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PIERRE, SD (KELO.com) — They’re calling it the “Give Me Five” program, and it could help first-time homebuyers get into home ownership in South Dakota. Give Me Five is being launched by Governor Larry Rhoden and South Dakota Housing. It gives Eligible first-time home buyers 5% down payment assistance through a forgivable five year loan. The news release below includes information on eligibility and procedures.
Gov. Rhoden and SD Housing Introduce Downpayment Assistance Program
PIERRE, SD — Today, Governor Larry Rhoden and South Dakota Housing (SDH) launched a program to assist first-time homebuyers purchase their first home in South Dakota. Through “Give Me Five,” eligible first-time buyers can receive a 5% boost toward down payment assistance for their first home through a five-year forgivable loan.
“Every South Dakotan should have the opportunity to build a strong future right here in our state – and buying a home is often a big part of that process,” said Governor Larry Rhoden. “This initiative, along with the largest property tax cut in South Dakota history, will make homeownership more affordable. It will help South Dakotans put down roots, raise their families, and build a life in the state they call home.”
The Give Me Five program will launch Nov. 2, 2026, and will be open to homebuyers who:
- Meet First-Time Homebuyer Program income requirements;
- Are purchasing a primary residence in South Dakota;
- Have not owned a home in the past three years; and
- Are wanting to purchase a home with a purchase price of $410,000 or less.
Give Me Five at a glance:
- 5% of the first mortgage amount in downpayment assistance;
- Assistance provided as a second mortgage, with no monthly payments; and
- The second mortgage is forgiven after five years of the homebuyer living in the home as their primary residence and all program requirements are met.
“In today’s challenging housing market, first-time homebuyers need every advantage they can get,” said Chas Olson, SDH Executive Director. “The Give Me Five program will be a valuable tool in helping them overcome affordability barriers and achieve homeownership.”
SDH plans to offer this program for a limited time through participating lenders, with per-beneficiary assistance at five percent of the loan amount. In order to apply for the program, participants must contact a lender to set an appointment. You can view Give Me Five participating lenders here.
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