Give Me Five: South Dakota's New Down Payment Assistance Program for First-Time Homebuyers
By the Fairway Heartland Team | Fairway Independent Mortgage Corporation, Sioux Falls, SD
For most first-time buyers, the hardest part of buying a home is not the monthly payment. It is coming up with the down payment. Rent keeps rising, savings take time to build, and the dream of owning a home can feel like it keeps moving farther away.
That is why the Fairway Heartland team is excited about a new program from South Dakota Housing. On October 13, 2026, SD Housing announced Give Me Five, a down payment assistance program created in partnership with Gov. Larry Rhoden to help first-time homebuyers in South Dakota get into a home of their own.
Here is a simple breakdown of how the program works, who qualifies, and what buyers in Sioux Falls, Harrisburg, Tea, Brandon, and across the Sioux Empire can do now to get ready.
What Is the Give Me Five Program?
Give Me Five gives eligible first-time buyers a 5% boost toward their down payment through a five-year forgivable loan. In plain terms, it is help with your down payment that you may never have to pay back, as long as you live in the home and follow the program rules.
Give Me Five at a Glance
Assistance amount: 5% of your first mortgage amount
How it is provided: As a second mortgage
Monthly payments: None on the second mortgage
Forgiveness: Forgiven after five years of living in the home as your primary residence, as long as all program requirements are met
Launch date: November 2, 2026
Availability: For a limited time, through participating lenders
What Could 5% Mean for You?
Because the assistance depends on your first mortgage amount, the dollar amount depends on how much you borrow. Here are a few examples:
$200,000 loan: $10,000 in down payment assistance
$250,000 loan: $12,500 in down payment assistance
$300,000 loan: $15,000 in down payment assistance
$350,000 loan: $17,500 in down payment assistance
For many families, that is the difference between buying this year and waiting several more years to save. It can also help keep more of your own savings in the bank for moving costs, furniture, or an emergency fund.
These examples are for illustration only. Your loan officer can show you real numbers based on your situation.
Who Qualifies for Give Me Five?
According to SD Housing, the program is open to homebuyers who:
Meet the First-Time Homebuyer Program income requirements
Are purchasing a primary residence in South Dakota
Have not owned a home in the past three years
Are buying a home with a purchase price of $410,000 or less
Good to know: "First-time homebuyer" covers more people than you might think. If you owned a home in the past but haven't owned or lived in one for the last three years, you may still qualify. Income limits vary by county and household size, so the best way to know for sure is to talk with a participating lender.
Related reading: Want to learn about other first-time buyer options in South Dakota? Read our guide to SD Housing first-time homebuyer programs.
How to Apply for Give Me Five
You cannot apply for Give Me Five directly through SD Housing. The program runs through participating lenders, and SD Housing asks buyers to contact one to schedule an appointment. Here is how the Fairway Heartland team recommends getting started:
Reach out to a participating lender. Schedule a time to review your goals, income, and budget.
Get pre-approved. A pre-approval shows what you can afford and lets your loan officer check whether you meet the program guidelines.
Gather your documents. Expect to provide recent pay stubs, W-2s or tax returns, bank statements, and a photo ID.
Start your home search. Shop for homes priced at $410,000 or less, and work with a real estate agent who knows the local market.
Move quickly. Give Me Five is a limited-time program, so getting your paperwork ready early puts you in a better position once it opens.
Related reading: Learn how the Fairway Advantage Pre-Approval can help your offer stand out to sellers.
Why Timing Matters
SD Housing has said Give Me Five will only be offered for a limited time. Programs like this can be popular, and buyers who are already pre-approved when it launches on November 2 will be ready to act.
South Dakota Housing Executive Director Chas Olson noted that first-time buyers need every advantage they can get in today's market. The Fairway Heartland team agrees. The more prepared you are, the smoother your path to closing will be.
Tips From the Fairway Heartland Team
Check your credit early. Knowing your score now gives you time to fix errors or pay down balances before you apply.
Avoid new debt. Hold off on financing a car or opening new credit cards while you prepare to buy.
Ask about other programs. Your loan officer can walk you through every option, so you can choose the best fit for your budget.
Plan for closing costs. Give Me Five helps with your down payment, but it is smart to ask your lender for an estimate of the total cash you'll need at closing.
Related reading: Are you a veteran, healthcare worker, educator, or first responder? See how the Heartland Heroes program gives back to those who serve.
Frequently Asked Questions
When does the Give Me Five program start?
Give Me Five launches on November 2, 2026, and SD Housing plans to offer it for a limited time through participating lenders.
How much down payment assistance does Give Me Five provide?
Eligible buyers receive 5% of their first mortgage amount. For example, a $300,000 loan would come with $15,000 in down payment assistance.
Do I have to pay back the Give Me Five assistance?
The assistance is a second mortgage with no monthly payments. It is forgiven after five years of living in the home as your primary residence, as long as you meet all program requirements.
What is the maximum home price for Give Me Five?
The home's purchase price must be $410,000 or less.
Can I use Give Me Five if I have owned a home before?
Yes, as long as you have not owned a home in the past three years and meet the other program requirements.
Can I use Give Me Five for a rental property or second home?
No. The home must be your primary residence in South Dakota.
How do I apply for Give Me Five?
Contact a participating lender to set up an appointment. Your loan officer will review your income, help you get pre-approved, and confirm whether you qualify.
Ready to Take the First Step?
Buying your first home is a big decision, and you do not have to figure it out alone. The Fairway Heartland team in Sioux Falls helps first-time buyers across South Dakota understand their options, get pre-approved, and close with confidence.
If you are thinking about buying a home in Sioux Falls, Harrisburg, Tea, Brandon, or anywhere in South Dakota, now is a great time to start the conversation. Contact Fairway Heartland today to see if Give Me Five could help you get the keys to your first home.
Source: South Dakota Housing, "South Dakota Housing Introduces New Program for Down Payment Assistance," October 13, 2026.
Program details are provided by South Dakota Housing and are subject to change. Not all borrowers will qualify. Income limits, purchase price limits, and other program requirements apply. Funds are available for a limited time. Fairway Independent Mortgage Corporation. Equal Housing Opportunity. NMLS #2289.