Buying Your First Home in Sioux Falls: New Down Payment Help and Opportunities to Explore
Down payment help, affordable housing options, and new construction savings for first-time buyers in the Sioux Falls area.
Buying your first home can feel overwhelming. How much money do you need saved? What can you comfortably afford? How do you know whether you're choosing a good home—and getting a fair deal?
You don't have to figure it all out on your own.
I've helped many first-time homebuyers begin that journey this year, and it's one of the things I love most about being a real estate agent. Right now, there are a few opportunities worth exploring in the Sioux Falls area, including newly announced down payment assistance, local affordable housing programs, and potential savings on new construction.
A first step: South Dakota Housing's "Give Me Five"
South Dakota Housing has announced Give Me Five, a limited-time program scheduled to open November 2, 2026. Eligible buyers can receive down payment assistance equal to 5% of their first mortgage amount.
The assistance is a second mortgage with no monthly payments. It is forgiven after five years if the buyer continues living in the home as their primary residence and meets all program requirements.
Eligibility includes income limits, a purchase price of $410,000 or less, and generally not having owned a home during the previous three years. Applications go through participating lenders.
If saving for a down payment has been holding you back, this is a conversation worth having with a lender. Ask about eligibility, total monthly costs, and what happens if you move before the five years are up. Read the official program announcement.
Another local resource: affordable housing through SEDF
The South Eastern Development Foundation (SEDF) highlights several housing options that buyers may want to explore:
- Governor's House Program: An option for income-qualified buyers interested in purchasing or building a new home, with regional sales assistance through the South Eastern Council of Governments.
- Recycled homes: Donated homes that SEDF relocates and renovates for resale at market rate.
- Rehab homes: Existing homes SEDF purchases and renovates.
Some properties require income qualification through the City of Sioux Falls. Availability and requirements vary, so we'll need to look at the specific opportunity. Explore SEDF's affordable housing programs.
New construction may deserve a place on your list
Don't automatically assume a newly built home is outside your reach.
I keep a close eye on new construction opportunities in our area, including builders looking to sell remaining homes before the end of the year. Depending on the property and the builder's goals, there may be room to negotiate the price or ask for help with closing costs.
Recently, I negotiated on a home that had already received $40,000 in price reductions before we submitted an offer. We negotiated an even lower purchase price and concessions toward closing costs.
Every transaction is different, but that experience is a reminder: the advertised price doesn't always tell the whole story. Knowing what to ask for—and how to negotiate it—can make a meaningful difference.
Your lender will also need to confirm which seller concessions and assistance options your loan allows.
What working with me looks like
You deserve personal attention. You deserve to feel heard. And you deserve to ask questions without feeling rushed or embarrassed.
I take time to understand what matters to you, explain the next steps, and help you look beyond the fresh paint or beautiful kitchen. I'll point out concerns you might overlook and help you identify questions for a qualified home inspector, so you can make a more informed decision.
When it's time to make an offer, I'll negotiate strongly on your behalf—with your budget, priorities, and comfort level in mind.
Buying your first home is a big decision. My job is to help you understand your options and feel supported throughout the process.
Let's start with a conversation
You don't need to have everything figured out before reaching out.
If you're wondering whether buying your first home in the Sioux Falls area could be possible, let's talk about your goals, explore available homes, and connect you with a lender who can explain your financing and assistance options.
Helping someone take that first step toward a place of their own—that's what I love. That's what it's all about.
Reach out to Jennifer Krosch to start your first-home conversation.
Program information is current as of October 14, 2026. Eligibility, funding, property availability, and loan requirements apply. Assistance and negotiated savings are not guaranteed.
Want to explore your first-home options in the Sioux Falls area? Start the conversation with Jennifer Krosch.
Frequently Asked Questions About Buying Your First Home in Sioux Falls
How do I know if I'm ready to buy my first home?
Start with a monthly payment you can comfortably afford, the savings you have available, and how long you expect to stay in the home. A lender can help you understand your financing options, and I can help you explore what that budget buys in the Sioux Falls area. You don't need to have all the answers before we talk.
Do I need a 20% down payment to buy a home?
No. Some mortgage options allow a smaller down payment, and eligible buyers may qualify for assistance. Your required down payment, mortgage insurance, and total cash needed will depend on your loan and circumstances. Ask your lender to compare the full monthly payment and upfront costs—not just the down payment.
What is South Dakota Housing's Give Me Five program?
Give Me Five offers eligible buyers down payment assistance equal to 5% of their first mortgage amount. It opens November 2, 2026, and is planned as a limited-time program through participating lenders.
The assistance is a second mortgage with no monthly payments. It is forgiven after five years of living in the home as your primary residence, provided all program requirements are met. Buyers must meet income requirements, purchase a qualifying South Dakota primary residence for $410,000 or less, and meet the program's homeownership-history rules. See the official announcement.
Can I qualify as a first-time buyer if I owned a home before?
Possibly. Give Me Five's eligibility criteria include not having owned a home in the past three years. Prior ownership doesn't automatically rule you out, but a participating lender must confirm that you meet all requirements. Review the program criteria.
Are there affordable housing options besides down payment assistance?
Yes. South Eastern Development Foundation's housing resources include the Governor's House Program for income-qualified buyers, along with homes that SEDF relocates or rehabilitates. These are housing opportunities with their own requirements and availability. Some properties require income qualification through the City of Sioux Falls. Explore SEDF's programs.
Should a first-time buyer consider new construction?
Absolutely—it's worth comparing with existing homes in your price range. I'm watching builders who want to sell remaining homes before year-end, and some properties may offer opportunities to negotiate.
Recently, a home I negotiated on had already been reduced by $40,000. We secured a further price reduction and concessions toward closing costs. That's one transaction, not a promise of the same result on every home, but it shows why asking the right questions matters.
Can a seller help pay my closing costs?
Yes, seller contributions toward closing costs can be negotiated as part of an offer. The seller must agree, and your lender must confirm the amount and uses your loan allows. I'll help you decide what to request based on the property, your priorities, and the financing requirements.
Should I wait for mortgage rates to drop?
That depends on your finances and timeline. We can explore what works at today's payment and compare it with waiting and saving longer. I want you to feel comfortable with the home and payment you choose without depending on a future rate drop or refinance.
How will you help me choose a solid home?
I'll listen to your needs, help you evaluate homes, point out concerns you may overlook, and help you ask informed questions. My observations support—but don't replace—a qualified home inspection. You'll have someone beside you as you review findings and decide how to move forward.
What's the first step to working with you?
Reach out and tell me what you're hoping for—even if you're unsure whether you're ready. We'll discuss your goals, timeline, and concerns, then connect with a lender to understand your budget and potential assistance options.
You'll get personal attention, clear explanations, and someone ready to negotiate strongly for you. Helping first-time buyers begin this journey is one of the most rewarding parts of what I do.
Program details are current as of October 14, 2026. Eligibility, funding availability, and loan requirements apply.