What is downpayment assistance?

---

SHIP (State Housing Initiatives Partnership) funds are state-allocated financial assistance designed to help low to moderate-income homebuyers with down payments and closing costs. Administered locally by HANDS of Central Florida, these funds make homeownership more affordable in Lakeland, Polk County, and Winter Haven.

Key Benefits:

• Lower upfront costs for homebuyers.
• Grants & forgivable loans—some funds don’t require repayment.
• Limited funds—distributed on a first-come, first-served basis.

HANDS of Central Florida administers SHIP funds for Polk County and the City of Lakeland by:

1. Processing Applications – Homebuyers apply through approved lenders, who reserve funds on their behalf.
2. Verifying Eligibility – HANDS confirms income limits, homebuyer status, and property eligibility.
3. Approving & Reserving Funds – Assistance is granted on a first-come, first-ready basis until funds run out.
4. Disbursing Funds at Closing – Once approved, the down payment and closing cost assistance is wired directly to the closing agent for use at closing.

HANDS of Central Florida took over administration of Polk County’s SHIP funds from Keystone Challenge Fund, which previously handled the program before ceasing operations. HANDS now serves as the primary administrator for SHIP funds in Lakeland and Polk County.  HANDS of Central Florida no longer administers SHIP funds for Winter Haven. Instead, the City of Winter Haven directly manages its SHIP program.