Give Me Five
SD Housing / Ready To Buy? / Available Homebuyer Programs / Give Me Five
A 5% boost toward your first home, with a five-year forgivable loan. Let us help you purchase your first home.
The Give Me Five homeownership program provides five percent of the loan amount as a five-year forgivable loan to be used for downpayment and/or closing cost assistance when homebuyers wish to purchase their first home in South Dakota.
Eligibility
You have an income at or below prescribed South Dakota Housing Income Limits.
The home you are wanting to purchase will be your principal residence and in South Dakota.
You are a first-time homebuyer, meaning you have not owned a home in the past three years.
You are wanting to purchase a house with a purchase price that is less than $410,000.
See your Participating Lender for complete details.
Availability
The Give Me Five homeownership program is available for a limited time in conjunction with a SDH first mortgage available through a Participating Lender.
Program Parameters
Five percent (5%) of the first mortgage amount in downpayment and/or closing cost assistance
Assistance provided as a second mortgage at 0% interest, with no monthly payments
Second mortgage is forgiven after five years of the homebuyer living in the home as their principal residence and all other program requirements are met
How do I apply?
To get started contact a Participating Lender in your area for an appointment to confirm the current interest rates and other SDH requirements, and begin the application process.
Your Questions, Answered
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The assistance is provided as a forgivable loan, which means if the borrower meets all the program requirements throughout the five-year forgiveness period, the loan may be fully forgiven.
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Eligible borrowers may receive assistance equal to 5% of the loan amount, subject to program limits and eligibility requirements.
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The loan is structured as a deferred-payment, forgivable loan with no monthly payments required during the forgiveness period as long as loan terms are being met. Should the loan terms not be met, repayment will be required.
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Eligibility is based on household income, creditworthiness, property location and other qualifying criteria. Please visit with a Participating Lender for more information.
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Combining assistance may be possible, but it depends on the requirements of both programs and the first mortgage lender. Approval should be obtained before relying on multiple sources of assistance.
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After the borrower lives in the home for five years and meets all program requirements, the loan is satisfied and the borrower doesn’t have to make any payments on the loan.
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The loan balance will be forgiven all at once, with the entire balance forgiven by the end of the five-year term if all requirements are met.
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Continued owner occupancy is a program requirement. The borrower(s) must use the home as their primary residence for the 5-year period to qualify for forgiveness.
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Selling, refinancing or moving out before the five years is up will trigger repayment of the outstanding loan balance.
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The borrower(s) will receive written confirmation showing that the associated lien has been released.
READY TO BUY?