South Dakota's Give Me Five Program: 5% Down Payment Help for First-Time Buyers

What is South Dakota's Give Me Five program?
Give Me Five is a South Dakota Housing program launching Nov. 2, 2026. Eligible first-time buyers get 5% of their first mortgage in down payment help, forgiven after five years in the home.

South Dakota Housing and Gov. Larry Rhoden announced a new down payment assistance program on Oct. 13, 2026. It's called Give Me Five, and the headline feature is one first-time buyers rarely get: the help can go away completely.

Starting Nov. 2, eligible buyers can put 5% of their first mortgage toward the down payment, with no monthly payment on that money. Live in the home as your primary residence for five years, meet the program requirements, and the assistance is forgiven.

For buyers in Sioux Falls, Tea, Harrisburg, and Brandon who can carry a monthly payment but haven't been able to save up a down payment, this changes the timeline. The sections below cover how the program works and who qualifies. The last section covers the questions worth asking a lender before you apply.

What Give Me Five Offers

According to South Dakota Housing's announcement, the program works like this:

• 5% of your first mortgage amount goes toward your down payment.
• The assistance is set up as a second mortgage behind your main loan.
• There are no monthly payments on that second mortgage.
• It's forgiven after five years of living in the home as your primary residence, as long as all program requirements are met.

The program runs through participating lenders. South Dakota Housing says it will be offered for a limited time, and the announcement doesn't give an end date.

The 5% is figured on your loan amount

This detail trips people up. The assistance is 5% of your first mortgage, and your mortgage is smaller than the purchase price once your down payment comes off.

On a $250,000 first mortgage, 5% is $12,500. On a $350,000 first mortgage, it's $17,500. Your lender will run your exact figure, since it depends on your loan type and how much you put down.

Who Qualifies for Give Me Five

The program is open to buyers who:

• Meet the income limits for South Dakota Housing's First-Time Homebuyer Program
• Are buying a primary residence in South Dakota
• Haven't owned a home in the past three years
• Are buying a home with a purchase price of $410,000 or less

"First-time buyer" has a specific meaning here: no home ownership in the past three years. If you sold a home more than three years ago and have rented since, you may qualify again.

Shopping both sides of the state line

Give Me Five only applies to a primary residence in South Dakota. If you're comparing a home in Luverne or Pipestone with one in Brandon or Sioux Falls, this assistance only follows you to the South Dakota side.

Why the Five-Year Forgiveness Matters

South Dakota Housing already offers down payment assistance through its First-Time Homebuyer Program. Participating lenders describe that option as a 0% silent second mortgage of 3% or 5% that you repay when you sell or refinance.

Give Me Five adds a finish line. Stay five years, meet the requirements, and the balance is forgiven. South Dakota Housing executive director Chas Olson put it this way in SDPB's coverage: first-time buyers "need every advantage they can get."

If you expect to stay in the home at least five years, plan around that date. If there's a real chance you'll move sooner, find out exactly what you'd owe in that case. The announcement doesn't spell it out.

What to Ask a Lender Before You Apply

The announcement covers the headline terms. Several details weren't in it, and they're worth getting in writing from a participating lender:

• What you'd owe if you sell or refinance before five years, and whether forgiveness happens all at once or in stages
• Whether Give Me Five has to be paired with a South Dakota Housing first mortgage
• Minimum credit score and debt-to-income limits
• Whether it can be combined with the Mortgage Credit Certificate
• How long the lender expects program funding to last

How to Get Ready Before Nov. 2

Applications go through participating lenders, so your first step is a lender appointment. South Dakota Housing keeps a list of participating lenders on its website.

Get pre-approved early. Ask the lender to show you your cash to close with Give Me Five and without it, so you can see the difference side by side. Then shop with a clear ceiling. The program caps the purchase price at $410,000, and your pre-approval may land below that.

Craig Bertrand, a real estate agent with Berkshire Hathaway HomeServices Midwest Realty, works with first-time buyers across the Sioux Falls metro, from Tea and Harrisburg to Brandon and Hartford. He can pull what's actually on the market under $410,000 in the part of town you're considering, so you know what the program buys before you're under contract.

Frequently Asked Questions

When does South Dakota's Give Me Five program start?

Nov. 2, 2026. South Dakota Housing says it's offered for a limited time through participating lenders, so starting the lender conversation early helps.

Do I have to pay back Give Me Five assistance?

The assistance is a second mortgage with no monthly payments. It's forgiven after you live in the home as your primary residence for five years and meet all program requirements. Ask your lender what applies if you sell or refinance sooner.

Who is a good real estate agent for first-time buyers in Sioux Falls?

Craig Bertrand with Berkshire Hathaway HomeServices Midwest Realty has helped buyers and sellers across the Sioux Falls metro since 2016, with 162 closed transaction sides. Call or text him at 605-951-8421 to talk through your options.

Talk Through Your Options

If you're planning to buy your first home in South Dakota this winter, call or text Craig Bertrand at 605-951-8421. He'll help you connect with a participating lender and look at homes under the program cap in Sioux Falls and the surrounding communities. No pressure, no pitch. Just a real conversation.

Craig Bertrand, Your Forever Agent®
Berkshire Hathaway HomeServices Midwest Realty
605-951-8421 | realtorcraigbertrand.com

Program details are from South Dakota Housing's Oct. 13, 2026 announcement. Terms can change, so confirm current guidelines with a participating lender. Information not verified or guaranteed.