Gallery's Preferred Lender
Working in partnership with Shelter Mortgage, Gallery Homes can offer qualified and pre-qualified homebuyers as well as first-time homebuyers savings of up to $3,000 in closing costs. Add in the convenience of Shelter Mortgage's Online Applications and buying a new Gallery home couldn't be easier.
Program, income and purchase price restrictions apply. For complete pre-qualifying information, a free credit report and current interest rates contact:
Colette Wilson
Shelter Mortgage
Senior Management Loan Specialist
Toll-Free: 877.719.9828
In Orlando: 407.897.1319
Email: Colette.Wilson@gbmail.com
FIRST TIME HOMEBUYER PROGRAMS offered by Florida Housing are as follows:
- Florida First: This program offers a low 30-year fixed rate first mortgage to all borrowers who qualify for this mortgage product are automatically qualified for one of our down payment assistance programs.
- Florida Advantage: This program is for buyers purchasing in special geographic areas, rural self-help buyers or for households with at least one disabled member; buyers must be at or below 80% of AMI adjusted for household size. Buyers using this product qualify for Florida Assist down payment assistance.
- Community Heros: This 30-year first mortgage loan program is designed to help both veterans and active duty military personnel, as well as full-time employees of the school system, police departments, firefighters and certain helthcare workers with obtaining affordable housingf. Florida Housing may offer a pool for thses loans at a lower interest rate for the purpose of assisting this special target group.
DOWN PAYMENT ASSITANCE PROGRAMS offered by Florida Housing are as follows:
- Florida Assist: Offers lower income borrowers up to $7,500 to assist with down payment and closing costs. This is a deferred second mortgage with no payments and 0% interest that is repaid when the boroower sells or refinances the home, or at the end fo the term of their first mortgage.
- Homeownership Assistance for Moderate Income Loan (HAMI): Offers borrowers up to $5,000 to assist with down payment and closing costs. This is a low fixed-rate second mortgage that is repaid over 10 years.
OTHER FINANCING ASSITANCE PROGRAMS available to pre-qualified buyers include:
FLORIDA STATE BOND PROGRAM:
Targeted to first-time homebuyers* or program qualified individuals, the Florida State Bond Program provides a low interest, first mortgage that helps borrowers keep their monthly payments manageable. Borrowers that meet the programs income limits may also qualify for additional down payment and closing cost assistance.
VOLUSIA COUNTY SHIP:
Targeted to first-time homebuyers, this program was created to meet the housing needs of low and moderate-income households. Homebuyer Assistance will provide income eligible applicants with financial assistance to purchase a SHIP eligible newly constructed home. The assistance may be provided in the form of down payment assistance, principal reduction, and/or interest rate reduction. Closing cost assistance may also be provided by itself or in combination with purchase assistance.
FHA and VA LOANS:
For the homebuyer, FHA-insured loans offer competitive rates, smaller down payments of just 3.5%, greater flexibility in calculating household income and payment ratios, and protection requirements against foreclosures.
For military veterans, the VA home loan offers low or no down payments, competitive interest rates, no mortgage insurance premiums, and assistance to borrowers in default due to temporary financial difficulty.
CONSTRUCTION PERM:
An alternative method of financing new home construction, you lock in your interest rate and close on your loan prior to the start of construction rather than when construction is complete – no worries about rising interest rates! While your home is under construction you make only interest payments on the outstanding loan balance. When construction on your home is complete, the loan simply converts or “modifies” into a permanent mortgage and your regular monthly mortgage payments begin with your locked rate of interest.
*A first-time homebuyer is defined as someone who has not owned a primary residence in the previous three years.
_______________________________________________________________________________________ The second mortgage assistance programs are provided on a first come, first serve basis while funds last. Income, purchase price, credit score and other program restrictions apply. Interest rates for the FLORIDA STATE BOND PROGRAM are subject to change weekly. Information provided should not be considered a commitment to lend. Offer subject to property and credit approval. Please contact your Shelter Mortgage Loan Specialist for further details.
