GAP Assistance Requirements for Lenders

DPA funds exhausted for the current cycle. New funding will be available July 1, 2026.

Home / Services / Housing and Neighborhood Development / Residential Housing Programs / GAP Requirements

Down Payment and Closing Cost Assistance for Very Low, Low and Moderate Income Home Buyers

Polk County Government provides down payment and closing cost assistance to eligible very low, low and moderate income homebuyers purchasing a primary residence in Polk County, Florida. (This excludes properties within the city limits of Lakeland and Winter Haven).

This page highlights key information lenders need when working with down payment assistance.

Begin the Application Process

Assistance Amounts

$50,000 for Very Low households.
$40,000 for Low Income households.
$30,000 for Moderate households.

Funds may be used for down payment and/or closing costs.

Current maximum incomes by household size and category are listed in the table below.

Buyer Eligibility

Applicant must have lived or worked in Polk County, Florida for the past 12 months.
Applicants and any co-head of households must be United States citizens or permanent resident aliens.
They must be a first-time homebuyer (no homeownership in the last three years).
Must fall within income limits up to 120% area median income (AMI) limit (Federal Housing Administration (FHA) loans require HUD approval above 115% AMI).
Maximum household assets: $50,000.
Minimum buyer contribution: $750 of their own funds. (This can be down payment, closing costs or prepaid items.)
Back‑end ratio limit: 45% (exceptions require prior Polk County approval).
Front‑end ratio must reflect an affordable monthly payment including taxes and insurance.
The buyer(s) ratios will be reviewed independently for affordability, even in situations where there is a non-occupying co-signer or co-borrower.
All deeded buyers must complete a HUD‑approved homebuyer education course within the last 18 months.
No credit history required and we do not collect the credit report as part of our documentation.
A married applicant will be required to disclose the income of the spouse even if the spouse is not a borrower on the first mortgage loan.
When an applicant is married but separated, the estranged spouse is counted as part of the household unless the applicant provides documentation showing the separation is permanent. In permanent separations, both parties must show they maintain separate residences and file separate tax returns.

Property Requirements

Single-family homes (attached or detached), condos, townhomes and modular homes. Note: Manufactured/mobile homes and properties with in-ground pools are ineligible. Above-ground pools are permitted, provided they add no value to the property.
Must be located in Polk County, Florida, excluding Lakeland and Winter Haven city limits.
Existing homes require a home inspection by a certified inspector.
Maximum sales price: $544,233 (updated annually). Land value included.

First Mortgage Requirements

Fully amortizing, up to 40 years.
No prepayment penalty.
No unreasonable borrower-paid fees.
Seller financing is not allowed.
May be a third mortgage when paired with Florida Housing Finance Corporation (FHFC) or other approved bond programs.
Interest rate buydown up to 2% allowed with prior approval.

Buyer’s Income Level

The SHIP Program can assist households earning up to 120% of the area median income (AMI), based on household size and available funding. FHA lenders must determine income eligibility using FHA secondary financing underwriting procedures and obtain HUD approval for applicants earning more than 115% of the median income. Income categories are defined as a percentage of AMI: very low income is 50%, low income is 80%, and moderate income is 120%. Current maximum incomes by household size and category are listed below. HUD reviews and updates these limits annually, and they are subject to change.

Local Housing Assistance Income Schedule Effective April 1, 2025
Percent of Median Income:	Very Low 50%	Low Income 80%	Moderate Income 120%
Household Size
1	$29,200	$46,700	$70,080
2	$33,350	$53,350	$80,040
3	$37,500	$60,000	$90,000
4	$41,650	$66,650	$99,960
5	$45,000	$72,000	$108,000
6	$48,350	$77,350	$116,040
7	$51,650	$82,650	$123,960
8	$55,000	$88,000	$132,000

Income Levels are based on area median income (AMI) for a family of four at $83,300 in Polk County.

