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.
- Obtain renovation funds for up to 50% of the ‘after-completion’ appraised value of the home
- 80% financing of appraised value. Can go up to 95% if desired
- Funds for improvements are placed into an 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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