Lake Michigan Credit Union is proud to announce a new renovation mortgage program which provides financing for home improvements for both purchase and refinance transactions. The LMCU Renovation Mortgage provides a convenient and low-cost way for you to make repairs and renovations to a new or existing home. The LMCU Renovation Mortgage offers a one-time closing mortgage that could save you as much as $2,000 off closing costs.
With the LMCU Renovation Mortgage, you may obtain renovation funds for up to 50% of the as completed appraised value of the home. The funds for improvements are placed into an escrow account for disbursement as needed. 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.