Welcome Home

We have worked hard over the years to help build successful mortgage relationships with our business partners and to help buyers achieve the dream of homeownership.

Shelter Mortgage Strengths

• 30+ years of experience operating RESPA compliant Affiliated Business Relationships

• Management team with years of experience in the Joint Venture space

• Licensing and legal structure supported by New Penn to allow for efficient growth on new partnerships

• $1 billion worth of annual purchase origination volume

• Geographic and partner diversity

• Real Estate Agents * Builder * Relocation

New Penn Strengths

• Broad product offering (agency and non-agency)

• Fully integrated mortgage servicing offering to control borrower experience

• Strong capital base and mortgage industry experience

• Technology platform and corporate support resources of a $7.5 billion originator (risk, legal/compliance, capital markets, marketing, HR, finance, etc.)

Who We Are

Founded in 1984 as a subsidiary of a community bank, Shelter Mortgage Company, L.L.C. is a full-service residential lender that has built its business through a partnership-based model by developing strong relationships with real estate firms, builders and relocation companies. Headquartered in Milwaukee, WI, Shelter Mortgage has more than 120 loan officers located across the country and is licensed to originate loans in 30 states.

In 2014, Shelter Mortgage and its affiliates became a wholly owned subsidiary of New Penn Financial, a nationally-recognized mortgage lender, allowing us to leverage New Penn’s product profile, technology, and operations and helping us better serve our customers.

Our Business-to-Business Relationships

The Shelter Mortgage Joint Venture Partnership Provides Proven Business Practices for a Seamless Launch, Optimal Management and Maximum Profitability.

As a leader in mortgage banking partnerships, we are committed to earning your business and focused on building long-term relationships. Shelter Mortgage has been the pioneer of successful and profitable mortgage partnerships since 1984.

Building a Proven Formula for Success

A partnership is a relationship among parties that have common goals, close cooperation and strong bonds. When we partner with you, we take that relationship seriously. We spend a great deal of time and resources in understanding your business and creating a relationship that is right for you. We share all net profits equally, giving you the opportunity for additional income while offering a convenient one-stop shopping experience for your customers.

Creating Value

The Affiliated Business Arrangement can be either a Fully Capitalized Joint Venture or a Series Joint Venture. We believe an Affiliated Business Arrangement is often the most effective structure and can tailor a business model to meet a partner’s individual needs. In doing so, a partner can leverage the strength and size of the partnership with the history and stability of Shelter Mortgage’s business models.

The partner receives a personalized Proforma detailing income, expenses and most importantly, projected net profits.

Accessing a Variety of Products

Throughout the years, we have built strong, long-lasting relationships with investors who purchase our mortgage loans. As a result, our loan officers have access to the most competitive products available for a variety of customers.

Our loan officers have the opportunity to select from a variety of different loan programs and maintain control of the transaction for your customer. Our products include, but are not limited to:

• Conventional/Jumbo (Fixed & Adjustable Rate Mortgages)

• FHA Loans

• VA Loans

We are also equipped with a product research team that continually analyzes our markets and industry as a whole to keep current on the different mortgage trends and to stay ahead of the competition by identifying new loan products. Our dedicated product support team works one-on-one with loan officers to guide them through any product questions and investor clarifications.

Accessing Quality Training

We have a dedicated training team that comes with years of experience in mortgage banking, originations and technology, which enables us to deliver quality training through multiple channels, including face-to-face at your office or ours, webinars and conference calls.

Loan products and programs are the key to success. Loan officers receive an overview of all product offerings. After product selection, pricing and locks are essential to committing the best product and rate to meet the customer’s needs. A detailed review of our pricing and locking procedures is offered.

A Loan Origination/Point of Sale System (LOS/POS) is essential to the success of each loan officer. We provide hands-on training to familiarize loan officers with multiple workflows to meet their business needs. We discuss alternative ways to conduct business using our technology and suggest a workflow to meet their needs.

After the loan officer returns to the field, Shelter Mortgage offers a commitment of support for industry changes, technology questions or refresher training. Answers are a phone call away.

