Self-Employed loan snapshot for South Dakota
| Item | Estimate |
|---|---|
| Minimum down payment | 3%–10% |
| Minimum credit score | 620–660 |
| Typical SD home value | $236,800 |
| 3.5% down on typical home | $8,288 |
| 20% down on typical home | $47,360 |
| Avg. effective property tax | 1.09%/yr (~$216/mo) |
| Income for typical home (31% rule) | $76,000 |
Rate assumption: 7.18% (Freddie Mac PMMS 30-year fixed average, week of November 5, 2026). Change it in the payment calculator.
Which South Dakota programs pair with Self-Employed loans?
- First-Time Homebuyer Program: Fixed-rate loans for first-time buyers within limits.
- Fixed Rate with Down Payment Assistance: A first mortgage paired with assistance for down payment and closing costs.
Details and current limits: South Dakota Housing.
What documents do self-employed borrowers need?
- Two years of personal federal tax returns (all schedules).
- Two years of business returns (1120S, 1065 or 1120) if applicable.
- Year-to-date profit and loss statement.
- Business license or CPA letter verifying the business.
- Recent personal and business bank statements.
Full-doc vs bank-statement loans
| Full documentation | Bank-statement (non-QM) | |
|---|---|---|
| Income source | Tax returns | 12–24 months of deposits |
| Down payment | 3%–5%+ | Usually 10%+ |
| Rate | Market | Typically higher |
Self-Employed loans in South Dakota cities
Frequently asked questions
Yes. Self-Employed loans are available statewide in South Dakota through approved lenders, subject to county loan limits where they apply.
Often yes. South Dakota Housing and local programs frequently pair assistance with FHA, conventional, VA or USDA first mortgages. Eligibility depends on income, price and program rules.
Answer a few questions on Purchase Mortgage Loan and we'll match you with lenders and loan officers in our network who serve South Dakota.
Get matched with Self-Employed lenders in South Dakota
Answer a few quick questions and get matched with purchase mortgage lenders in your area. Free, and it won't affect your credit score.
Get My MatchesFigures on this page are estimates for educational purposes only and are not a loan offer or commitment to lend. Rates, loan limits, fees and assistance programs change frequently and vary by lender, location and borrower profile. Confirm current terms with a licensed loan officer.