Jun

2025

South Dakota First-Time Home-Buying Assistance Programs & Grants for 2025

By Dana Jennings Jelter | mortgage | Comments Off

South Dakota First-Time Home-Buying Assistance Programs & Grants

South Dakota First-Time Home Buying Guide

The Mount Rushmore State saw a 2.3% increase in home prices from June 2024 to June 2025, according to Zillow data. South Dakota may appeal to both seasoned and first-time homebuyers, in part because of its low cost of living compared to other parts of the country. The median home price in the state was $334,000, as reported by Redfin, a real estate brokerage that tracks trends.

You’ll be most successful if you have a game plan for buying a home in South Dakota. This home buying guide will show you state and federal payment assistance for the first-time homebuyer in South Dakota.

Recommended: First Time Homebuyer Guide

Who Is Considered a First-Time Homebuyer in South Dakota?

It might surprise you to know that the definition of a first-time homebuyer in South Dakota is someone who hasn’t owned a home in the last three years. You might be a first-time homebuyer without realizing it!

The U.S. Department of Housing and Urban Development (HUD) defines a first-time homebuyer as such, but includes:

• A single parent who has only owned a home with a partner while married

• A displaced homemaker who has only owned a home with a spouse

• Someone who has owned a principal residence not permanently affixed to a permanent foundation

• Someone who has only owned a property that wasn’t in compliance with state, local, or model building codes

Keep in mind that veterans and people buying in targeted areas often qualify for the same state perks as first-time buyers, so ask your lender about a Veterans Waiver and see if you meet the criteria. Not sure where you want to settle in the state? Look at a list of the best affordable places to live in South Dakota.

6 South Dakota Housing Programs for First-Time Homebuyers

If you lack the money for a down payment or aren’t sure how you will afford a home mortgage loan, programs in the state may be able to provide assistance.

South Dakota Housing First-Time Homebuyer Program
South Dakota Housing Repeat Homebuyer Program
South Dakota Down Payment and Closing Cost Assistance
Grow South Dakota Home Mortgage Loans
Grow South Dakota Down Payment/Closing Cost Assistance
Homes Are Possible, Inc. Closing Cost Assistance

1. South Dakota Housing First-Time Homebuyer Program

The South Dakota Housing Development Authority has a first-time homebuyer program that provides low-interest, fixed-rate loans to prospective homeowners, including those who are veterans.

To qualify, you must meet criteria including household income and purchase price limits. The current price cap for first-time homebuyers is $410,000.

2. South Dakota Housing Repeat Homebuyer Program

SD housing also has a repeat homebuyer program that helps repeat homebuyers get the keys to their next home more easily and for less out-of-pocket expense.
The program lets you buy your next home at a low fixed-rate, offers down payment and closing cost assistance, and reduces mortgage insurance premiums.

You’ll need to meet income limits and have a credit score of 620 or higher. The current price cap for first-time homebuyers is $460,000. See your Participating Lender for complete details.

3. South Dakota Downpayment Assistance

The agency also provides down payment and closing cost assistance in the form of a 0% interest, 30-year second mortgage, due upon the sale of the property or satisfaction of the first mortgage. Borrowers receive 3% or 5% of the purchase price in assistance.

4. Grow South Dakota Home Mortgage Loans

Grow South Dakota also offers home ownership programs for new or existing homes in South Dakota through this direct loan program. Loans are available for up to $300,000.

5. Grow South Dakota Down Payment/Closing Cost Assistance

Grow South Dakota also provides down payment and closing cost assistance in the form of a no-interest deferred loan. Currently, all funds for the down payment program have been committed, but check back.

6. Homes Are Possible, Inc. Closing Cost Assistance

Another organization that provides help with closing costs is Homes Are Possible, Inc. (HAPI) in Northeast South Dakota. The organization operates in 22 counties, offering a $5,000 Down Payment/Closing Cost non-forgivable loan to cover expenses such as loan origination fees, a title search and insurance, a survey, an appraisal, and closing fees.

Income limits apply and you must complete HAPI’s Home Buyer Education course before you close.

How to Apply to South Dakota Programs for First-Time Homebuyers

As you explore different types of mortgage loans and first-time homebuyer programs, make a list of qualifications and requirements. Then, when you’ve chosen the best first-time homebuyer program, you’ll be prepared to apply.

For South Dakota Housing Development Authority programs, contact one or more participating lenders .

To apply for a Grow South Dakota mortgage or closing cost assistance, first check this chart for details and eligibility requirements.

