South Dakota Launches 'Give Me Five' Down Payment Assistance: 5% of First Mortgage for First-Time Buyers, Forgiven After Five Years
Pierre, S.D. — Governor Larry Rhoden and South Dakota Housing (SDH) on October 13 announced the launch of “Give Me Five,” a down payment assistance program to help first-time buyers purchase their first home in South Dakota. Eligible first-time buyers can receive assistance equal to 5% of their first mortgage amount toward a down payment.
The assistance is provided as a second mortgage with no monthly payments. After the buyer has lived in the home as a primary residence for five years and met all program requirements, the second mortgage is fully forgiven.
“Every South Dakotan should have the opportunity to build a strong future right here in our state,” Rhoden said, adding that buying a home is often a big part of that process and that the initiative, together with the largest property tax cut in South Dakota history, will make homeownership more affordable and help South Dakotans put down roots and raise their families.
The program launches on November 2, 2026, and will be offered for a limited time. Applicants must meet the income requirements of SDH's First-Time Homebuyer Program; purchase a primary residence in South Dakota; not have owned a home in the past three years; and purchase a home priced at $410,000 or less. “In today's challenging housing market, first-time homebuyers need every advantage they can get,” said Chas Olson, SDH's executive director, calling the program a valuable tool for helping buyers overcome affordability barriers.
To apply, participants must contact a participating lender to set an appointment; the list of participating lenders is available on the SDH website. South Dakota Housing was created by the South Dakota Legislature in 1973 as a self-supporting, nonprofit entity. It uses housing bonds, tax credits and other federal and state resources to fund programs providing mortgage and down payment assistance, housing construction and rehabilitation, homelessness prevention, rental assistance and educational opportunities.
Published by GSM · USA (original Chinese edition)
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