South Dakota launches Give Me Five down payment assistance program
South Dakota Housing has introduced a five percent down payment assistance program to help qualified first-time buyers purchase homes across the Sioux Falls market.
FTMQ Real Estate, written by our newsroom0 views
South Dakota Housing launched a new homeownership initiative called Give Me Five on Nov. 2, SiouxFalls.Business reported. Citing South Dakota Searchlight, the outlet stated that the program provides eligible buyers with down payment assistance equal to 5 percent of their mortgage. [1]
Under the terms of the program, participants make no payments on the down payment loan, SiouxFalls.Business reported. The remaining balance is fully forgiven after five years, provided the buyers remain in the home and fulfill all program requirements. [1]
To qualify for the initiative, applicants must not have owned a home within the past three years, according to SiouxFalls.Business. Household income limits range from $103,400 to $144,760, depending on family size and county location. [1]
The initiative targets buyers in Sioux Falls, which is the most populous city in South Dakota with a 2020 census population of 192,517. The city serves as the county seat of Minnehaha County and extends into northern Lincoln County. [1][2]
In short
- South Dakota Housing launched the Give Me Five program on Nov. 2.
- Eligible buyers receive down payment assistance equal to 5 percent of their mortgage.
- The loan balance is forgiven after five years if program requirements are met.
- Qualifying household income maximums range from $103,400 to $144,760.
Sources
Every paragraph above points to the numbered items it rests on. Read the originals here.
- [1]Stockberger: 'Give Me Five' puts more first-time buyers in Sioux Falls homes. Here's what happens nextSiouxFalls.Business, 1h ago (the report this story comes from)
Background
- [2]Sioux Falls, South Dakota on Wikipedia
- [3]Sense Field on Wikipedia
Our newsroom writes these reports with the help of software, from the 3 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.
Related from FTMQ Real Estate
Earlier reports of ours on the same people and subjects.
- Opendoor tests shared equity home purchases in North CarolinaBuying and Selling, 21d ago
- Down payment assistance cuts time to save by 18 monthsHousing Market, 12d ago
- Alameda County develops ADU program to help seniors age in placeTop Stories, 19d ago
- New York City Council Passes Community Opportunity to Purchase ActRenting, 17d ago
- Realtor.com Launches RealAssist AI Tool Within Realtor.com Plus PlatformBuying and Selling, 34d ago
More in Housing Market
- Pent up housing demand could enter market if affordability and supply improve20m ago
- U.S. mortgage rates exceed seven percent as rising yields weigh on market20m ago
- Mortgage rates decrease as inventory drops to under 903,000 units2d ago
- US payrolls added 165,000 jobs in October strengthening rate hike case3d ago
- US payrolls added 165000 jobs in October as unemployment fell3d ago
- October job gains hit 165000 raising December rate hike odds3d ago
Get the day in one email
Reports like this one, the top news of the last 24 hours, every morning. Free, one email a day; readers can comment under every report.
By signing up you agree to our terms and privacy policy. Unsubscribe any time.
Comments
Loading
Join the conversation
Comments are open to readers of our daily email: the top news of the last 24 hours, every morning, free. Sign up and the comment box opens.
Already on the list? Enter the same address and we will send a sign-in link.
By signing up you agree to our terms and privacy policy. Unsubscribe any time.