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Recommended: Understanding Mortgage Basics

Federal Programs for First-Time Homebuyers

People with low credit scores or limited down payment funds will find that a number of federal government programs exist to help them achieve their dreams of becoming homebuyers. Although these resources are sometimes for repeat homeowners, the national programs can be helpful for many individuals or families who are buying a first home or who haven’t owned a home in several years.

The mortgages are generally for single-family homes, two- to four-unit properties that will be owner occupied, approved condos, townhomes, planned unit developments, and some manufactured homes.

Federal Housing Administration (FHA) Loans

The FHA, which is part of the U.S. Department of Housing and Urban Development (HUD), insures mortgages for borrowers with lower credit scores. Homebuyers choose from a list of approved lenders participating in the FHA loan program. Loans offer competitive interest rates and require down payments of 3.5% of the purchase price. Borrowers typically need FICO® credit scores of 580 or higher to qualify. Those with scores as low as 500 must put at least 10% down.

In addition to examining your credit score, lenders will look at your debt-to-income ratio (DTI, your monthly debt payments compared with your monthly gross income). FHA allows a DTI of up to 57%, vs. a typical 45% maximum for a conventional loan.

Gift money for the down payment from certain donors is allowed and will be documented in a gift letter for the mortgage.

FHA loans always require mortgage insurance premiums (MIP): This includes a fee of 1.75% of the base loan amount, which can be rolled upfront into the loan. Borrowers carry annual premiums for the life of the loan. As of 2025, monthly MIP for new homebuyers is 0.15% to 0.75%. A down payment of at least 10% allows the removal of mortgage insurance after 11 years..

For a $300,000 mortgage balance, upfront MIP would be around $5,250 and monthly MIP, at a rate of 0.55%, would be about $137. Learn more about these loans, including FHA loans for refinance and rehab of properties, by reading up on FHA requirements, loan limits, and rates.

Freddie Mac Home Possible Mortgages

Low- and very low-income borrowers may make a 3% down payment when they qualify for a Home Possible® mortgage. These loans allow various sources for down payments, including family gifts, co-borrowers, employer assistance, secondary financing, and sweat equity.

The Home Possible mortgage is for buyers with a credit score of at least 660. Once you pay off 20% of your loan, the Home Possible mortgage insurance will be canceled, which will lower your mortgage payments.

Fannie Mae HomeReady Mortgages

Fannie Mae HomeReady^® Mortgages allow low-income borrowers to make down payments of as little as 3%. Applicants generally need a credit score of 620 or higher; pricing may be better for credit scores of 680 and above. Like the Freddie Mac program, HomeReady loans allow flexibility for down payment financing, such as gifts and grants.

For income limits, a comparison to an FHA loan, and other information, go to this Fannie Mae site .

Fannie Mae Standard 97 LTV Loan

The conventional 97 LTV loan is for first-time homebuyers of any income level who have a credit score of at least 620 and meet debt-to-income criteria. The 97% loan-to-value mortgage requires 3% down. Borrowers can get third-party-sourced down payment and closing cost assistance.

Department of Veterans Affairs (VA) Loans

Eligible active-duty members of the military, veterans, reservists, and surviving spouses may apply for loans backed by the VA. These loans designed for those who serve our country can be used to buy, build, or improve homes, have lower interest rates than most other mortgages and don’t require a down payment.

Another benefit of VA loans is that they do not require private mortgage insurance (PMI) for borrowers who make a down payment of less than 20%. And they have more flexible credit score requirements. In some cases, even those who have previously experienced foreclosure or bankruptcy can qualify.

Borrowers applying for a VA loan will need a Certificate of Eligibility from the VA so make sure to review a guide to qualifying for a VA loan as a first step in the process.

💡Quick Tip: Active duty service members who have served for at least 90 consecutive days are eligible for a VA loan. But so are many veterans, surviving spouses, and National Guard and Reserves members. It’s worth exploring with an online VA loan application because the low interest rates and other advantages of this loan can’t be beat._†

Native American Veteran Direct Loans (NADLs)

Eligible Native American veterans along with their spouses may use these no-down-payment loans to buy, improve, or build a home on federal trust land. Unlike VA loans listed above, the Department of Veterans Affairs is the mortgage lender on NADLs. The VA requires no mortgage insurance, but it does charge a funding fee.

US Department of Agriculture (USDA) Loans

No down payment is required on these loans that are for moderate-income borrowers and are guaranteed by the USDA in specified rural areas. Borrowers pay an upfront guarantee fee and an annual fee that serves as mortgage insurance.

The USDA also directly issues loans to low- and very low-income people. For loan basics and income and property eligibility, head to this USDA site .

