By Phil Ganz
Edited by Ryan Skerritt
Dreaming of owning a home in Polk County but struggling with the upfront costs?
The Housing Finance Authority’s First-Time Homebuyer Program offers $7,500 in down-payment and closing cost assistance to help make homeownership more affordable.
With flexible income limits, targeted area benefits, and below-market loan options, this program can be the key to getting your new home.
Check Eligibility for Polk County Down Payment Assistance
Polk County Down Payment Assistance Program Overview
The Polk County First-Time Homebuyer Program, offered through the Housing Finance Authority, is designed to help local residents overcome one of the biggest hurdles to homeownership: upfront costs.
Eligible buyers can combine affordable first mortgage options with down payment and closing cost assistance, making it easier to purchase a home in Polk County.
With competitive interest rates, flexible income guidelines, and special benefits for homes in designated target areas, this program provides a clear path for first-time buyers, veterans, or those who haven’t owned a home in the past three years to achieve their dream of homeownership.
$7,500 in Down Payment and Closing Cost Assistance
Polk County homebuyers can receive $7,500 in financial assistance through the Home Key Plus 2nd Mortgage program.
This aid can be applied toward both the down payment and closing costs, reducing the upfront cash needed to purchase a home.
The assistance comes as a 0% interest, deferred second mortgage, meaning there are no monthly payments and repayment is only required if you sell, refinance, rent out the home, or no longer use it as your primary residence.
Benefits of Polk County First-Time Homebuyer Aid
The Polk County First-Time Homebuyer Program offers several advantages that make purchasing a home more affordable and achievable.
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$7,500 in down payment and closing cost assistance
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Competitive interest rates on FHA, VA, RD, and Conventional loans
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Flexible income limits with higher allowances in target areas
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No monthly payments on the assistance loan (0% interest, deferred)
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Eligibility for first-time buyers, veterans, or those who haven’t owned a home in 3 years
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Required homebuyer education class to prepare for long-term success
With these benefits, Polk County residents can confidently take the next step toward affordable and sustainable homeownership.
Eligibility Requirements for Polk County Homebuyers
To qualify for the Polk County First-Time Homebuyer Program, applicants must meet certain guidelines designed to ensure affordability and long-term success.
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Must be a first-time homebuyer, veteran, or not have owned a home in the past three years
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Minimum credit score of 660
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Home must be used as a primary residence
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Completion of a HUD-approved Homebuyer Education class is required
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Must work with an approved lender from the program’s list
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Meet income and purchase price limits (with higher allowances in target areas)
By meeting these requirements, Polk County buyers can access valuable financial assistance and secure a more affordable path to homeownership.
Income and Purchase Price Limits in Polk County
The Polk County Home Key 1st Mortgage program sets maximum income levels and purchase price caps that vary depending on family size and whether the home is in a Target Area.
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1–2 family members
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Non-Target Area: $99,874
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Target Area: $114,360
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3+ family members
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Non-Target Area: $114,855
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Target Area: $133,420
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Maximum purchase price:
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$544,232 for Non-Target Areas
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$665,173 for Target Areas
These limits ensure the program serves moderate-income buyers while still making homeownership accessible in higher-cost neighborhoods.
Note: Target Areas are federally designated census tracts that allow for higher income limits and purchase price caps, making it easier for homebuyers in these neighborhoods to qualify for assistance.
Check Eligibility for Polk County Down Payment Assistance
Loan Program Options and Current Interest Rates
Polk County homebuyers can choose from several affordable loan programs paired with down payment assistance to make purchasing a home more accessible.
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FHA, VA, and RD loans: 6.00%
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Freddie Mac HFA Advantage Conventional: 6.50%
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Minimum FICO score: 660
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Primary residence requirement: The home must be your primary residence for the life of the loan.
How to Apply for Polk County Down Payment Assistance
Getting started with the Polk County First-Time Homebuyer Program is a straightforward process, and the first step is making sure you qualify.
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Check your eligibility online for free to see if you meet the income, credit, and program requirements.
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Determine if your income and credit score are within the guidelines.
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If you need help improving your credit, contact a HUD-approved Housing Counseling Agency that also provides the required Home Buyer Education course.
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Sign up for the Home Buyer Education class and receive your certificate.
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Contact one of the approved lenders, let them know you have completed the class, and request a pre-approval.
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Once pre-approved, work with a Realtor of your choice to find a home.
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Complete the purchase, go to closing, and get the keys to your new home.
Target Areas Eligible for Extra Homebuyer Benefits
Polk County homebuyers purchasing in certain federally designated Target Areas can access higher income limits and purchase price caps, making it easier to qualify for assistance.
