South Dakota Launches Give Me Five Homebuyer Assistance Program

Governor Larry Rhoden and the South Dakota Housing Development Authority are launching Give Me Five, a downpayment assistance program for first-time homebuyers starting November 2, 2026. The initiative provides eligible participants with a forgivable loan equal to 5% of their first mortgage amount to help overcome affordability barriers.

Structured as a second mortgage with no monthly payments, the assistance is forgiven if the buyer maintains the home as their primary residence for five years. To qualify, applicants must meet First-Time Homebuyer Program income requirements, have no homeownership history within the last three years, and purchase a primary residence in South Dakota priced at $410,000 or less.

The program will be available for a limited time through participating lenders, and interested buyers must schedule appointments with these lenders to apply. Governor Rhoden stated that the initiative, combined with the largest property tax cut in state history, is intended to make homeownership more affordable and help residents put down roots in the state.