HUD Good Neighbor Next Door Program

This program helps police officers, firefighters, emergency medical technicians, and teachers qualify for mortgages in the areas they serve. Borrowers can receive 50% off a home in what HUD calls a “revitalization area.” You will need to live in the home for at least three years.

Go to the HUD program page for more information. You can also reach HUD’s Sioux Falls Field Office at 605-330-422

First-Time Homebuyer Stats for 2025

• Median home sale price in South Dakota: $334,000

• 3% down payment: $10,020

• 20% down payment: $66,800

• Percentage of buyers nationwide who are first-time buyers: 24%

• Median age of first-time homebuyers: 38

• Average credit score (vs. average U.S. score of 715): 734

More Financing Tips for First-Time Homebuyers

In addition to federal and state government-sponsored lending programs, there are other financial strategies that may help you as a homebuyer in South Dakota. Some examples:

• Traditional IRA withdrawals. The IRS allows qualifying first-time homebuyers a one-time, penalty-free withdrawal of up to $10,000 from their IRA if the money is used to buy, build, or rebuild a home. A first-time homebuyer, for the purposes of IRA withdrawals, is someone who has not owned a principal residence in the last two years. You will still owe income tax on the IRA withdrawal. If you’re married and your spouse has an IRA, they may also make a penalty-free withdrawal of $10,000 to purchase a home. The downside, of course, is that large withdrawals may jeopardize your retirement savings.

• Roth IRA withdrawals are made with after-tax money, so the IRS allows tax- and penalty-free withdrawals of contributions to Roth IRAs for any reason as long as you’ve held the account for five years. You may also withdraw up to $10,000 in earnings from your Roth IRA without paying taxes or penalties if you are a qualifying first-time homebuyer and you have had the account for five years. With accounts held for less than five years, homebuyers will pay income tax on earnings withdrawn.

• 401(k) loans. If your employer allows borrowing from the 401(k) plan that it sponsors, you may consider taking a loan against the 401(k) account to help finance your home purchase. With most plans, you may borrow up to 50% of your 401(k) balance, maxing out at $50,000, within a 12-month period without incurring taxes or penalties. You pay interest on the loan, which is paid into your 401(k) account. You usually have to pay back the loan within five years, but if you’re using the money to buy a house, you may have up to 15 years to repay.

• State and local down payment assistance programs are usually offered at the regional or county level, and provide flexible second mortgages for first-time buyers looking into how to afford a down payment.

• The mortgage credit certificate program. First-time homeowners and those who buy in targeted areas can claim a portion of their mortgage interest as a tax credit, up to $2,000. (This doesn’t lower your mortgage payments, but can still be a good way to save.)

To qualify for the credit, you must be a first-time homebuyer, live in the home, and meet income and purchase price requirements, which vary by state. If you refinance, the credit disappears, and if you sell the house before nine years, you may have to pay some of the tax credit back. There are fees associated with applying for and receiving the mortgage credit certificate that vary by state. Often the savings from the lifetime of the credit can outweigh these fees.

• Your employer may offer access to lower-cost lenders and real estate agents in your area, as well as home buying education courses.

• Your lender is another one to ask about any first-time homebuyer grant or down payment assistance programs available from government, nonprofit, and community organizations in your area.

Here is a home affordability calculator that can help you determine how much house you might be able to afford.

The Takeaway

Income-qualified first-time homebuyers in South Dakota have options to help them pay for a home. Other first-time buyers can explore the wide world of mortgages on their own to find the right fit.

Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.

SoFi Mortgages: simple, smart, and so affordable.

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FAQ

Should I take first-time homebuyer classes?

You’ll have to take one if you are enrolled in certain first-time homebuyer programs. These courses can help you understand the process and the jargon. And anyway, they are required for many government-sponsored loan programs.

Do first-time homebuyers with bad credit qualify for homeownership assistance?

Yes — often they do. Many government and nonprofit homeowner assistance programs are available to people with the extra challenge of having low credit scores. Often, the interest rates and other costs that come with them are competitive with those of loans available to borrowers with higher credit scores. That said, almost any lending program has credit qualifications.

Is there a first-time homebuyer tax credit in South Dakota?

Yes. There is a mortgage credit certificate (MCC) program for first-time homebuyers and those who buy in targeted areas in South Dakota. With it, you can claim a portion of your mortgage interest as a tax credit, up to $2,000, as a dollar-for-dollar reduction in your tax bill and the remaining interest paid is still eligible for the home mortgage interest deduction.

