$295,000
Median Home Price
$250,000
Avg. Loan Amount
192K
Population
7+
Licensed Lenders
Key Sioux Falls Neighborhoods
Explore popular neighborhoods and their median home prices. Click on map markers for details.
Map Legend
South Sioux Falls
$365KNewer developments
Brandon
$335KGrowing suburb, families
Downtown
$275KRevitalized, walkable
Sioux Falls Real Estate Market
Why Non-QM loans are popular in Sioux Falls
Growing demand for flexible mortgage solutions in Sioux Falls
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 Sioux Falls
What is the minimum credit score for Non-QM loans in Sioux Falls?
Most Non-QM lenders serving Sioux Falls 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 Sioux Falls, South Dakota?
Yes, bank statement loans are available in Sioux Falls. 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 Sioux Falls?
DSCR loans in Sioux Falls 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 Sioux Falls?
Non-QM loan amounts in Sioux Falls typically range from $100,000 to $3 million or more. With a median home price of $295,000, many borrowers find Non-QM loans essential for their purchase.
What Non-QM programs are most popular in Sioux Falls?
The most popular Non-QM programs in Sioux Falls include bank statement loans for self-employed borrowers, DSCR loans for real estate investors, and asset depletion loans for high-net-worth individuals.