Visit our Mortgage Center to learn more about our first mortgage loan programs or to begin the application process.

We understand that some of the terminology below is very industry specific. We want everything to make sense and be clear to all readers. We have created a Mortgage Terminology page for you to view. Click Here to view our Mortgage Terminology Page.

Contact a Mortgage Advisor
Sean Tuttle	Jordan Landing Branch	(801) 260-7600 ext. 5308	stuttle@cypruscu.com
Matt Neilson	Midvalley Branch	(801) 260-7600 ext. 5311	mneilson@cypruscu.com
Jay Shippen	Riverton Branch	(801) 260-7600 ext. 5312	jshippen@cypruscu.com
Dave Kimball	West Jordan Branch	(801) 260-7600 ext. 5314	dkimball@cypruscu.com
Amy Conlin	Magna Branch	(801) 260-7600 ext. 5315	aconlin@cyprsucu.com
Bryce Anderson	Union Park Branch	(801) 260-7600 ext. 5313	banderson@cyprsucu.com
Contact a Construction Loan Advisor
Royce Wahnschaffe	Jordan Landing Branch	(801) 260-7600 ext. 5332	rwahnschaffe@cypruscu.com

Second Mortgages(Fixed Rate or Heloc)

Not only are second mortgages good for tapping into your home equity but also a great tool to assist with your down payment and possibly avoid mortgage insurance. We offer both fixed rates and adjustable rate lines of credit.

Construction Loans

If you are building your own home*, a construction loan from Cyprus Credit Union is the place to start. We understand that the construction loan process is unique, and we’ll help you through every step.  Our customized construction loan program features:

• 100% funding of lot
• Max 80% LTV
• 8 -12 month terms
• 24-48 Hour Drew Process

To get approved for both your permanent and construction financing, call one of our mortgage advisors referenced above.

* Licensed contractor required on construction loans

Lot Loans

If you are ready to build but not ready for a construction loan, we offer competitive rates and terms on improved property.  Please contact us at 801/260.7600 option 5 to learn about current options.

Mortgage Options

Conventional Loans

This is the standard fixed-rate loan that most members choose. Conventional loan terms are between 10 and 30 years. If you have money for a 5% down payment, this could be the loan for you.

FHA / VA Loans

Government loans are designed to make home ownership easier, more affordable, and attainable to Americans.  The government programs are open to everyone.  Down payment ranges from 0-3%, depending on program.  Down payment may be gifted from an immediate family member.  Call to find out what benefits are available if you are a first time homebuyer or veteran.

Adjustable Rate Loans

With an adjustable-rate mortgage (ARM), the interest you pay is a adjusted from time to time to keep it in line with changing market rates.  ARMS are attractive because they may initially offer a lower interest rate than fixed rate mortgages.  This may help maximize your buying power.

Interest Only Loans

This type of mortgage allows for interest-only payments during a specified period of time.  Depending on the program, your rate may change during the interest only period.  After the interest only period, the payment is adjusted to provide amortization of the balance.  The loan provides for a smaller initial payment to the Borrower at the onset.

Zero Down Plan

With good credit, you can finance up to 100% of the sales price or property value (whichever is less).

• Competitive Rates
• No Down payment is required
• Income limitations may apply, depending on program

Alternative Credit Loans

These loan programs provide financing for those with less than perfect credit.

• Credit history determines rate and program options
• Competitive rates, terms and limits

No Income Documentation Required

We have some“stated income” and “stated asset” programs for house hunters with approved credit.  You fill in your income on the application and tell us how much cash and other assets you have, and that’s the end of it! No digging out tax returns, P&Ls, W-2s, bank statements, etc.  We don’t verify your income or your assets!

• Limited programs available
• Specific requirements for each program

Foreclosed Properties