Driving Returns

We are proud to say that for over 30 years, our company has been in the mortgage partnership business. Our belief is if we focus on aligning ourselves with companies who share our values, then our partnerships will outperform the industry.

This approach has allowed us to concentrate on what we do best — delivering great products and the best possible experience for our customers. We feel that a partnership agreement is really a performance agreement. As such, we do not take our relationships for granted; we must earn your business every day.

At Shelter Mortgage, we do not strive to have the greatest number of partnerships. We strive to have the greatest partnerships, period. If your business shares our deeply rooted values of commitment, hard work and world-class service, then a partnership with Shelter Mortgage may be right for you. Come discover everything Shelter Mortgage has to offer. For more information on our mortgage partnerships, visit us online at www.sheltermortgagepartnerships.com.

Shelter Mortgage offers a commitment of support for industry changes, technology questions or refresher training. Answers are a phone call away.

Shelter Mortgage
in-house services include:

• An Outstanding Customer Satisfaction Approval Rating

• An Easy Prequalification Process

• Knowledgeable Loan Officers, and In-House Processing, Underwriting and Closing

• Near “Round-the-Clock” Availability

• Constant and Coordinated Communication with the Borrower, Real Estate Agent, and Builder (if applicable)

• Priority Assured Underwriting and Prompt Closings

• Award-Winning Experts in Down Payment Assistance Programs

• Over 30 Years of Experience in Conventional/FHA/VA/USDA Financing

We offer the following types of residential loans:

• Conventional

• FHA/VA/USDA (Rural housing)

• Construction loans

• First-time homebuyer loans

• Jumbo

• Portfolio-niche products

Our Consumer Relationships

Buying a home — and getting a mortgage — is a big financial decision, whether it is your first home or you are a seasoned buyer. With many years of experience in residential mortgage lending, our team of professionals is dedicated to helping buyers find the perfect home loan.

Whether you are a first-time buyer or a more experienced one, we are well equipped to guide you through any home loan situation.

Our Services

At Shelter Mortgage, our mortgages are originated, processed, underwritten and closed in-house, allowing us to monitor our loans from beginning to end, ensuring our customers enjoy a smooth financing experience and timely closings.

With the many changes in the residential lending world, let our team of experts guide you through the mortgage process. Our commitment is to treat each and every client with respect and to deliver what we commit to.

Featured Loan Program 

Florida Housing Program

Shelter Mortgage is a participating lender with Florida Housing Finance Corporation and has been for nearly two decades. We are proud to be associated with the Florida Housing Finance Corporation and applaud the efforts and commitment of the program, which helps so many families — that might otherwise be unable to — realize the dream of homeownership.

The definition of a first-time homebuyer is anyone who has not owned or been on a title to a home within the past three years. If the borrower is a veteran who was honorably discharged, there is a veteran’s exception that waives the three-year requirement. However, the borrowers cannot have owned another home at the time they close on the new property.

Hardest Hit Fund (HHF) Down Payment
Assistance (DPA) Program1

The program offers $15,000 as part of the Hardest Hit Fund in down payment and closing cost assistance to buyers who qualify and is available in 11 counties in Florida: Brevard, Duval, Hillsborough, Orange, Volusia, Clay, Osceola, Pasco, Pinellas, Polk and St Lucie.

Each county has its own income limits and maximum sales price limits. In Orange County, for FHA, VA or USDA financing, the income limit is $59,463 for a 1- to 2-person household and $68,382 for a 3+-person household with a maximum sales price of $255,176. For conventional financing, the income limit is $81,620 for all household sizes and the maximum sales price of the home is $311,881.

For occupied primary homes only, Hardest Hit Fund grants are treated as a five-year, forgivable second mortgage with 0 percent interest and $0 payments with the balance forgiven at the rate of 20 percent ($3,000) a year as long as you are current on your first mortgage. If the buyer(s) live in the home for five years, the second mortgage is 100 percent forgiven.

For homebuyers in Florida’s other 56 counties, down-payment assistance is still available. The state provides $7,500 in assistance, which is structured as a non-forgivable, deferred second silent mortgage with no required monthly payment. The loan is repaid only when the buyer no longer occupies the property as a primary residence, the house is sold or the mortgage is paid off.

