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Whether you’re looking for your first home, your dream home, or something in between, Cyprus Credit Union can help.
With the ‘Quickest Keys and Lowest Fees’, we can help you get into your home faster and help you save money. As your mortgage
partner, our experienced, professional home loan advisors will be there to assist you every step of your home buying journey.
A fixed-rate mortgage is a conventional loan with set terms and guidelines.
No mortgage insurance options.
The rate on this mortgage stays consistent throughout the entirety of the loan’s term.
No Down Payment Options
No down payment is required
No income limits or area limitations options available
Utah Housing approved lender
No mortgage insurance options available
An adjustable-rate mortgage is a conventional loan with set terms and guidelines.
The rates for the loan with either adjust throughout the entirety of the loan’s term or will switch from fixed to adjustable.
Example: A 5/1 ARM will stay a fixed-rate for 5 years and then will change to 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%
Mortgage insurance is always required
Ideal option for first time home buyer
Veterans Affairs Loans
Guaranteed by the US Department of Veteran Affairs
Designed to help service members buy a home
Down payments and mortgage insurance are not required
Lower credit scores are accepted
In order to be eligible for this type of loan, one must have:
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.
Been the spouse of a service member who died in the line of duty or of a service related disability.
Guaranteed by the US Department of Agriculture
Require little to no down payment
Mortgage insurance is always required
Applicant must meet eligibility requirements
In order to be eligible for this type of loan, one must:
Have US citizenship or permanent residency
Spend less than 29% of their monthly income on their mortgage payment
Not exceed 41% of their monthly income in non-mortgage debt
Have a consistent, reliable income for at least two years
Use the property as their main residence
Purchase a home in a local, qualified area
Loans are able to exceed the conforming cap on conventional mortgages
Ideal for those who have:
A low debt-to-income ratio
A higher credit score
Designed for investment properties such as:
Down payment can be as little as 15%
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
Home buyers in Utah have the opportunity to buy a home using government grant money for their down payment and even closing costs.
Call or meet with a Mortgage Advisor to see if you qualify for a Home Start Grant at 801-260-7600 ext 5340.
The rail navigation utilizes arrow, enter, escape, and space bar key commands.
Left and right arrows expand / close menus in sub levels. Up and Down arrows will navigate through top tier links. Enter and space opens menus and escape closes them as well. Tab will move on to the next part of the site rather than go through menu items.
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.
The Credit Union does not have any responsibility
or control over any of these external web sites, their content or their privacy policies. We do not endorse or make any representations about
third-party external web sites, including any information, products, materials or results that may be obtained from using them.
If you decide to access any of the linked third-party web sites, you do so entirely at your own risk. You are encouraged to review the privacy
notice for each linked web site.
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