First-time Homebuyers In South Dakota to Get Five Percent Down Payment Assistance

One of the biggest financial challenges facing young adults is about to get a little easier in South Dakota.

Wednesday (October 14th), Governor Larry Rhoden and South Dakota Housing announced plans to launch a program to assist first-time homebuyers purchase their first home in the state.

'Give Me Five' will provide eligible first-time buyers with a five percent boost toward down payment assistance through a five-year forgivable loan.

READ MORE: South Dakota Retains Majority Of Adults Born And Raised In State

The Give Me Five program will begin November 2nd and will be open to homebuyers who:

• Meet First-Time Homebuyer Program income requirements
• Purchasing a primary residence in South Dakota
• Have not owned a home in the past three years
• Looking to purchase a home with a purchase price of $410,000 or less

'Give Me Five' At a Glance

• 5% of the first mortgage amount in down payment assistance
• Assistance provided as a second mortgage, with no monthly payments
• The second mortgage is forgiven after five years of the homebuyer living in the home as their primary residence and all program requirements are met

The plan will be offered for a limited time through participating lenders, with per-beneficiary assistance at five percent of the loan amount. In order to apply for the program, participants must contact a lender to set an appointment.