Down payment assistance programs require that a buyer attend an online first-time homebuyer class and provide us with a copy of the certificate they receive at completion. This certificate is valid for two years, and we advise potential buyers enroll and complete as soon as possible to avoid delays in closing once they are under contract to purchase a home.

Buyer(s) can enroll on-line at: http://www.ehomeamerica.org2. There is a cost associated with the course that will be an out-of-pocket expense for the buyer(s). Anyone who is holding a title must be considered a first-time homebuyer, occupy the property and take the course. A joint certificate is acceptable.

Helpful Information

Single Family Homes and Townhomes are acceptable. The home must meet the property standards for financing through the applicable program (e.g. FHA, VA or conventional).

Condos — If financing in conjunction with an FHA first mortgage through Florida Housing, the condo must be FHA approved. If financing through Florida Housing in conjunction with a VA loan, the condo must be VA approved, and if financing through Florida Housing in conjunction with a conventional loan, the condo would need to meet the specific Fannie Mae guidelines for 95 percent financing. A full review is required.

Manufactured Housing is not an acceptable
property type.

Florida Housing dictates the terms and rate on a bond loan, and these are subject to change as with any mortgage until the loan is registered with the state. You can review further information on the first-time homebuyer website at:


The funds are used in conjunction with a Florida Housing first mortgage based on government bond (FHA or VA) or conventional financing based on the buyer(s) qualifications and credit. The minimum middle credit score required for all program(s) is 640.

FHA Government Bond — All members of the household over the age of 18 earning income are considered when calculating the household income total, even if not on the loan. Maximum purchase price and income limits apply, which vary by county.

VA Government Bond — Seller/Builder must agree
to pay all VA non-allowable fees as neither the buyer nor the assistance funds can be used for those. In addition to the pest inspection, these non-allowable fees include tax service, bond program costs and the title company settlement fee. Veterans who were honorably discharged do not have to be first-time homebuyer(s) as stated above, but they must meet all other program requirements whether they use the assistance in conjunction with a VA, FHA or conventional first mortgage through Florida Housing.

Conventional Bond — Household income is not considered for the conventional bond. Only the income for the buyer on the loan application is used to qualify and also counts towards the program limit. Maximum purchase price and income limits apply and vary by county. Per an agreement with Fannie Mae and Florida Housing, the monthly private mortgage insurance (PMI) payments are offered at a reduced rate: 95 percent coverage is at 16 percent versus regular conventional 95 percent financing, which is at 30 percent in coverage. 90 percent LTV is at 12 percent versus regular conventional financing at 90 percent, which requires 25 percent in coverage.

Buyer(s) will incur out-of-pocket expenses once under contract to purchase a home (e.g., earnest money deposit, home inspections, appraisal and first-time homebuyer class) along with any remaining closing costs not covered by assistance funds.

Know Your Buying Power

Understanding your buying power is an extremely important first step in making your dream of homeownership a reality. Shelter Mortgage can help you evaluate your credit, income and assets before you begin the home-buying journey, allowing you to more easily make a decision on financing options and enhance your home-buying experience. Let us take a deeper dive at each of these important factors.


How much home you can afford truly depends on your debt-to-income ratio. Debt is what you owe, and includes revolving credit cards, installment loans, alimony and child support. Here are a couple of common questions:

What if I have little or no credit history?

There are guidelines that allow prospective buyers to proceed with home buying. Primarily, documentation of alternative credit history is required. For example, a lender can utilize other types of history to serve as credit, such as a 12-month history on utility bills, auto insurance and/or rental payments.

What is my FICO®?

Credit scores created by Fair Isaac Corporation are based solely on information in consumer credit reports maintained at credit reporting agencies, namely Experian, Equifax and TransUnion. Your credit score influences the credit available to you and the terms lenders offer you. A better FICO score means better financing options for you.


Before deciding to purchase a home, it is recommended you evaluate your income and expenses to determine the maximum payment you can comfortably make toward a home.

The most common types of income are W-2 based income and self-employed income, which also qualifies but requires that the borrower produce two years of tax returns. Other sources of income include overtime, bonuses and commissions; part time-jobs and secondary income; social security and pensions; dividends and interest; alimony and child support; and veteran’s benefits.


