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RenoFi Renovation Home Equity Loan

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Home Improvement Loans

The RenoFi home equity loan allows you to tap into your home's future value to fund renovation projects.

Minimum Loan Amount


Maximum Loan Amount


Loan Terms

Up to 20 years



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Product Name

RenoFi Renovation Home Equity Loan.

Product Type

Innovative home equity loan product.

Home Equity Loan Amounts

Between $20,000 and $500,000.

Best For

Current and prospective homeowners who want to boost their borrowing power.

Borrowing Power

Borrow up to 80% of your home's after-renovation value.

Interest Rates

Fixed interest rates available.

The RenoFi home equity loan allows you to tap into your home’s future value to fund renovation projects. It’s currently available to homeowners nationwide, with the exception of Texas, and provides you with a valuable alternative to traditional home equity loans, home equity lines of credit (HELOC) and construction loans.

It’s a great fit for current homeowners who have renovations in mind but haven’t secured the funds needed to bring their vision to life. RenoFi homes are also available to prospective homeowners who are about to close on a home. Keep in mind that loan products are limited to your primary residence, whether it’s a single-family home or townhouse. Still, the upside is you may be able to secure a large enough loan to transform your current home, which eliminates the desire to buy a second or vacation property.

Even better, you won’t have to do a ton of legwork to secure the perfect RenoFi Home Equity Loan. Instead, you’ll work directly with a team member to find the best possible solution from a credit union in its extensive network of lenders. You’ll also get the luxury of enjoying an extended loan term, competitive interest rates and an affordable monthly payment.

If you don’t have a ton of equity currently built up in your home, don’t fret. You could still be in luck. With RenoFi, it’s possible to unlock up to 80 percent of your home’s after-renovation value, assuming you meet the other qualification criteria.

About RenoFi Home Renovation Loans

Founded in 2018, RenoFi is a financial technology company that prides itself on providing flexible home renovation loan solutions. Its innovative approach allows consumers to tap into the future value of their home after the renovation to secure the funding needed to complete projects. To date, the company has helped homeowners secure millions of dollars in renovation loans.

RenoFi also simplifies the lending process by connecting people with their credit union lending partners, who offer competitive rates on this unique home renovation loan. If you decide to move forward with the application process, you will be assigned a dedicated team member to assist with any questions or concerns along the way.

How Do RenoFi Home Equity Loans Work?

RenoFi offers opportunities for home equity loans for homeowners who plan to start renovating their primary residence soon. These loans are also ideal if you want to tap into the future value of your home after renovations to secure the funding you need. In addition, you will have higher borrowing power without having to wait several years for enough equity to build up in your home to qualify for a loan.

RenoFi Home Equity Loan Review

How Much You Can Borrow

Most lenders in the RenoFi network lend up to 80% of the after renovation value or 125% of the home’s current value. Loans are limited to $500,000 but expect stricter qualification criteria if you want to borrow over $250,000. Also, know that other factors, including the outstanding balance of your mortgage and your financial health, are considered by lenders when determining your loan amount.

Use the RenoFi Loan calculator to get an idea of how much you can borrow. There’s no credit check to use this free tool, and it’ll only take a few minutes of your time.

Rates, Terms, Fees, and Prepayment

Interest Rates

Lenders assess their fixed and variable interest rates based on their credit score and loan to value (LTV) ratio following the renovation. Some lenders may use other factors to calculate interest on your loan, so it’s best to inquire to learn more.


The terms for RenoFi fixed-rate home equity loans are 10, 15, and 20 years, and the terms for the variable-rate home-equity line of credit products depend on the lender.


Fees vary by lender, but you can expect to pay processing and underwriting costs and appraisal fees. The good news is that it’s free to use RenoFi’s service, and the only fees you pay are assessed by the lender.


Most lenders in the RenoFi network do not assess prepayment penalties to borrowers who pay their loans off early.

