South Dakota's New “Give Me Five” Homebuyer Program
If you've been thinking about buying your first home but saving for a down payment has been holding you back, South Dakota just announced a new program worth knowing about.
It's called “Give Me Five,” and it officially launches November 2, 2026.
The program, offered through South Dakota Housing, is designed to help eligible first-time homebuyers overcome one of the biggest financial hurdles to purchasing a home.
And the assistance could be significant.
How Does Give Me Five Work?
The program provides eligible homebuyers with down payment assistance equal to 5% of their first mortgage loan amount.
The assistance is structured as a second mortgage with:
- No monthly payments on the assistance loan.
- Five-year forgiveness when the buyer lives in the home as their primary residence for five years and meets all program requirements.
- A purchase price limit of $410,000.
For example, if your first mortgage amount is $300,000, you could potentially receive $15,000 in down payment assistance.
That's money that could make a real difference for someone who's financially ready for homeownership but hasn't been able to save enough for the upfront costs.
Who Qualifies?
According to South Dakota Housing's announcement, eligible buyers must:
- Meet the South Dakota Housing First-Time Homebuyer Program income requirements.
- Purchase a primary residence in South Dakota.
- Have not owned a home within the past three years.
- Purchase a home priced at $410,000 or less.
The program will be available for a limited time through participating lenders, and eligibility must be confirmed through the application process.
Why Does This Matter to Buyers?
For many first-time buyers, the biggest obstacle isn't necessarily making the monthly mortgage payment.
It's coming up with the money needed to purchase the home.
Between a down payment, closing costs, moving expenses and other upfront costs, getting started can feel overwhelming.
The Give Me Five program could help eligible buyers overcome part of that financial hurdle and make purchasing their first home more attainable.
And because the assistance doesn't require monthly payments and may be forgiven after five years, it offers a potentially valuable option for buyers planning to put down roots in South Dakota.
Why Does This Matter to Sellers?
Here's something homeowners should pay attention to as well.
More down payment assistance could mean more qualified buyers entering the market.
For sellers with homes priced at $410,000 or less, the Give Me Five program could help buyers who have the income to afford a mortgage but have struggled to save enough for a down payment.
More buyers with purchasing power can mean more interest in your home.
While the program doesn't guarantee additional demand, it could create new opportunities for sellers in this price range.
How Do You Apply?
The Give Me Five program officially launches November 2, 2026.
South Dakota Housing has indicated that the program will be available for a limited time through participating lenders.
Interested buyers should contact a participating lender to review eligibility, financing options and program requirements.
The Bottom Line
Buying your first home is a major milestone, and programs like Give Me Five may help make that goal more achievable.
Whether you're a first-time buyer who has been waiting for an opportunity or a homeowner considering selling, this is a program worth paying attention to.
If you've been thinking about buying your first home—or selling a home that could qualify for this program—I'm always happy to help you explore your options and connect you with a participating lender.
Happy to help if you need anything.
– Dave
