Considering renovation? We have the perfect loan option for making your current or new home a dream home!
The LMCU Renovation Mortgage provides a convenient and low-cost way for you to make repairs and renovations to a purchase or refinance of an existing home.
- Up to 97% financing for eligible borrowers*
- Renovation funds available up to 75%** of the “after-completion” appraised value of home
- Funds for improvements are placed into escrow account for disbursement as needed
- Streamlined builder activation creates faster process with less paperwork
To be eligible, renovations must adhere to the following:
- All improvements must be fixed to the property and add to the overall value.
- The cost of the renovation must be based upon the contractor's itemized bids for the work, plans and specifications.
- The renovation must be completed by a licensed contractor.
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