Repayment Terms

Assistance is offered at 0% interest with no monthly payments and as a five-year loan. The full amount becomes due if the buyer:

Sells the home.
Transfers the title.
Refinances.
Fails to occupy the property as their primary residence.

Income Verification

Lenders should be prepared to document all anticipated household income for the next 12 months. This includes:

Employment income (verification of employment within 30 days and four most recent pay stubs).
Self-employment income (tax returns, year-to-date profit and loss statement and notarized income statement).
Social Security, Supplemental Security Income, pension or disability benefits.
Child support or alimony.
Unemployment benefits.
Income from assets.
Income for minors is included when it is received on their behalf (such as child support), but earned income for minors under 18 years of age is excluded.
A non‑occupying co‑borrower or co‑signer is not considered a household member and does not need to provide income information. However, the county may require documentation confirming they do not intend to occupy the home being purchased.

Asset Requirements

All household assets must be disclosed.
Applicant must contribute any net family assets above $50,000 toward the purchase.
Asset documentation must include statements for checking, savings, stocks, bonds and other accounts.

Submission and Processing Notes for Lenders

Files must be submitted 20–120 days before closing.
Funds are reserved on a first‑come, first‑ready basis.
Assistance funds are wired directly to the closing agent.
Polk County must appear as a second mortgage on the homeowner’s insurance and title policy.
No cash back to the borrower at closing.

Polk County Real Estate Office will review submitted packages for eligibility and contact the lender for any additional missing and/or required documents not initially provided. Upon completion of underwriting and determination of eligibility, Polk County Real Estate Office will contact the buyer(s) directly to schedule an in-person appointment for document signing as relates to the down payment assistance. Once these documents are executed, the file will be ready for final review and approval.

For additional program details contact Leisha Thompson with Polk County Real Estate Services at [email protected] or (863) 534‑2584.

What forms are needed?

The following forms are required to receive assistance.

Registration Form.
Lender’s Request for Assistance Form.
Household Certification and Consent Form.
Copy of the Certificate of Completion for the Home Buyer Education Class presented by a HUD approved agency.
Driver license or photo identification for all household members age 18 and older.
Proof of Citizenship or Resident Alien Card, if applicable.
Birth certificates for minors.
Uniform Underwriting and Transmittal Summary (1008).
Lender’s Loan Estimate.
Uniform Residential Loan Application (1003).
Contract for sale and purchase and all addendums where applicable.
Home inspection completed by a licensed home inspector. This is applicable to resales only, not new construction.
Appraisal. Note: If the appraisal and/or the home inspection shows that the home is on private septic or private well, an inspection of these systems is required.
Wood-Destroying Organisms (WDO/termite) Report.
Verification of employment (VOE). Note: A VOE must be obtained on each employed, adult household member, whether or not they are listed as a borrower on the loan.
Current year-to-date profit and loss statement for self-employed applicants, plus business account statements and a notarized income statement from the applicant, or their accountant, stating the anticipated information for the next 12 months.
Verification of other income sources such as child support, alimony or social security benefits dated within the last 30 days.
Four most recent, consecutive pay stubs.
W-2 forms.
Most recent tax return.
Two most recent, consecutive statements for all checking accounts. Make sure to provide “statements”, activity printouts and transaction summaries are not acceptable.
Most recent statements for all savings accounts, including virtual accounts such as Cash App.
Most recent statement (dates within the last 90 days) for all assets not held in a financial institution, including pensions, stocks and bonds.
Statement must include information regarding interest rate and earnings.
Verification of rent. Must cover a minimum of the last 12 months per Polk County residency requirements.
Lender’s Letter of Explanation if the back-end ratio exceeds 45% and prior approval was granted. This must be on a letterhead, dated and wet signed by the loan office.
Lender’s Mortgage Commitment Letter.

For new construction, the following are required:

A copy of the builder’s state and/or county licenses.
Certificate of Occupancy.
Soil treatment warranty.
Final survey.