Turning houses into dream homes.
Tackle that fixer-upper at a lower rate, with up to 97% financing1 and less paperwork.
Renovation Mortgage: Features & Benefits
From calculating square footage to choosing sink fixtures, renovations require enough planning: let our experts handle the financing.
Up to 97% financing
Qualified borrowers can renovate with as little as 3% down.2
Fixer-upper? Or fix-yours-upper?
Purchase a new home that needs renovating, or renovate the home you already own.
Escrow access
Renovation funds are placed into an escrow account for you to disburse as needed.
Renovation Loan Requirements
To be eligible for a Renovation Mortgage from LMCU, planned renovations must meet the following criteria:
Fixed to property
All renovations must be fixed to your property and add to its overall value.
Itemized bids
Each renovation’s cost must be based upon the contractor's itemized bids for the project.
Contractor completed
Renovations must be completed by a licensed contractor.
Renovation Mortgage FAQs
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.
Rather than being paid upfront, renovation funds are placed into an escrow account and disbursed as needed, to ensure that funds are used specifically for approved improvements.
In order to determine the size of your renovation loan, we estimate the value of your home once all improvements are completed. We offer funding up to 75%3 of this “after-completion appraised value.”
Any planned renovations must:
- Be fixed to your property.
- Add to the overall value of your home.
- Be supported by contractor bids, plans, and specifications.
Beyond that, it’s up to you! From kitchen and bathroom remodels to smart appliances and roof repairs, the world is your oyster — and it certainly doesn’t need to be painted oyster white!
The LMCU difference, by the numbers.
Renovating a home? Start here.
Connect with one of our local mortgage experts. They’re ready to answer any homebuying questions you may have with a smile and an extra mile.
The home of all your homeownership needs.
Disclosures
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.
For well qualified borrowers.
The 75% is based on the lower of the after completion value or the purchase price plus renovation costs.
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.
