Welcoming single-story home at dusk, representing first-time home buying in Sioux Falls

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South Dakota's new Give Me Five program gives eligible first-time buyers down payment help equal to 5% of their mortgage — with no monthly payments, and the loan is forgiven after five years in the home. It launched November 2, 2026, and applies to homes priced $410,000 or less, which covers the large majority of listings around Sioux Falls. If a down payment is the only thing standing between you and a home, this one is worth a serious look.

Quick Answer: Give Me Five is a South Dakota Housing program that gives eligible first-time buyers down payment assistance equal to 5% of their first mortgage, set up as a second mortgage with no monthly payments that is forgiven after five years in the home as your primary residence. It launched November 2, 2026, covers homes priced $410,000 or less, and you apply through a participating lender. Most Sioux Falls-area listings qualify.

What Give Me Five actually is

Give Me Five comes from South Dakota Housing, the state's housing authority. Here's how it works:

  • 5% of your first mortgage in down payment help, provided as a second mortgage.
  • No monthly payments on that second mortgage.
  • Forgiven after five years of living in the home as your primary residence, as long as you meet the program requirements.
  • Launched November 2, 2026, and offered for a limited time through participating lenders.

In plain terms: on a $300,000 loan, that's about $15,000 toward your down payment that you never pay back if you stay five years. For a lot of first-time buyers, that's the difference between "someday" and "this year."

Who qualifies

To use Give Me Five, you generally need to:

  • Be a first-time buyer — meaning you haven't owned a home in the past three years.
  • Meet South Dakota Housing's First-Time Homebuyer Program income limits (a participating lender can check your number).
  • Buy a primary residence in South Dakota.
  • Stay within the $410,000 price limit.

You apply through a participating lender, not directly with the state. South Dakota Housing keeps a list of participating lenders, and we're happy to connect you with local ones who know the program.

Which Sioux Falls homes qualify?

Here's the good news: with the Sioux Falls median sale price around $310,000 as of the October 2026 report, the large majority of local listings fall under the $410,000 cap. We built a live search page that shows every home in the area priced $410,000 or less — in other words, every home that fits the Give Me Five limit — across Sioux Falls, Brandon, Harrisburg, Tea, Canton, Lennox, and the surrounding towns. It updates straight from the local MLS, so it stays current.

Start there, save the ones you like, and set up instant alerts so you catch new qualifying homes the moment they list.

How to put Give Me Five to work

  1. Get pre-approved with a participating lender. They'll confirm you meet the income and first-time-buyer rules and tell you your real budget.
  2. Shop homes at $410,000 or less. Use the qualifying-homes search to focus only on homes that fit the program.
  3. Make your offer and close. The 5% assistance comes through at closing as a second mortgage — no monthly payment to budget for.
  4. Stay five years. Live in the home as your primary residence, and the assistance is forgiven.

Give Me Five can also work alongside other first-time-buyer tools, so the right lender can help you combine it with the loan that fits you best. Our team walks buyers through this all the time — reach out whenever you want a hand.

Frequently Asked Questions

Do I have to pay Give Me Five back?
Not if you stay. The 5% assistance is a second mortgage with no monthly payments, and it's forgiven after five years of living in the home as your primary residence. If you sell or move out before five years, it may need to be repaid, so confirm the details with your lender.

Who is eligible for Give Me Five?
First-time buyers — those who haven't owned a home in the past three years — who meet South Dakota Housing's income limits and are buying a primary residence in South Dakota priced at $410,000 or less.

What's the maximum home price?
$410,000. With the Sioux Falls median near $310,000, most local listings qualify — you can browse all of them on our homes $410,000 or less page.

How do I apply for Give Me Five?
You apply through a participating lender, not directly with the state. South Dakota Housing keeps a list of participating lenders, and we can connect you with local ones.

When did Give Me Five start, and will it last?
It launched November 2, 2026, and is offered for a limited time through participating lenders. If it fits your situation, it's worth acting while funds are available.

Ready to find a qualifying home?

Browse every Sioux Falls-area home priced $410,000 or less on this site, set up instant alerts, and when you're ready, the Jeff Merrill Team will help you line up a participating lender and put Give Me Five to work — no pressure.

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