If saving for a down payment is the thing standing between you and your first home, this one is worth reading. On November 2, 2026, South Dakota Housing and the State of South Dakota launched a new program called Give Me Five.
What is Give Me Five?
Give Me Five is down payment assistance equal to 5% of your mortgage. It comes as a loan, but it works a lot like a gift if you stay in the home:
- No monthly payments on the assistance.
- Forgiven after five years if you keep living in the home and meet the program requirements.
- It can go toward your down payment, so you need much less cash to buy.
On a $300,000 home with a $290,000 mortgage, 5% is about $14,500. That’s money many buyers would otherwise spend years saving.
Who qualifies?
- First-time buyers. In South Dakota that means you haven’t owned a home in the past three years, so you may qualify even if you owned before.
- Income limits. Household income must be under limits that range from about $103,400 to $144,760, depending on the county and your family size.
- Price limit. The home can cost up to $410,000.
- A participating lender. You apply through a lender approved by South Dakota Housing.
What it means in Sioux Falls
The median home in Sioux Falls sold for $344,600 in September 2026, comfortably under the $410,000 limit. That puts a lot of homes in Southwest Sioux Falls, Southeast Sioux Falls, Tea, Harrisburg and Brandon within reach for buyers who qualify.
It’s only here for a limited time
The program is temporary, with up to 2,500 loans authorized statewide. When the money is gone, it’s gone. If you’ve been thinking about buying in the next few months, now is the time to talk to a lender and get pre-approved.
How to get started
- Step 1: Talk to a participating lender and ask about Give Me Five. South Dakota Housing keeps a list at sdhousing.org.
- Step 2: Get pre-approved so you know your price range.
- Step 3: Call or text me. I’ll help you find homes under the price limit and write a strong offer.
Program details come from South Dakota Housing announcements reported in October 2026 and can change. Your lender will confirm whether you qualify and the exact amount.