The fee to acquire a South Dakota Housing Development Authority tax credit is $750, reduced to $250 if the mortgage certificate is used with the agency’s first-time homebuyer program. Participating lenders may also charge a fee up to $250.

Is there a first-time veteran homebuyer assistance program in South Dakota?

South Dakota Housing advises applicants to ask their lender about its veterans waiver to see if they qualify for the mortgage and down payment programs.

The U.S. Department of Veterans Affairs also offers home loans to service members, veterans, and eligible surviving spouses.

What credit score do I need for first-time homebuyer assistance in South Dakota?

A minimum score of 620 will help in getting a mortgage through the South Dakota Housing Development Authority.

Credit score requirements vary, depending on the assistance program and the lender.

What is the average age of first-time homebuyers in South Dakota?

If South Dakotans are anything like the nationwide median, the average age of a first-time homebuyer here is 38. That figure is according to data from the National Association of Realtors®.

Photo credit: iStock/DenisTangneyJr

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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.

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^‡SoFi On-Time Close Guarantee: If all conditions of the Guarantee are met, and your loan does not close on or before the closing date on your purchase contract accepted by SoFi, and the delay is due to SoFi, SoFi will provide you $2,000.^ Terms and conditions apply. This Guarantee is available only for loan applications submitted after 6/15/22 for the purchase of a primary residence. Please discuss terms of this Guarantee with your loan officer. The property must be owner-occupied, single-family residence (no condos), and the loan amount must meet the Fannie Mae conventional guidelines. No bank-owned or short-sale transactions. To qualify for the Guarantee, you must: (1) Have employment income supported by W-2, (2) Receive written approval by SoFi for the loan and you lock the rate, (3) submit an executed purchase contract on an eligible property at least 30 days prior to the closing date in the purchase contract, (4) provide to SoFi (by upload) all required documentation within 24 hours of SoFi requesting your documentation and upload any follow-up required documents within 36 hours of the request, and (5) pay for and schedule an appraisal within 48 hours of the appraiser first contacting you by phone or email. The Guarantee will be void and not paid if any delays to closing are due to factors outside of SoFi control, including delays scheduling or completing the appraisal appointment, appraised value disputes, completing a property inspection, making repairs to the property by any party, addressing possible title defects, natural disasters, further negotiation of or changes to the purchase contract, changes to the loan terms, or changes in borrower’s eligibility for the loan (e.g., changes in credit profile or employment), or if property purchase does not occur. SoFi may change or terminate this offer at any time without notice to you. ^To redeem the Guarantee if conditions met, see documentation provided by loan officer.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.

†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.

‡Up to $9,500 cash back: HomeStory Rewards is offered by HomeStory Real Estate Services, a licensed real estate broker. HomeStory Real Estate Services is not affiliated with SoFi Bank, N.A. (SoFi). SoFi is not responsible for the program provided by HomeStory Real Estate Services. Obtaining a mortgage from SoFi is optional and not required to participate in the program offered by HomeStory Real Estate Services. The borrower may arrange for financing with any lender. Rebate amount based on home sale price, see table for details.

Qualifying for the reward requires using a real estate agent that participates in HomeStory’s broker to broker agreement to complete the real estate buy and/or sell transaction. You retain the right to negotiate buyer and or seller representation agreements. Upon successful close of the transaction, the Real Estate Agent pays a fee to HomeStory Real Estate Services. All Agents have been independently vetted by HomeStory to meet performance expectations required to participate in the program. If you are currently working with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®. A reward is not available where prohibited by state law, including Alaska, Iowa, Louisiana and Missouri. A reduced agent commission may be available for sellers in lieu of the reward in Mississippi, New Jersey, Oklahoma, and Oregon and should be discussed with the agent upon enrollment. No reward will be available for buyers in Mississippi, Oklahoma, and Oregon. A commission credit may be available for buyers in lieu of the reward in New Jersey and must be discussed with the agent upon enrollment and included in a Buyer Agency Agreement with Rebate Provision. Rewards in Kansas and Tennessee are required to be delivered by gift card.

HomeStory will issue the reward using the payment option you select and will be sent to the client enrolled in the program within 45 days of HomeStory Real Estate Services receipt of settlement statements and any other documentation reasonably required to calculate the applicable reward amount. Real estate agent fees and commissions still apply. Short sale transactions do not qualify for the reward. Depending on state regulations highlighted above, reward amount is based on sale price of the home purchased and/or sold and cannot exceed $9,500 per buy or sell transaction. Employer-sponsored relocations may preclude participation in the reward program offering. SoFi is not responsible for the reward.

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If your property is currently listed with a REALTOR®, please disregard this notice. It is not our intention to solicit the offerings of other REALTORS®.

