$315,000
Median Home Price
$267,000
Avg. Loan Amount
77K
Population
4+
Licensed Lenders
Key Rapid City Neighborhoods
Explore popular neighborhoods and their median home prices. Click on map markers for details.
Map Legend
West Rapid City
$375KNear Black Hills
Summerset
$325KGrowing suburb
Downtown
$285KHistoric, tourism
Rapid City Real Estate Market
Why Non-QM loans are popular in Rapid City
Growing demand for flexible mortgage solutions in Rapid City
Self-employed professionals benefit from bank statement loan programs
Real estate investors use DSCR loans for rental property financing
Non-QM loans available for borrowers with recent credit events
Frequently Asked Questions
Common questions about Non-QM loans in Rapid City
What is the minimum credit score for Non-QM loans in Rapid City?
Most Non-QM lenders serving Rapid City require a minimum credit score of 620-660, though some programs accept scores as low as 580 with compensating factors like larger down payments.
Can I get a bank statement loan in Rapid City, South Dakota?
Yes, bank statement loans are available in Rapid City. Self-employed borrowers can qualify using 12 or 24 months of personal or business bank statements instead of tax returns.
What are DSCR loan requirements in Rapid City?
DSCR loans in Rapid City typically require a debt service coverage ratio of 1.0 or higher, meaning the property's rental income must cover the mortgage payment. No personal income verification is needed.
How much can I borrow with a Non-QM loan in Rapid City?
Non-QM loan amounts in Rapid City typically range from $100,000 to $3 million or more. With a median home price of $315,000, many borrowers find Non-QM loans essential for their purchase.
What Non-QM programs are most popular in Rapid City?
The most popular Non-QM programs in Rapid City include bank statement loans for self-employed borrowers, DSCR loans for real estate investors, and asset depletion loans for high-net-worth individuals.