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RESIDENTIAL REAL ESTATE LENDING UNDERWRITING GUIDELINES
GEOGRAPHIC LENDING TERRITORY
GCF Bank's (GCF) primary lending territory is Gloucester County and surrounding areas in Southern New Jersey, however, GCF will consider applications throughout the entire states of New Jersey, Eastern Pennsylvania and Delaware.
NON-DISCRIMINATION
It is not the policy of the Bank to discriminate against borrowers on the basis of race, color, national origin, religion, sex, marital status or age.
TYPES OF AVAILABLE REAL ESTATE LOANS AND LOAN TO VALUE LIMITS | |
| Multi-family and Investment Loans | 75% |
| Home Equity Loans (Owner Occupied) |
80% |
| Home Equity Lines of Credit (Owner Occupied) |
80% |
| Home Equity Loans (Non-Owner Occupied) |
70% |
| Owner occupied 1-4 family residential loans (construction and existing dwellings) |
80% |
| Owner occupied single family residential loans (existing dwellings) |
95% |
| Owner occupied single family residential loans (existing dwellings) (First-Time Home Buyers or Affordable Housing Program) |
95% |
| LOAN TERMS | |
| Multi-family and Investment Loans | 30 yrs. max |
| Home Equity Loans | 30 yrs. max |
| Home Equity Lines of Credit | 15 yrs. max |
| Owner occupied 1-4 family residential loans | 30 yrs. max |
AFFORDABLE HOUSING AND FIRST TIME HOME BUYERS
GCF Bank, in order to make mortgage loans available to low and moderate income families and to first home buyers, will make loans on single family residential real estate up to 95% of appraised value or sales price, whichever is lower. In order to do this, GCF will offer Private Mortgage Insurance with such loans.
All previously approved underwriting standards will be adhered to. Exceptions to the guidelines are as follows:
| Affordable Housing | 1st Time Home Buyers | |
| Down Payment | 5% | 5% |
| Minimum Borrower Equity (1) | 3% | 5% |
| Interest Rate (2) | 1/4% < Going Rate | 1/4% < Going Rate |
| Points | 0 | 0 |
| Term | Up to 30 years | Up to 30 years |
| Income | Max. Med. Family (3) | No limit |
| Income/Debt % | 33%/38% | 28%/36% |
| Payment Reserve (4) | Taxes/Interest | Taxes/Interest |
| Education | Completion CHBP (5) | Optional |
(1) Including closing costs
(2) GCF's stated rate for 0 points
(3) As provided by HUD
(4) Interest and taxes
(5) Community Home Buyers Program (mandated by GEMIC)
MORTGAGE LOAN DOCUMENT REQUIREMENTS
In addition to completing a loan application form, GCF will require the following documentation. Specific requirements vary by individual circumstance.
Purchase or Refinance Loan
- Your check for $395
- Copy of your Deed
- Copy of the last survey
- Copy of the current tax bill covering one year
- Last 2 years tax returns
- Agreement of Sale (Purchase)
- Agreement of Sale (Sale)
- Loan Verification Form
- Other
Construction Loan
- Your check for $395
- Copy of the Deed
- Copy of the last survey
- Plans and Specifications
- Signed contract
- References from the builder of homes built and suppliers
- Last 2 years tax returns
In addition to completing a loan application form, GCF will require the following documentation. Specific requirements vary by individual circumstance.
- 2 years tax returns (optional)
- current pay stubs
- copy of real estate tax bill
- copy of title insurance policy
- proof of current mortgage balance
- property information sheet
- copy of deed
- your $110 check for recording fees
- current homeowners insurance policy showing GCF Bank as mortgagee
- payoff figure plus per diem on loans to be paid off as of date of settlement