How much money do I need for a down payment?

Lenders offer a wide range of loan options, incorporated by conventional, FHA, VA and USDA, which require a minimum down payment to no down payment at all. There are also a great variety of down payment assistance programs for first-time homebuyers as well.

What sources of funds are acceptable?

Checking, savings, certificates of deposit, stocks, mutual funds, as well as gifts from relatives are all acceptable.

What is the best option for me?
What is my buying power?

Once you understand your buying power, you can more easily make a decision on options proposed by your prospective lender and further enhance your home-buying process.

Application Checklist

This list is for illustration purposes only, and other documents may be required or requested. Always confirm with your loan officer what is needed for your loan application.

Employment And Income Information

θ Two years of employment verification, including employer’s name, address and phone number

θ W-2 tax forms and last two years of tax returns — signed and dated

θ Most recent paycheck stubs, showing your year-to-date earnings

θ For self-employed applicants — last two years of tax returns

θ For VA applicants — a copy of DD214 discharge papers and/or original Certificate of Eligibility


θ Last two months bank statements (including account numbers, financial institution name and address. Include all pages of statements, even if blank)

θ Last two months investment account statements (including account numbers, financial institution name and address. Include all pages of statements, even if blank)

Property Information

θ Residence history for the past two years

θ Contract of sale of present home, if being sold

θ Copy of current real estate contract


θ Copies of divorce or bankruptcy papers (if applicable)

θ Alimony payments (if applicable)

θ Child support (if applicable)

Additional Information

θ Driver’s license and social security card

θ Check or credit card for application fee

θ Current year-to-date profit and loss statement

θ Documentation supporting previous credit events (if applicable)

Frequently Asked Questions

Why is now a great time to buy a home?

Interest rates are still historically low and sales prices of homes are affordable. There truly has never been a better time to purchase a home.

How does someone know if it is the right time to buy a home?

For many individuals and families, paying rent gets old, feeling like you are wasting your money and not having a place to truly call your own. In many cases it costs less to own versus paying rent.

What is the value of knowing your buying power?

Knowing your buying power and how much you qualify for before you start looking at homes will save you the disappointment that can come from falling in love with a home that is out of reach.

Do I need a realtor? 

Realtors are licensed real estate professionals who can help you find and determine which property is the best for your wants and needs. They work to protect your interests while keeping you informed throughout the entire process of the purchase and closing.

Do I need a home inspection? 

For many homebuyers, it is important to have a third party perform a thorough inspection of a home that you are interested in purchasing.

How do I find the right homeowners insurance agent?

Your realtor and lender work with many different companies and can give you a list of companies that their clients have used and have received great service from.

How Credit Helps You Buy A Home

• Payment History — Those who have failed to make payments in the past tend to do so in the future. The more recent a late payment, the more it counts against you; a 30-day late payment within the past 12 months hinders your chances of getting favorable mortgage terms.

• 35 Percent of Score = Payment History
The longer you have had credit, the better.

• 10 Percent of Score = Length of Credit 

If you are maxed out or close to your credit limits, you are viewed as risky.

• 30 Percent of Score =
Credit Use Credit Types

  Someone with a combination of revolving and installment debt is considered less risky than someone with only a secured credit card.

• 15 Percent of Score = Credit Types

Multiple recently opened accounts or lots of inquiries can affect your score.

• 10 Percent of Score = New Credit

Any new accounts opened that will be reported to the credit bureaus can affect your score.

Superior Customer Service. Integrity, Respect, Hard Work and Long Term Commitment.

We would love to hear from you, so give us a call at 407.897.6656 or stop in at our downtown Orlando office, located at 408 East Ridgewood Street, just north of Lake Eola. You can also visit us online at www.sheltermortgageorlando.com


Want More i4? Subscribe to the Magazine.

About the author

i4 Business

i4 Business magazine has become one of the most trusted voices for and about the Central Florida business community. Each month through our print and digital platforms, we provide access to meet, to learn from and to learn about some of the incredible entrepreneurs and business leaders who are shaping our region.

Add Comment

Click here to post a comment