For many aspiring homeowners, the biggest challenge is saving enough money for a down payment and closing costs. A new program from South Dakota Housing is designed to help eligible buyers overcome that challenge and make homeownership more attainable.
Beginning November 2, 2026, the Give Me Five Program offers qualified first-time homebuyers down payment assistance equal to 5% of their first mortgage amount. For buyers who have been working toward homeownership but struggling to build a down payment fund, this program could make a meaningful difference.
What Is the Give Me Five Program?
The Give Me Five Program is a down payment assistance program offered through South Dakota Housing for a limited time in conjunction with an eligible South Dakota Housing first mortgage. Eligible homebuyers may receive assistance equal to 5% of their first mortgage amount to help cover down payment and eligible closing costs.
The assistance is structured as a 0% APR second mortgage with no monthly payments. The entire second mortgage balance is forgiven after five years if the homeowner occupies the property as a principal residence throughout the five-year period and meets all other program requirements.
How Much Assistance Can Homebuyers Receive?
Qualified homebuyers may receive assistance equal to 5% of their first mortgage amount, with a maximum home purchase price of $410,000.
For example, if the first mortgage amount is $300,000, an eligible buyer may qualify for $15,000 in assistance toward eligible upfront homebuying costs.
The assistance can help eligible borrowers cover a portion of their down payment and eligible closing costs, reducing the amount of cash they need to bring to closing.
Who May Be Eligible?
To qualify for the Give Me Five Program, buyers generally must:
- Be a first-time homebuyer (no homeownership within the past 3 years)
- Meet applicable income limits
- Purchase a primary residence located in South Dakota
- Purchase a home with a sales price that is less than $410,000
- Meet all mortgage and program eligibility requirements
Additional eligibility guidelines, income limits, and lending requirements apply.
How Does the Five-Year Forgiveness Period Work?
One of the standout benefits of the Give Me Five Program is the potential for loan forgiveness.
The loan balance will be forgiven in full at the end of the five-year period rather than gradually over time. Selling, refinancing, or moving out of the home before the five-year period ends will trigger repayment of the outstanding second-mortgage balance.
This feature can provide valuable financial flexibility during the early years of homeownership.
Is the Give Me Five Program Right for You?
The Give Me Five Program may be worth exploring if you:
- Are purchasing your first home in South Dakota
- Have steady income but limited savings for a down payment
- Meet South Dakota Housing income requirements
- Plan to live in the home as your primary residence
- Want to explore programs that can reduce your upfront homebuying costs
Take the Next Step Toward Homeownership with Granite Bank
Ready to see if the Give Me Five Program could help you get into your first home? Contact a Granite Bank loan officer today to learn more and take the next step toward homeownership.
Program availability, eligibility requirements, income limits, loan terms, and forgiveness conditions are subject to South Dakota Housing guidelines. All loans are subject to credit approval. Additional restrictions may apply.