The Process of Getting a RenoFi Home Equity Loan

RenoFi’s process is seamless for prospective borrowers. Here’s how to get started:

  • Step 1: Enter your information to view your loan options. If you’re all set, you can connect with a RenoFi Advisor to learn more about your potential loan offers and the application process.
  • Step 2: Gather the documents your lender will need to take and process your loan application. Upload the requested information to the RenoFi portal to be matched with a lender.
  • Step 3: Once the RenoFi team has determined you are a good candidate for a RenoFi Loan, they will assist you in ordering your appraisal. You will be sent a link to pay your appraisal invoice directly to the appraiser.
  • Step 4: While waiting for the appraisal, the RenoFi team reviews your renovation documents. Upon completion, you will submit your loan application directly to the lender. If your application is approved and after consummation (or closing), you will have access to the loan proceeds.

After you’ve submitted your documentation to RenoFi, the process takes about 60 days on average. However, delays are possible, and this window could be around six weeks. They use this time to get all of your renovation ducks in a row, so you have the most successful project possible.

How to Qualify for a RenoFi Home Equity Loan

You may qualify for a RenoFi Home Equity Loan with a lender if you meet the following criteria:

  • Have a credit score of 640 or higher
  • Have not recently filed for bankruptcy
  • Have not missed a mortgage payment in the last two years
  • Have a debt-to-income ratio of 45% or lower
  • Have a steady, verifiable source of income
  • Reside in a state other than Texas
  • Plan to renovate a home that’s not new construction
  • Live in a property that’s not a condo or multi-unit property
  • Live in a property that hasn’t been listed for sale within six months

Use the online tools to determine if you are ready for a RenoFi Home Equity Loan. (Quick note: The minimum loan amount for a RenoFi home equity loan is $25,000. If you’re seeking a lower amount, ask a RenoFi Advisor about other options.)

What Credit Score Does RenoFi Use?

RenoFi uses your FICO score when determining your eligibility for a loan. It ranges between 300 and 850 and is a reflection of how you manage your outstanding debt obligations.

Preparing Your RenoFi Home Equity Loan Application

Before you submit your loan application, gather these documents:

  • Two most recent pay stubs
  • Two years of W-2 forms
  • Two most recent months of statements for personal bank accounts, investment accounts (if applicable) and retirement accounts (if applicable)
  • Most recent mortgage statement
  • Proof of homeowners insurance
  • The name, address, email, website, and phone number of the contractor
  • Cost estimate that includes a general scope of work and subcategory cost breakdown
  • Drawings of the renovation with your contractor’s dimensions noted
  • Architect/engineer plans (if required by your local building code)
  • Preliminary renovation contract that includes an estimated timeline, payment schedule, and applicable change order procedures

The lender may request additional information from you, but these documents are typically required to begin processing your loan application.

Other Home Renovation Loans from RenoFi

If a RenoFi Home Equity Loan isn’t quite what you’re looking for, explore what their other loan products have to offer.

RenoFi Renovation HELOC

The RenoFi Renovation HELOC comes with a fixed or variable interest rate. Loan proceeds are available through a line of credit when you approve and close the loan. You can access funds during the 10-year draw period, and a 20-year amortization commences after this point.

RenoFi ReFi

RenoFi ReFi is ideal for homeowners who may be interested in a traditional cash-out refinance but access more borrowing power. This home refinance loan allows you to take out up to 80% of your projected home’s value after you complete your home renovation project.

Apply for a RenoFi Home Equity Loan

Whether you’re having trouble getting approved for a traditional home equity loan or need access to more funding for your renovation project, RenoFi may be the right choice for you. Check out what they have to offer by using the loan calculator to find products you may qualify for. You can compare your options directly from the secure online portal, and there’s no obligation to formally apply for a loan product with a credit union in the RenoFi network.

If the offers work for you, you can move forward without impacting your credit score by using RenoFi’s platform to access the self pre-qualification tool. Loan specialists are also available to review loan options or answer any questions you may have.

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