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.