Eligible Census Tracts in Polk County:
0111.00, 0112.02, 0112.04, 0114.00, 0117.04, 0117.32, 0134.00, 0136.01, 0139.01, 0141.27, 0145.02, 0149.03, 0161.00, 0164.00
Homes located in these Target Areas provide expanded opportunities for buyers, particularly in neighborhoods that are prioritized for community development and investment.
Check Eligibility for Polk County Down Payment Assistance
Frequently Asked Questions: Polk County Down Payment Assistance
Here are answers to the most common questions about Polk County’s $7,500 First-Time Homebuyer Program.
How much down payment assistance is available in Polk County?
Polk County homebuyers can receive $7,500 in down payment and closing cost assistance through the Home Key Plus 2nd Mortgage program.
Who qualifies for the Polk County down payment assistance program?
Eligibility is open to first-time buyers, veterans, or those who haven’t owned a home in the past three years, provided they meet credit, income, and purchase price requirements.
What credit score do I need for Polk County down payment assistance?
A minimum FICO score of 660 is required to qualify for the Polk County First-Time Homebuyer Program.
Do I have to pay back the $7,500 assistance in Polk County?
The loan is a 0% interest, deferred second mortgage, repayable only if you sell, refinance, rent out the home, or no longer live there as your primary residence.
What is the maximum income limit for Polk County homebuyers?
For 2025, income limits range from $99,874 for 1–2 person households in Non-Target Areas up to $133,420 for 3+ person households in Target Areas.
What is the maximum purchase price allowed in Polk County?
Homes must be priced at $544,232 or less in Non-Target Areas and $665,173 or less in Target Areas.
What are Polk County Target Areas?
Target Areas are specific census tracts where income and purchase price limits are higher, making it easier for buyers in these neighborhoods to qualify.
Which Polk County census tracts are considered Target Areas?
Eligible tracts include 0111.00, 0112.02, 0112.04, 0114.00, 0117.04, 0117.32, 0134.00, 0136.01, 0139.01, 0141.27, 0145.02, 0149.03, 0161.00, and 0164.00.
What types of loans are available through this program?
The program offers FHA, VA, RD loans at 6.00% and Freddie Mac HFA Advantage Conventional loans at 6.50%.
Does the Polk County down payment assistance program require homebuyer education?
Yes, completing a HUD-approved Homebuyer Education class is required before receiving assistance.
Can I use the assistance if I buy a second home or rental property?
No, the program is only for primary residences.
How do I check my eligibility for Polk County down payment assistance?
You can check your eligibility online for free before applying with a lender.
How do I apply for Polk County’s $7,500 homebuyer assistance?
Complete the Homebuyer Education class, get pre-approved by an approved lender, then work with a Realtor to purchase your home.
Do veterans automatically qualify for Polk County down payment assistance?
Yes, veterans are exempt from the three-year first-time buyer rule and may qualify if they meet income, credit, and purchase price limits.
What happens if my income is slightly above the limits?
If your income exceeds the cap, you will not qualify—unless the home is in a Target Area, where higher limits apply.
Can I combine Polk County assistance with other programs?
Yes, in many cases the program can be layered with additional grants or assistance programs, depending on lender approval.
Do I need to use a specific lender in Polk County?
Yes, you must choose from the program’s list of approved lenders.
How long does it take to get approved for Polk County down payment assistance?
The timeline varies, but most buyers complete the education, pre-approval, and home purchase process within a few months.
What happens if I refinance my home after using the program?
If you refinance, the $7,500 assistance must be repaid at that time.
Where can I get more information about Polk County down payment assistance?
For details, contact the Housing Finance Authority at (727) 223-6419 or visit the program’s official website.
Bottom Line
The Polk County First-Time Homebuyer Program gives local residents a real opportunity to achieve affordable homeownership.
With $7,500 in down payment assistance, competitive loan options, and expanded benefits in Target Areas, the program is designed to reduce upfront costs and make qualifying easier.
If you’re ready to take the next step toward buying a home in Polk County, start by checking your eligibility online, completing the required education class, and connecting with an approved lender to begin your journey.
With over 50 years of mortgage industry experience, we are here to help you achieve the American dream of owning a home. We strive to provide the best education before, during, and after you buy a home. Our advice is based on experience with Phil Ganz and Team closing over One billion dollars and helping countless families.
About Author - Phil Ganz
Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.
About Editor - Ryan Skerritt
Ryan Skerritt has over 10+ years of experience in the residential financing space. With over two hundred and fifty million of funded loan volume, Ryan has the skill set to help any homebuyer configure the perfect mortgage plan.
