PIERRE, S.D. – First-time homebuyers in South Dakota will soon have a new opportunity to get help with the cost of purchasing a home.
Governor Larry Rhoden and South Dakota Housing have announced the new Give Me Five program, which launches November 2. The program will provide eligible buyers with down payment assistance equal to five percent of their first mortgage amount.
The assistance will be offered as a second mortgage with no monthly payments. It can be fully forgiven after five years if the homeowner continues to use the property as their primary residence and meets program requirements.
To qualify, applicants must meet income guidelines, buy a primary residence in South Dakota, not have owned a home in the past three years, and purchase a home valued at $410,000 or less.
Housing officials say the program is designed to help first-time buyers overcome one of the biggest obstacles to homeownership in today’s housing market. The assistance will be available through participating lenders for a limited time.