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Jun

2025

5 Things to Do to Save Money While You’re on Vacation

By Ben Kesslen | | Comments Off

This article appeared in SoFi's On the Money newsletter. Not getting it? Sign up here.

Ever feel like vacations would be a lot more fun if you weren’t worried about the money?

The cost of getting to your destination and staying at a comfortable place is plenty, but then you layer on meals, activities, and cab fare. Pulling out that credit card over and over can end up overshadowing what was supposed to be a break from your day-to-day reality.

And it feels almost cruel: Taking time off is critical for your mental health, yet coming home to a mile-long credit card bill is pretty darn stressful.

Thankfully, it doesn’t have to be: Whether you’re headed to the beach, the mountains, or a new city, a few simple strategies can help you spend less and enjoy more. Here are five ways to stretch a buck on vacation — without missing out.

1. Plan your meals ahead. We all know the feeling: You’ve been walking around a new city all day and you’re so hungry you stop at the first decent place you find. It’s only natural, but it’s not always the smartest financial decision. (Plus, you might end up disappointed by a tourist trap.)

• Before you set out, do a little extra research to identify budget-friendly restaurants with good reviews. Then save them on a map app, like Google Maps.

• Avoid eating at a restaurant for every meal. That doesn’t necessarily mean you need to cook. Even if you don’t have access to a kitchen or fridge, exploring a grocery store or street market can be a fun and affordable way to stay fueled. (Picnic, anyone?)

• Pack a reusable water bottle and snacks so you don’t waste money on overpriced options near tourist sites. (We’re looking at you, $5 Dasanis).

2. Make public transit part of the adventure. After a long flight, you might opt for taking a cab from the airport. But once you’re settled, make the train, bus, or ferry (or even a rental bike!) part of the fun. In addition to saving money, you’ll be able to experience a new place more like a local, and could even make a new friend sitting next to you.

3. Turn budgeting into a game. Finding creative ways to stretch a dollar doesn’t have to be a drag. Give yourself a daily spending limit and challenge yourself to stick to it. You’ll feel like a winner each time you find a great bargain on a meal, activity, or souvenir. (Pro tip: Make a custom “vacation” tag in the free SoFi Relay budgeting app to help you track your spending.)

4. Free yourself with freebies — and maybe make a fun memory too. Up the ante on your thriftiness challenge by seeing how much you can get for free. Sometimes the most fun and relaxing activities don’t cost a thing, and a good time is truly priceless.

• Some museums don’t charge admission, and there are plenty of great parks and free walking tours.

• Explore online “free lists” for your vacation spot to find a concert in the park, a comedy show, or a rooftop yoga class. Or maybe explore an old train station or find a live TV taping.

• If there’s a need for volunteers in the area you’re visiting, it can be very rewarding to give back — and a great substitute for an expensive activity.

5. Avoid foreign transaction fees and airport exchange rates. Paying extra to use your credit card or exchange currency is a pure waste of money. Before you go abroad:

• Make sure you have a credit card that doesn’t charge foreign transaction fees, which are often around 3% of whatever you spend. (If you don’t, there are plenty out there with no annual fee.) Then only use that card, since these fees can quickly add up.

• Order cash in the local currency from your bank. It’s not uncommon to see airport exchanges charging 14% more than the International Monetary Fund exchange rate, according to NerdWallet.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.

The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.

SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

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Jun

2025

Budget Brewing: How to Cope With Rising Coffee Costs

By Lora Shinn | | Comments Off

If the caffeine doesn’t wake you up, the prices might.

A typical coffee out now runs us $3.50 a pop, up 50 cents from early 2023, according to May restaurant sales data collected by the tech platform Toast.

A standard cold brew is $5.40. And those Instagram-worthy summer frappes? A cool $6+, thanks to all those extra ingredients and crafting time.

But there are habits and then there are habits. And coffee is our national beverage of choice, with two-thirds of adults downing an average of three cups of java a day, according to the National Coffee Association (NCA).

So what can you do to keep drinking without breaking the bank?

More Americans are brewing coffee themselves, for one. According to a January NCA study, 71% of U.S. adults drank coffee exclusively made at home the previous day, compared to 63% in 2020. You’ll miss out on barista skills and background atmosphere, but at an estimated 25 cents to 75 cents a cup, it’s a relative steal.

That said, you might have noticed even DIY coffee isn’t the bargain it used to be.

Droughts, floods, and other extreme weather events have made global coffee crops in countries like Brazil and Vietnam as unpredictable as everything else over the past year. And in the 12 months through May, the price of ground roast coffee has risen to an all-time high of nearly $8 a pound from about $6, according to government data.

