Mortgage Loans

Teacher Mortgages

If you are a teacher looking to buy a home, you are in luck. With a Gulf Coast Educators FCU Teacher Mortgage, you can finance your new home up to 100%, with no down payment or PMI required. To see if this is the right fit for you, check out the qualifications below.

• Must be a current teacher or administrator with at least two years of teaching experience in a public school district
• 680 or higher credit score
• 45% Debt-to Income limit
• $300K maximum loan amount
• $0 down payment required
• Member can use seller credit to cover closing costs
• No Private Mortgage Insurance
• If you already own a home, you can refinance it with a Teacher Mortgage Refi.

For information about our mortgage loans including current rates, contact one of the credit union’s mortgage loan officers:

Jeannette LaRue NMLS# 755123 281-436-5260 jlarue@gcefcu.org

Bob Hedrick NMLS# 198267 281-925-4149 bhedrick@gcefcu.org

Land Loans

Found that perfect retirement spot, but not quite ready to build? A land loan may be for you.

Found that perfect retirement spot or weekend getaway but not quite ready to build?  In many cases, land values rise so if you put off purchasing now, that same piece of land can cost much more in just a few years.

A land loan from your credit union can help you secure that land with a 20% down payment and terms up to 15 years.

Ready to purchase, apply online below or contact our land loan expert.

Jeannette LaRue
NMLS# 755123
281-436-5260
jlarue@gcefcu.org 

Refinancing Your Mortgage

Interested in refinancing your current mortgage loan? We can help! Whether your current mortgage is with us or financed somewhere else, our mortgage loan experts can help you every step of the way.

Your Refinance Options:

• Better Rate – Refinance your mortgage to get a better rate and lower your monthly payment, shorten your term to pay your loan off faster, or both.
• Get Cash Back – Refinance your mortgage and use the equity built up to get cash back to make big purchases, such as home improvements, college tuition, pay off debts, and more.
• Teacher Mortgage Refi – If you are a teacher looking to refinance your mortgage, you are in luck! With a Gulf Coast Educators FCU Teacher Mortgage Refi, you can refinance your home up to 95%, with no PMI required.

Your Mortgage Refinance Loan Officer

Bre, your mortgage refinance loan expert, will guide you through each step of the application and funding process.

Bre Rife NMLS# 1149825 832-327-8159 brife@gcefcu.org

Mortgage Calculators

Mortgage Payment Calculator
Comparing mortgages (i.e. 15, 20, 30 year).
How much home can I afford?
Should I refinance my home?
Should I pay discount points?
Should I make extra payments on my mortgage?
How much of a down payment should I make on my new home?

Required Documents

The following documents are REQUIRED to process the loan:

• Executed credit application
• Current pay stub (last two (2) years tax returns if self-employed, retired, or income is from commissions)
• Mortgage statement(s) to show current mortgage loan balances and payments
• Most recent tax appraisal or tax statement
• Deed of trust
• Proof of Homeowners Insurance

Frequently Asked Questions

1: What are the credit score requirements?

A: GCEFCU can work with a minimum credit score of 640. However, we see a higher benefit to our members when the credit scores are higher.  The higher the credit score, the better for you, our member.

2: My Payroll is deposited directly into my GCEFCU account, do you still need my pay stubs?

    A: Yes. When we calculate income, we use the gross income amount, which is the higher income amount shown on your pay stub (gross income = before any deductions). Your direct deposit only shows the net amount (net income = after deductions). Therefore, your net income gives you less income to qualify.

3: Do student loans count against me when applying for a mortgage loan?

A: Yes, here are the options available on how student loan payments are calculated:

• If the credit report shows a monthly payment due for each student loan, the lender may use that amount for qualifying purposes. If the credit report does not reflect the correct monthly payment, the lender may use the monthly payment that is on the student loan documentation (the most recent student loan statement) to qualify the borrower.
• If the credit report does not provide a monthly payment for the student loan, or if the credit report shows $0 as the monthly payment, the lender must determine the qualifying monthly payment using one of the options below.
• If the borrower is on an income-driven payment plan, the lender may obtain student loan documentation to verify the actual monthly payment is $0. The lender may then qualify the borrower with a $0 payment.
• For deferred loans or loans in forbearance, the lender may calculate
• A payment equal to 1% of the outstanding student loan balance (even if this amount is lower than the actual fully amortizing payment), or
• A fully amortizing payment using the documented loan repayment terms.

4: What if my credit score is below the minimum score required, but my spouse/co-borrower has great credit?

A: All borrowers need to meet the credit history and score requirements.  If one of the applicants does not meet the credit history and score criteria, he/she may not qualify to be added to a loan application.

5: Can I get a personal loan or charge my credit card to cover the down payment and closing cost?

A: Funds for down payment and closing cost may not be borrowed, unless it is with a secured/collateral loan (using a vehicle title, home equity or retirement savings). However, borrowers need take into consideration that any new debt obtained may have a negative impact on their application.  Funds for down payment and closing cost may be gifted from a qualified donor.