenders.
VA lenders in South Dakota
1,202 VA home-purchase loans were made in South Dakota in 2025 by 81 lenders. The typical VA buyer here paid $6,542 in loan costs (including the VA funding fee for borrowers who owe it) at a median rate of 6.125%. The ten lenders that made the most:
| # | Lender | VA purchases | Share | Loan costs | APR vs benchmark |
|---|---|---|---|---|---|
| 1 | Veterans United | 225 | 18.7% | $5,278 | −0.26 |
| 2 | Plains Commerce Bank | 129 | 10.7% | $9,038 | −0.30 |
| 3 | CMG Home Loans | 119 | 9.9% | $9,634 | −0.56 |
| 4 | United Wholesale Mortgage | 53 | 4.4% | $7,896 | −0.47 |
| 5 | Navy Federal Credit Union | 38 | 3.2% | $2,629 | −0.53 |
| 6 | Granite Bank | 37 | 3.1% | $5,785 | −0.53 |
| 7 | Newrez | 33 | 2.7% | $9,429 | −0.50 |
| 8 | Fairway Independent Mortgage | 30 | 2.5% | — | — |
| 9 | Guaranteed Rate (Rate) | 30 | 2.5% | — | — |
| 10 | Kind Lending, LLC | 30 | 2.5% | — | — |
| All South Dakota VA buyers | 1,202 | 100% | $6,542 | −0.38 |
Among them, Navy Federal Credit Union had the lowest median loan costs ($2,629) and CMG Home Loans the highest ($9,634) — $7,005 apart, though VA costs also depend on how many of a lender's borrowers are exempt from the funding fee.
Source: 2025 HMDA loan-level records (FFIEC/CFPB), first-lien VA home purchases in South Dakota. Costs and APR vs benchmark are medians of each lender's 30-year fixed loans here; "—" = fewer than 30. Data notes and limits.
How concentrated is the South Dakota market?
393 institutions reported South Dakota home-loan records for 2025 — the 5th-fewest of any state. The single most active lender accounts for 7.7% of all records and the top five for 24.9%, the 13th-most concentrated market of 51. With volume spread across many lenders, there is plenty of room to shop beyond the biggest names.
How to choose a lender in South Dakota
South Dakota borrowers took FHA loans 12.9% of the time and VA loans 10.9% (U.S. 13.2% and 8.2%). Every South Dakota county uses the $832,750 conforming limit, so loans above it are jumbo and priced separately.
Get Loan Estimates from three or more lenders in the same two-week window (one credit inquiry) and compare APRs. For down-payment help, ask whether they are approved for SDHDA's Fixed Rate Plus Loan — only participating lenders can offer them (terms and sources).
South Dakota lender FAQ
Who is the biggest mortgage lender in South Dakota?
By 2025 federal HMDA data, Plains Commerce Bank originated the most home loans in South Dakota — about 1,570, or 9.2% of the state's originations.
Which lender makes the most FHA loans in South Dakota?
Plains Commerce Bank made the most FHA home-purchase loans in South Dakota in 2025 — 347, or 20.0% of the 1,731 FHA purchases made by 86 lenders. CMG Home Loans (117) was second.
Which lender makes the most VA loans in South Dakota?
Veterans United made the most VA home-purchase loans in South Dakota in 2025 (225, 18.7% of the state's VA purchases). VA loans were 10.9% of South Dakota originations, the 14th-highest VA share among the states.
How much are closing costs on an FHA loan in South Dakota?
The typical South Dakota FHA buyer in 2025 paid $8,301 in total loan costs on a median $275,000 loan — lender fees, required third-party services and the 1.75% upfront mortgage insurance premium, per the Closing Disclosure.
That figure excludes recording taxes, prepaid interest and insurance, escrow deposits and the down payment.
Rankings are editorial and independent, built from public federal data — no lender pays to be listed. This is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
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