Build your home, your way.
You could house-hunt every day and still not find your dream home. Why not build it exactly how you want it?
Construction Loans
When you build with us, you’ll save time and money — and we’ll even connect you with top local builders.
- Low fixed and adjustable rates
- LMCU is Michigan’s #1 construction lender1
- Down payments as low as 10% in Michigan2
- Down payments as low as 15% in select Florida counties3
- Bundle your land, construction, and home loans — and only close once!
Vacant Land Loans
Save a lot on your new lot.
- As little as 10% down4
- 20 acres or less – 90% maximum Loan-to-Value (LTV)
- 20 to 40 acres – 80% maximum LTV
- $500,000 maximum on vacant lot loans, depending on credit score
- Save on closing costs by closing just once on your land, construction, and home loans
Renovation Mortgage
- Tackle that fixer-upper at a lower rate.
- Up to 97% financing5
- Get approved for funds up to 75% of the post-renovation appraised value of your home6
- Funds for improvements are placed into an escrow account for easy disbursement as needed
Rural Development Construction
Looking to build, grow, and maybe even harvest? A USDA construction loan can help you put down roots with as little as 0% down.7
- $0 down for eligible properties
- It’s not just for first-time homebuyers!
- Fixed rates
Ready to build, buy land, or renovate?
More mortgage resources
Useful calculators
Construction, Land, and Renovation Loan FAQs
Think of our one-time close as combining multiple loans into one. Also known as a “construction-to-permanent loan” this process finances your home build — land, materials, labor, permits, the whole project — before rolling automatically into your permanent mortgage when the work is done.
One closing means lower closing costs, and only paying the same rate you locked at the start. LMCU offers construction loan terms of 12, 15, or 18 months, followed by up to 30 years of permanent financing. You know what you're getting into before you break ground, which is exactly how it should be.
You may have a few administrative documents to sign, like an escrow setup or a loan modification, but there are no additional closing costs or extensive paperwork. That's one of the biggest advantages of a construction-to-permanent loan: when your home is complete, the loan transitions into a permanent mortgage without a second closing. The whole process is designed to be simple and seamless.
Yes, and that's exactly what a vacant land loan is designed for. If you've found the right parcel and aren't ready to build yet, this loan lets you secure it now and build later.
Though there are a few things worth sorting out before you purchase: zoning and land use restrictions, access to utilities, road access, and any survey or title work the property may need. None of these have to be resolved before you apply. However, knowing where things stand helps the process move faster. Your LMCU loan officer can help you think through what to check.
Since Rural Development Construction Mortgages are designed to help more families achieve homeownership in rural areas build homes, there are income and location requirements in order to be eligible.
To qualify, borrowers must:
- Meet income eligibility requirements
- Your eligibility depends on how your household income compares to the average for your area. Typically, the USDA requires that your household income does not exceed the area median income, but we recommend that you consult the USDA for specific limits in your area.
- Build or buy in a USDA-eligible rural location
- Consult the USDA for up-to-date information on eligible properties.
- Use the home as a primary residence
A Renovation Mortgage combines your primary mortgage or refinance and the cost of your planned renovations into one convenient loan. Once approved, your renovation funds will be held in an escrow account and released as the project progresses, so you don’t have to take out a separate loan for the repairs.
Yes to both! A Renovation Mortgage can be used to fix up a new home you’re purchasing or to renovate your current home by refinancing and bundling renovation costs into your existing mortgage.
LMCU helps thousands of homeowners every year.
Here’s what a few of them had to say.
Our mortgage team has 4.9 stars on Zillow.
July 2026
"Going through the construction loan process was super simple.9”
Nick, LMCU member
"I didn’t have to look anywhere else, because I know I could get the best rate at LMCU.9"
Lauren, LMCU member
“We wouldn't be in our home today without LMCU.9"
Chantell & Malik, LMCU members
Save even more with LMCU’s Max Mortgage discount!
Disclosures
#1 Construction Lender Michigan. Ingenius, January 2026.
For well qualified borrowers. Contact your LMCU Mortgage Loan Officer for more information. Down payment amounts differ in Florida.
For well qualified borrowers. Contact your LMCU Mortgage Loan Officer for more information. Down payment amounts differ in Michigan.
For well qualified borrowers. Borrower may only have one vacant lot loan.
Multiple renovation options. Up to 97% LTV is available through the HomeStyle Renovation product. Must meet eligibility requirements. Contact your LMCU loan officer for details.
The 75% is based on the lower of the after completion value or the purchase price plus renovation costs.
For well qualified borrowers. The interest on the portion of the loan that exceeds the value of the dwelling is not tax deductible. Please consult your tax advisor. 10% contingency reserve required.
To receive MaxMortgage discount, mortgage payment must be an automatic payment that comes from an LMCU checking account with an ACH deposit. Some programs may not be eligible, discuss with your mortgage loan officer for further details.
All featured LMCU members were compensated for their time.
