You picked the land. We'll help you build the rest.
From lot to living room, LMCU's construction loan covers it all in one closing. As little as 10% down1 in Michigan and 15% down2 in Florida.
There's nothing like building something that's completely yours.
Most lenders make you figure out land financing and construction financing separately. LMCU wraps them into one loan, one closing, and one team that's with you from the empty lot to moving day.
One loan. One close.
One construction loan rolls land, build, and mortgage into one closing with one set of costs.
10%-15% gets you started.
As little as 10% down1 in Michigan and 15% down2 in Florida on your construction loan. Most lenders want more. We don't.
A rate that holds.
Lock your rate at signing. It holds through construction and into your permanent mortgage.
Builder check.
Before work starts, LMCU reviews your builder. Fewer surprises. More confidence. Better build.
Pick your timeline.
Fixed or adjustable. Terms from 12 to 18 months. Your loan, structured around your build.
Start with the land.
Buy your lot now with as little as 10% down.3
Construction loans are different. Here's how they work.
More moving parts than a standard mortgage, but a lot less complicated once you understand the process. We'll walk you through it.
Think of it as two loans that decided to become one. A construction-to-permanent loan covers your build — land, materials, labor, permits, the whole project — and then rolls automatically into your permanent mortgage when the work is done.
One closing. One set of closing costs. 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.
Your builder must be added to LMCU's Builder Activation list before construction financing can begin. This is a standard part of our construction lending process, where we review a builder's experience, credentials, and financial information to determine eligibility.
In some cases, yes. LMCU offers a self-build option for licensed general contractors with current, documented residential building experience. It's not for everyone — but if it fits your situation, it can be a real advantage. Talk with your LMCU loan officer to find out if you qualify and whether it's the right path for your project.
In Michigian:
Michigan borrowers can put as little as 10% down1 on a construction loan in Michigan — meaningfully lower than what most lenders require. You don't have to have the whole picture figured out to get started.
Not ready to build yet? You can also purchase a vacant lot with as little as 10% down1 — lock in your land while you finalize your plans and your builder. Your LMCU loan officer can walk you through both paths.
In Florida:
Down payment requirements for construction loans in Florida vary by county and borrower qualifications. In select Florida counties, qualified borrowers may put as little as 15% down2.
Because program details and county availability can vary, we always recommend connecting with an LMCU Florida loan officer early — before you're deep into builder conversations. They'll give you the full picture for your specific situation.
Your construction term starts on your closing date, when your loan note is signed.. LMCU offers 12-, 15-, and 18-month construction terms — choose the one that fits your project timeline.
If your build is trending toward the deadline, talk to your loan officer early. A heads-up with time on the clock is always better than a scramble at the end.
The LMCU difference, by the numbers.
Start with your loan officer.
A construction loan has more moving parts than a standard mortgage: draw schedules, builder timelines, inspections, rate locks, and more. That's not a reason to hesitate. It's a reason to have a really good loan officer. LMCU's are local, experienced, and on your side. Find yours and start the conversation.
One membership. Every way to get home.
Disclosures
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.
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.
