Buying Your First Home in Polk County
Buying your first home in Polk County usually takes 60 to 90 days from your first lender call to closing. Most of that time goes to getting approved, finding the right home and the 30 to 45 days between contract and closing. Here's how it works, step by step, and where down payment help fits in.
Step 1: Talk to a lender and get pre-approved
A pre-approval tells you your price range and monthly payment before you look at homes. Lenders check your credit, income, debts and savings. If you want down payment assistance, choose a lender that participates in those programs from the start; you can't add most programs later.
Step 2: Take a homebuyer education class
Many assistance programs require a HUD-approved homebuyer class. Polk County's GAP program, for example, requires one completed within the last 18 months. Classes are offered online and in person, and some are in Spanish.
Step 3: Sign a buyer agreement and start touring
Since August 2024, Realtors must have a written agreement with you before touring homes. It states what we'll be paid and from what source. That amount is negotiable, and in many sales the seller or builder contributes to it. We explain it in plain language before you sign.
Step 4: Compare the full monthly cost, not just the price
Two homes at the same price can cost very different amounts each month. We line up each home's:
- Principal and interest
- Property taxes (after the homestead exemption, if it's your primary home)
- Homeowners and, if needed, flood insurance
- HOA dues and any CDD assessment
Step 5: Make an offer, inspect, appraise and close
Once your offer is accepted, you'll have an inspection period, the lender orders an appraisal, and the title company prepares closing. We track every deadline in the contract so nothing slips.
Step 6: After closing, file for homestead
If the home is your primary residence, file for the homestead exemption with the Polk County Property Appraiser. It can reduce the home's taxable value by up to $50,000 and limits how fast your assessed value can rise.
How much money do I need?
It depends on the loan. FHA loans allow a down payment as low as 3.5%, and some conventional loans allow 3%. You'll also need closing costs and money for the inspection and appraisal. Assistance programs can cover part of the down payment and closing costs if you qualify. See current programs and limits on our down payment assistance page.
Frequently asked questions
What credit score do I need? It depends on the loan and the lender. A lender can tell you where you stand and what to improve, often in one conversation.
What counts as a first-time buyer? For most programs, someone who hasn't owned their primary home in the last three years.
Can I buy if I'm self-employed? Yes. Lenders usually ask for two years of tax returns. We can connect you with lenders who handle self-employed buyers.
Can you help me in Spanish? Yes. Jamie and the team work in English and Spanish, and this guide is also available in Spanish.