Purchase Mortgages

Whether you’re looking for your first home, your dream home, or something in between, Cyprus Credit Union can help.

With the "lowest fees and quickest keys," Cyprus can help you get into your home faster and save money. As your mortgage partner, our experienced home loan advisors will be there to assist you every step of your homebuying journey.

Contact our team at 801-260-7605 or Mortgages@CyprusCU.com.

 

Adjustable-Rate Mortgage (ARM)

  • Conventional loan with set terms and guidelines
  • Loan rate will either adjust throughout the entirety of the loan’s term or will switch from fixed to adjustable. For example: A 5/1 ARM will stay at a fixed rate for 5 years before switching to an adjustable rate for the remainder of the loan’s term.

Federal Housing Administration (FHA)

  • More flexible credit options compared to conventional mortgages
  • Down payments can be as little as 3.5%
  • Private mortgage insurance (PMI) always required
  • Ideal option for first-time homebuyers

Veterans Affairs Loans

  • Guaranteed by the U.S. Department of Veteran Affairs
  • Designed to help service members buy a home
  • Down payments and private mortgage insurance (PMI) not required
  • Lower credit scores may be accepted

Eligibility Requirements

  • 90 consecutive days of service during active wartime
  • 181 days of active service during peacetime
  • More than 6 years in the National Guard of Reserves
  • May be the spouse of a service member who died in the line of duty or of a service-related disability

USDA Loans

  • Guaranteed by the U.S. Department of Agriculture
  • Little to no down payment required
  • Private mortgage insurance (PMI) always required

Eligibility Requirements

  • U.S. citizenship or permanent residency
  • Spend less than 29% of your monthly income on your mortgage payment
  • May not exceed 41% of your monthly income on non-mortgage debt
  • Have a consistent, reliable income for at least two years
  • Use the property as your main residence
  • Purchase a home in a local, qualified area

Jumbo Loans

  • Loan amount able to exceed the conforming cap on conventional mortgages
  • Ideal for those with low debt-to-income ratios and higher credit scores

Investment Properties

  • As little as 10% down
  • Up to 45% debt-to-income ratio
  • One- to four-unit properties allowed
  • Maximum 3 of these products per member. 
  • May not have more than 10 financed properties.

Flexible In-house Loan Options

  • "Outside the Box," personalized lending options
  • Lenders can take a closer look at individual financial situations

Down Payment Assistance Program

Homebuyers in Utah may purchase a home using government grant money for their down payments and closing costs.

Call or meet with a Mortgage Advisor to see if you qualify for a Home Start Grant at 801-260-7605.

Fixed-Rate Mortgage
  • Conventional loan with set terms and guidelines
  • Options available not requiring private mortgage insurance (PMI)
  • Rate stays consistent throughout the entirety of loan term

No Down Payment Options

  • No down payment required
  • Options available with no income limits or area limitations
  • Utah-Housing-approved lender
  • Options available not requiring private mortgage insurance (PMI)

 

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More Features & Benefits

Our programs cover every option, from first-time buyer to seasoned real estate investor. As your mortgage partner, our professional advisors are here to assist you with every step of the homebuying process.

  • Local, in-house underwriting
  • Flexible income options to qualify for borrowers
  • Fast and local
  • Lowest rates





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The products and services on this page are offered through LPL Financial or its affiliates by Registered Representatives of LPL Financial. These products and services are not credit union deposits, not credit union guaranteed, not insured by NCUA or any other government agency, and may lose value. Cyprus Credit Union is a separate entity and is not affiliated with LPL Financial.
Links from the Cyprus Credit Union web site to other web sites are provided solely as a convenience to visitors. If you use these links, you will leave the Cyprus Credit Union web site.

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