Build Your Dream Home
Whether you're renovating your current space, finding the perfect location, or ready to build, Cyprus Credit Union's experienced home loan advisors can offer a customized construction or lot loan program with construction and financing approved in one simple step.
Start Your Build on the Right Path
We’re here to make the process stress-free. With our loan programs, you can get the funds you need fit for your budget and goals, plus localized support throughout the process.
Renovation/Remodel Loans
Best if:
- You’ve found the perfect location but not the perfect house
- Your family has outgrown the house but not the neighborhood
- Your family moving back in and needs more space
Lot Loans
- Loans for when you’ve found a lot but aren’t ready for construction
- Improved lots
- Up to 90% financing
- Discount on construction loan with previous lot loan
Why work with Cyprus Credit Union?
One-time or Two-Time Close Options
Whatever your project timeline is, you can be sure you get the funds you need to finish your new home just in time.
Fixed interest Rate
Lock in a fixed rate to make your payments easier to plan.
Fast, Local Underwriting
Our home loan experts understand the local market and can get you the funds you need quickly and easily.
Flexible Terms
Get up to 90% loan-to-value of appraised value with terms of up to 18 months.
Construction/Lot Loans
| Mortgage Type | Term | APR as low as |
|---|---|---|
| Construction Loan | Up to 12 months | 6.5% |
| Construction Loan | 12 month construction period | 6.625% |
| Improved Lot Loan | 30/5 | 6.5% |
| Improved Lot Loan | 10 Year Fixed | 6.99% |
Meet the Mortgage Team
More Options for Your Mortgage Needs
Mortgage Refinancing
Convert your existing mortgage to secure better terms, lower your payment, or adjust your loan to fit your current goals.
Second Mortgage
Borrow against the equity in your home in one lump sum while keeping your existing mortgage in place.
Home Equity Line of Credit
Tap into your home's equity and get a revolving line of credit you can use any time to consolidate debt or make home renovations.
Construction & Lot Loans FAQs
What's the difference between a construction loan and a lot loan?
A construction loan helps finance the costs of building a new home. On the other hand, a lot loan helps you purchase land before you're ready to build.
What do I need to qualify for a construction or lot loan?
To qualify, you typically need good credit, positive debt-to-income ratio, a down payment, and property or construction project details. Additional documents, such as building plans or contractor information, may be required during the process for construction financing.
Can I get a loan to buy a lot before I'm ready to build?
Yes, a lot loan can help you purchase land even if you're not ready to begin construction. Loan requirements and terms may vary depending on the property and your financial situation.
Build Your Dream Home Today
Work with our experienced mortgage team to explore your construction and lot loan options and find the best fit for your long-term homeownership goals. We're committed to securing you the lowest rates possible to lock in big savings.
Contact our team at 801-260-7605 or Mortgages@CyprusCU.com.