Worse, while Toast’s monthly median for a restaurant coffee has stayed put at $3.50 since February (when Arabica coffee futures peaked), prices could continue to go up this year, according to the USDA. Besides the weather, tariffs on imports are another wild card.

If things get too terrible, you could try to give up your morning jolt, though many experts are dubious this would happen on any kind of broad scale, given how attached we are to both the caffeine and the culture.

“Coffee is crisis proof,” Gerd Mueller-Pfeiffer, CEO of International Coffee Consulting, told Food Navigator last month.

If your more realistic route is making some adjustments, consider these options:

• Ditching loyalty to a brand name.

• Embracing instant coffee, which is generally cheaper than ground coffee thanks to easily-grown Robusta beans.

• Shopping around. (A can of Folgers Classic Roast ranges from $5.88 at Walmart to $7.79 at Giant, according to Consumer Reports’ Price Tracker.)

• Dropping syrups or other spendy add-ins at Starbucks.

• Trading your fancy cold brew for a push-button blend at a local convenience store.

Net Worth Calculator

By Albert Fang | relay | Comments Off

Net Worth Calculator

By Kim Franke Folstad | Updated June 27, 2025

Trying to figure out where you stand financially? SoFi’s net worth calculator can help you get a clearer picture of how you’re doing — and how your current saving, spending, and investing habits (good and bad) may be affecting your bottom line.

With consistent use, a net worth calculator can also help you make informed money decisions and empower you to create a stronger financial future.

Key Points

• Net worth is calculated by subtracting liabilities from the total value of assets, including real estate and investments.

• Early savings and consistent income growth are essential for boosting wealth over time.

• A positive net worth results when assets exceed liabilities, indicating financial health.

• A significant majority (79%) of the top 1% are self-made, leveraging both skill and luck.

• A high net worth individual (HNWI) is someone with $1 million or more in investable assets, including cash or cash equivalents.

Calculator Definitions

Before you dive into using our net worth calculator, it’s important to understand the terms involved:

• Net worth: Net worth represents the financial value of everything you own (assets) minus everything you owe (liabilities). Positive net worth means that the value of the assets you own is higher than the liabilities you owe. Negative net worth is when the amount you owe in liabilities exceeds the value of your assets.

• Assets: Assets are the things you own that have some monetary value, including bank accounts, investment accounts, the market value of your home, vehicles, artwork, fine/heirloom jewelry, and other items with significant value.

• Retirement accounts: For this calculator entry, you type in the current total value of your retirement savings, including 401(k), IRAs, SEP IRAs, Roth IRAs, and variable annuities.

• Brokerage accounts: If you have any investments that are not part of your retirement accounts (such as stocks, bonds, mutual funds, EFTs), enter their total current value here.

• Real estate: When calculating your net worth, real estate includes the current market value of your home, plus any other homes, undeveloped land, rental properties, and commercial buildings you own. (Do not include your home if you are renting.)

• Vehicles: This category includes the value of all the vehicles you currently own, including cars, RVs, motorcycles, etc. (Do not include leased vehicles.)

• Liabilities: Liabilities are debts you are obligated to repay, such as a mortgage, credit card debt, student loans, auto loans, and personal loans.

• Mortgage balance: The remaining principal balance on your home mortgage (what you’d have to pay to own your home free and clear) is entered as a liability. If you own any other properties on which you’re still making payments, you would also include those balances here.

• Student loans: You should enter the full amount of your outstanding student debt into the calculator, even if your loans are in deferment or you’re working toward forgiveness.

Jun

2025

“How Much Will My Credit Score Go Up” Calculator

By Albert Fang | relay | Comments Off

“How Much Will My Credit Score Go Up?” Calculator

By Timothy Moore | Updated June 27, 2025

Having a strong credit score can help you get favorable rates on loans and lines of credit. That can be vital to achieving your goals (like buying a car or a house) and saving you money in the long term. If you’re working hard to build your credit but aren’t sure how long it will take to get to your desired digits, a “How Much Will My Credit Score Go Up?” calculator can offer an estimate.

Key Points

• The “How Much Will My Credit Score Go Up?” calculator estimates changes over six months.

• On-time payments and limited credit card use build credit effectively.

• Avoid closing old credit accounts to maintain a longer history.

• Requesting a credit limit increase may positively impact your score.

• Free credit score monitoring and resources on budgeting, spending, and credit management are available.

*Actual credit score may vary from the estimated credit score noted in the calculator.

