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Minnehaha County, South Dakota · 2025

Mortgage lenders in Minnehaha County, SD: denial rates and top lenders (2025)

204 lenders acted on 6,874 mortgage applications for properties in Minnehaha County in 2025. 11.2% were denied (South Dakota: 12.8%). Median rate on closed loans 6.50%; median loan $235,000; median property value $345,000.

6.9kApplications
11.2%Denial ratestate 12.8%
6.50%Median ratestate 6.50%
$235,000Median loan
$345,000Median property value

Largest lenders in Minnehaha County

#LenderGradeApplicationsOriginatedDenial rateMedian rate
1 Plains Commerce Bank B 988701 5.2%6.25%
2 First PREMIER Bank C 720470 12.6%6.88%
3 Levo Federal Credit Union B 413345 7.8%7.50%
4 First Bank & Trust C 363267 9.9%6.50%
5 First International Bank & Trust B 337278 3.9%6.63%
6 Fairway Independent Mortgage B 237173 2.1%6.25%
7 First Dakota National Bank A 218190 1.4%6.50%
8 Central Bank A 209160 5.3%6.38%
9 Rocket Mortgage C 199156 13.6%6.81%
10 U.S. Bank D 186115 24.7%7.38%
11 Crosscountry Mortgage B 12697 4.0%6.75%
12 Service First Federal Credit Union B 12697 8.7%—
13 American Bank & Trust C 11575 12.2%6.63%
14 United Shore Financial Services B 11376 14.2%6.12%
15 The First National Bank in Sioux Falls A 11098 1.8%—
16 CorTrust Bank B 10899 7.4%—
17 Black Hills Federal Credit Union D 10265 21.6%6.75%
18 Newrez D 10044 19.0%6.25%
19 First Interstate Bank D 9860 28.6%8.25%
20 Mortgage Research Center C 8141 19.8%6.25%
21 Reliabank Dakota B 7967 2.5%6.85%
22 Bankwest F 7034 25.7%8.00%
23 Freedom Mortgage B 6831 8.8%6.13%
24 Cortrust Mortgage B 6857 1.5%6.38%
25 CU Mortgage Direct B 6654 4.6%6.13%

Best approval odds in Minnehaha County

Lowest decision denial rate among lenders that decided at least 50 applications here in 2025.

#LenderDecidedDecision denial rate
1First Dakota National Bank1941.6%
2Cortrust Mortgage581.7%
3The First National Bank in Sioux Falls1031.9%
4Fairway Independent Mortgage1802.8%
5Reliabank Dakota692.9%
6First International Bank & Trust2944.4%
7Crosscountry Mortgage1034.9%
8CU Mortgage Direct575.3%
9Central Bank1716.4%
10Plains Commerce Bank7536.8%

What Minnehaha County borrowers applied for

By loan purpose

Home purchase 3,540 51% · 6.0% denied
Refinance 1,109 16% · 11.5% denied
Cash-out refinance 1,115 16% · 15.3% denied
Home improvement 489 7% · 19.6% denied
Other / HELOC 621 9% · 26.7% denied

By loan type

Conventional 5,323 77% · 10.4% denied
FHA 1,007 15% · 16.1% denied
VA 534 8% · 10.3% denied
USDA / RHS 10 0% · 0.0% denied

Why applications were denied

Debt-to-income ratio 283 38%
Credit history 227 31%
Collateral 82 11%
Incomplete application 62 8%
Other 49 7%
Insufficient cash 19 3%
Unverifiable information 14 2%
Employment history 6 1%

Minnehaha County by year

YearApplicationsOriginatedDenial rateMedian rateMedian loan
20236,1994,29911.4%6.75%$195,000
20246,7174,54913.1%6.63%$215,000
20256,8744,70511.2%6.50%$235,000

Frequently asked questions

11.2% of applications in Minnehaha County were denied in 2025, against 12.8% statewide in South Dakota.

Plains Commerce Bank, with 988 applications in 2025 and a denial rate of 5.2%.

The median mortgage application in Minnehaha County in 2025 was for $235,000; the median property value on originated loans was $345,000.