IMPORTANT!!

We are keeping a close eye on the "Heartbleed" bug you may have heard about. The vendor we use for Online Banking has completed a preliminary assessment and has not discovered any vulnerability. We will be sure to keep you updated should anything to the contrary be discovered. Rest assured that we are doing everything we can to help ensure that your information is safe.

It is always a good practice to use unique passwords for all of the online services you access. If your GCF Online Banking password has also been used with a different service, we do recommend that you change your Online Banking password at this time.





If you currently utilize GCF’s online banking EXPRESS TRANSFER function to make your loan payments, this service will be temporarily unavailable from April 25, 2014 through June 9, 2014. As an alternative to this temporary inconvenience, you can do one of the following:

  • Contact 1-877-589-6600 ext. 320 or 368 between the hours of 9:00 a.m. and 5:00 p.m., Monday through Friday, to manually complete the transaction.
  • Mail a check to Investors Bank, 101 Wood Avenue South, Iselin, NJ 08830.
  • Sign up for GCF’s online bill payment system and set up a monthly payment to be sent to Investors Bank.


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GCF Bank is now part of the Investors Bank family!
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.

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.

Mortgages - single family residential properties (existing dwellings)
Owner Occupied (first & second homes) 80%
Owner Occupied (first & second homes) with PMI 95%
Owner Occupied First-Time Home Buyer Program with PMI 95%
Owner Occupied Affordable Housing Program with PMI 95%
Non-Owner Occupied/Investment 70%
Mortgages - multi (2-4) family residential properties (existing dwellings)
Owner Occupied (first & second homes) 75%
Non-Owner Occupied/Investment 70%
Construction Mortgages - single family residential properties (new & existing dwellings)
Owner Occupied (first & second homes) 80%
Home Equity Loans - (existing dwellings)
Owner Occupied (first & second single family homes) 80%
Owner Occupied (first & second multi (2-4) family homes) 75%
Non-Owner Occupied/Investment (single family homes) 70%
Home Equity Lines of Credit - (existing dwellings)
Owner Occupied (first & second single family homes) 80%
Owner Occupied (first & second multi (2-4) family homes) 75%
Non-Owner Occupied/Investment (single family homes) 70%

Value is determined by Market Value Appraisal or Sales Price, the lesser of the two. All loans must include an appraisal made by an independent New Jersey State Licensed or Certified Appraiser. All types and sizes of real estate loans are governed by this policy (not covered by the Commercial Loan Policy), with the exception of appraisal requirements on home Equity Loans and Lines of Credit. Automated Valuation Models (AVM) are acceptable for all Home Equity Loans and Lines of Credit in amounts of $250,000 or less. Should the AVM not provide sufficient value to support the request, a full appraisal may be requested by the borrower at the borrower's expense.

LOAN TERMS
Multi-family and Investment Loans 30 yrs. max
Home Equity Loans 30 yrs. max
Home Equity Lines of Credit 25 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
Housing Ratio/Income/Debt Ratio 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 to proceed with your loan request. 

PURCHASE OR REFINANCE LOAN

  • Your application fee of $495 and appraisal fee to be determined
  • Copy of your Deed
  • Copy of the last survey
  • Copy of the current tax bill covering one year
  • 2 recent pay stubs
  • Last 2 years tax returns (if self-employed)
  • Agreement of Sale (Purchase)
  • Agreement of Sale (Sale)
  • Loan Verification Form
  • Other
Construction Loan
  • Your application fee of $495 and appraisal fee to be determined
  • 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 (if self-employed)
  • 2 recent pay stubs

HOME EQUITY LOAN DOCUMENT REQUIREMENTS


In addition to completing a loan application form, GCF will require the following documentation. Specific requirements vary by individual circumstance.
  • 2 years tax returns (if self-employed)
  • 2 recent pay stubs
  • copy of real estate tax bill
  • copy of title insurance policy
  • proof of current mortgage balance
  • property information sheet
  • copy of deed
At time of settlement, we will require the following:
  • check for recording fees (maximum fee $150)
  • 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