Calculator Definitions

• Credit score: This is the amount you would borrow, also known as the principal.

• Credit report: A credit report is a detailed statement, assembled by a credit bureau, that indicates your credit history. This includes information about current and past loan accounts, and how you handled them. Your credit score is based on the information on these reports.

• On-time payments: On-time payments mean you pay your bills by their due date. Payment history is the single most important factor that both FICO and VantageScore use to calculate your credit score.

• Credit utilization: Credit utilization measures how much of your available credit you’re using. For instance, if your credit cards collectively have a $5,000 limit, and you currently have $3,000 unpaid on those cards, your credit utilization is 60% ($3,000 / $5,000 = 0.60). Aim to keep this number below 30% or ideally 10%.

• Credit score monitoring: Credit score monitoring is a service you can sign up for to get real-time alerts about changes in your credit score, as well as any hard inquiries, new accounts opened in your name, and other updates. Credit score monitoring can be a great resource for tracking your score and protecting yourself against identity theft.

How to Use the Credit Score Improvement Calculator

Using our credit score calculator is simple. Here’s how to calculate how much you might positively impact your credit score:

1. Enter Your Current Credit Score

To start, enter your current score into the first field (or use the slider). Our credit score uses your FICO score, which ranges from 300 to 850.

Not sure how to check your credit score? You can:

• Check with your bank or credit union, which may track this for you free of charge.

• Get your score free from Experian®.

• Use a free or paid credit monitoring service to stay updated on your score.

2. Estimate Your On-Time Payments

Think about all the payments you make each month that get reported to the credit bureaus: credit card payments, student loan payments, mortgage and car loan payments, personal loan payments, etc. Considering your income and monthly budget, realistically forecast the percentage of payments that will be on time over the next six months.

Ideally, this should be 100%. If you’re really serious about building your credit score, making on-time payments is vital, since it’s the single biggest contributor to your score. That said, be honest when estimating your future on-time payments, and enter a value from 0% to 100% (or use the slider).

If you foresee paying less than 100% on time, you might need to take control of your budget. See if a spending app can help.

3. Estimate Your Credit Utilization

Similarly, try to estimate the percentage by which you can reduce your credit usage over the next six months for any revolving lines of credit (credit cards, personal lines of credit, and HELOCs, or home equity lines of credit).

Enter the estimated value — the percentage you can reduce your credit usage — in the field (or use the slider).

Borrowing less and paying back as much as possible can lower your credit utilization. Another technique for building your credit score is to get a credit limit increase.

4. Adjust Numbers to See How Your Estimated Score Changes

Once you’ve input all the numbers, the “How Much Will My Credit Score Go Up?” calculator will estimate a credit score change.

This is only an estimate: Several factors can impact your credit score. That said, it should give you a good idea of what is achievable. If you’d like to improve your score by more in that timeframe, use the sliders to make some adjustments to see how much more you could improve your score by.

Benefits of Using a Credit Score Change Calculator

There are several benefits to using this kind of credit score calculator, including:

• Addressing your payment and spending issues: Sitting down with the “How Much Will My Credit Score Go Up?” calculator can force you to consider all your bills and spending habits. This is a good opportunity to rethink your purchasing and adjust your budget as needed.

• Setting a realistic goal: It would be wonderful to build a credit score overnight, but that’s likely not realistic. Our credit score calculator gives you a more actionable timeframe (six months) and goal.

• Getting free credit score monitoring: To help you on your journey, you can sign up for free credit score monitoring to chart your progress.

How to Use the Credit Score Improvement Calculator to Compare Scenarios

The sliders on our “how much will my credit score go up” calculator lets you see different scenarios play out over six months. For instance:

• Adjusting the on-time payments percentage lets you see how much more you can expect your score to increase if you make all on-time payments, compared to a less-than-perfect payment history.

• Adjusting the credit utilizations percentage lets you see how much more you can expect your score to increase if you start paying off more of your credit card debt (or using less of your available credit) each month.

What Is a Credit Score?

A credit score is a number that represents your credit history and gives lenders an idea of how you’ll manage credit in the future. Lenders use this number, which is calculated by a third party like FICO, to make lending decisions. The higher the score, the more likely you are to be approved for loans and at lower rates and with more favorable terms.

Your credit score is calculated based on information on your credit reports, including payment history, credit utilization, and credit mix.

How to Build Credit

Building credit takes time and effort. There are a number of valuable strategies for building credit over time, including:

• Aim to always make on-time payments, and make sure those get reported to the credit bureaus.

• Limit your use of credit cards, and pay back what you owe every month. If that’s not possible, keep your credit utilization under 30% or ideally 10%.

