Purchase Mortgages

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.

Contact our team at 801-260-7600 ext. 5340 or mortgages@cypruscu.com

House with keys and lending documents
Fixed-Rate Mortgage
  • 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

Adjustable-Rate Mortgage

  • 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.

USDA Loans

  • 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

Jumbo Loans

  • 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

Investment Property

  • 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.

Home Banking

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