Construction Loans

We can help you build the home of your dreams. We have years of valuable experience in this specialized field and can help make the building and financing process quick and easy for you. We know your time is valuable, that’s why we offer complete financing. Get approved for both your construction loan and permanent financing in one easy process.

Our customized construction loan program features and terms:

  • Fixed interest rate
  • Up to 95% LTV of appraised value
  • 100% funding of lot
  • Local underwriting- close in as little as two weeks
  • 8-12 month terms
  • 24-48 hour draw process
  • Mechanic lien waivers included with each payment
  • IRS 1099 forms completed for all unincorporated subs and suppliers
  • Cyprus Credit Union construction loans are only available in the state of Utah.
  • Get approved for both your construction loan and permanent financing at the same time.

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Our construction loan fees:

DESCRIPTION

AMOUNT

Origination

1% of loan amount

Underwriting fee

$500

Closing Fee

$200

Inspection Fee

$55 per inspection

Savings Account Deposit

$5

Appraisal

TBD

Title Fees

TBD

Credit Report Fee

$20

If you are a contractor that would like to be an approved Cyprus contractor, you can complete our Builder Profile Form 

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 Danielle Darke at (801) 260-7600 ext. 5331 to learn about current options.

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Remodel Your Current Home

Cyprus will lend you the money to update, remodel or add on to your current home and base the approval on the “Finished Appraised Value.”  Now getting that new home you wanted can come with the same address and great neighbors you already have!

  
Contact a Construction Loan Advisor

Danielle Darke
(801) 260-7600 ext. 5331
ddarke@cypruscu.com