• Don’t close old credit accounts if possible; that will reduce the length of your credit history and could lower your score.

• Open new credit accounts over time, say once every six months. Otherwise, too many requests for credit in a short period of time can lower your score.

• Manage different types of accounts (such as lines of credit and installment loans) well to help build your score.

• Review your credit report regularly, and dispute errors with the bureaus.

Recommended: 52-Week Savings Challenge

Types of Credit

There are two main types of credit that impact your credit score: revolving credit and installment loans. Having a nice mix of both in your credit profile — and responsibly managing them — can help build your credit score.

Revolving Credit

Revolving credit means you have a line of credit with a limit, or a maximum amount that you can borrow. But as you pay back what you owe, you can borrow more money again up to that cap. Interest rates on these accounts are often variable.

Here are some examples of revolving credit:

• Credit cards

• Personal lines of credit

• Home equity lines of credit (HELOCs)

• Retail and gas station cards

Installment Loans

If you have an installment loan, you borrow a lump sum of money upfront and then make monthly payments over a set number of months or years to repay what you borrowed. The interest rate is typically (but not always) fixed.

Here are some examples of installment loans:

• Mortgages

• Car loans

• Personal loans

• Student loans

Examples of Credit Score Ranges

FICO is the most widely used credit score, with the following ranges:

• Exceptional: 800 – 850

• Very good: 740–799

• Good: 670–739

• Fair: 580–669

• Poor: 300 – 579

It’s worth noting that your starting credit score is not 300. Rather, your score will usually be invisible for a few months. Then, if you have good credit habits from the get-go, you are likely to start your credit journey in the good range.

Credit Score Tips

Here are a few tips for a healthy credit score. If you’re working on building your credit score over time, these tactics can help:

• Always pay your bills on time. On-time payments have the single greatest impact on your credit score.

• Reduce how much you spend with your credit cards, and pay your bill off in full whenever possible.

• Get a credit monitoring service to keep track of your progress and recognize errors or fraud the moment it happens.

• Don’t close out old accounts, even if you don’t use them often. They can extend your credit history and build your credit.

• Consider requesting a credit limit increase. This can lower your credit utilization, thereby positively impacting your score.

Recommended: Factors That Affect Your Credit Score

The Takeaway

Building your credit score is an important but challenging task. Key factors are on-time payments, reducing how much available credit you use, and the age and diversity of your credit accounts. Using an online credit score building calculator can help you see how your habits can positively impact your score over time. Doing so can be an important facet of keeping tabs on your financial life.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

See exactly how your money comes and goes at a glance.

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FAQ

How much can I expect my credit score to go up?

How much you can expect to positively impact your credit score depends on your current credit score and your financial situation. Some people could see a small improvement after months of “good behavior,” while others might see a major change. To build your score, make payments on time going forward, keep your credit utilization low, and resist the temptation to open a new line of credit more often than once every six months. You can also review your credit report and dispute any errors with the credit bureaus.

How to build a credit score by 50 points in 30 days?

While on-time payments can positively impact your credit score, it typically takes months of paying bills on time to make significant improvements. Other tactics to help build credit include paying down outstanding credit card debt to reduce your credit utilization, requesting a credit limit increase to lower your utilization, and using services that can report rent and utility payments to the credit bureaus.

Can I build my credit score 100 points in a month?

Building your credit score by 100 points in a month is challenging, especially if you have a history of late payments. On-time payments are a key part of positively impacting your score, but you typically need to make those payments over a series of months — even years — to demonstrate responsible bill management.

What debt should I pay off first to build my credit score?

To build your credit score, prioritize paying past-due accounts to get them back in good standing. This will also help you avoid late fees that could make it harder for you to keep up with payments. You should also focus on paying down your credit card debt (and not accruing new debt with your credit cards). Reducing the balance on your credit cards lowers your credit utilization, which can positively impact your score.

How long does it take to go from 700 to 750 credit score?

Growing from a 700 to 750 credit score quickly can be challenging. Why? At 700, you likely already have healthy credit habits, so it’s more challenging to make major improvements that lead to dramatic score increases. You might diversify your credit mix, reduce your credit utilization by paying off your credit cards entirely every week or month, and dispute any errors on your credit report with the credit bureaus.

How rare is a 700 credit score?

Having a 700 credit score or better isn’t as rare as you might think. According to an Experian survey, the average credit score in 2024 was 715. Roughly 21% of consumers have a good credit score (670 to 739), and another 50.3% have a very good (740 to 799) or exceptional (800 to 850) credit score.

Learn more about credit.

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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