RenoFi Loan Requirement Checklist

Renovating your home? Here's everything you need to prepare to apply for a RenoFi Loan.

    Items Specific to RenoFi Renovation Home Equity Loans:

  1. Itemized breakdown of all materials: Provided in an organized and legible format. Examples may include:

    • Square footage of the space to be renovated
    • Square footage of each flooring to be installed
    • Linear square footage of roofing to be repaired/replaced
    • Level/Grade of countertops to be installed
    • Brand and specs of the new HVAC unit to be installed

    Itemized breakdown of labor: This can be grouped with the breakdown of materials, but should be as detailed as possible. What will you need to supply versus what your contractor will provide. Will seeding and grading be included if the landscaping is damaged by certain renovations? Who is obtaining the required permits? Etc.

    • Architect/Engineer Plans (if applicable): Specifically for more complex renovations, involving multiple rooms or structural/foundation changes; or for any project where the local building code requires engineering/architectural plans be provided. However, RenoFi reserves the right to require plans and specs for review on a case-by-case basis. See an Example
    • Drawings: Drawings of the renovation with dimensions from your contractor will help RenoFi’s team determine whether the scope of work, as well as the itemized breakdown of materials and labor, is commensurate with the plan. See an Example
  2. To make sure your contract has everything you need right from the get-go, ask your GC to include the following:

    • Contact Information: The contractor company name, phone number, website, and email, but also the direct contact info of whoever is managing the renovation. It should always be clear who to call with any questions you have throughout the process.
    • Change Order Procedures: Find out exactly what your general contractor constitutes as a change order, and what happens if something out of scope is required during the renovation.
    • Clear Construction Timelines: Not only the projected completion date, but what can be expected daily. What days of the week will the contractor or subcontractors be working? What time will construction start and stop each day?
    • Payment by Progress Breakdown: Request a clear and fair payment breakdown based on the project’s progress. The complexity and size of your renovation can impact this structure, but RenoFi recommends: 1) No more than 15% upfront, 2) Ideally, no one payment is more than 20% of the overall budget to ensure there is enough granularity in the payment schedule, and 3) Try to hold back at least 10% for the punch list at the end.
    • Guarantee or Warranty: Your contractor should have a warranty on their work. And it should tell you how long you are covered for, what the contractor agrees to fix if something breaks, and in what timeframe the contractor will return to take care of it.

    The Contract

  3. Items Required for All Home Equity Loans:


  4. Click the link below to download and save the RenoFi Loan Application Checklist.

    Download the guide

    Not sure if you qualify for a RenoFi Loan? Start here.

    Not sure what the RenoFi Loan process looks like? Start here.

    Find a Lender

     

    Other information you may be interested in...

    • What do I Need from my Contractor to Apply for a RenoFi Loan? - Just like no two contractors are exactly the same, neither are their contracts or proposals. But in order for us to help put you on the best path to a home you love, there are a few submission requirements necessary in every contract and every proposal/detailed estimate from your contractor that you should know.
    • Top 15 Reasons Homeowners Can’t Qualify for a RenoFi Loan - Will your RenoFi Loan application be approved by a lender? Here’s a list of the most common reasons homeowners are unable to qualify for a RenoFi Loan, as told to us by lenders offering RenoFi Loans.
    • Introducing RenoFi Renovation Loans - RenoFi was started in early 2018 because of the belief that we could make a difference in millions of homeowners’ lives by empowering them to transform their homes into spaces they love with a smart and affordable financing solution. Today we are announcing that we raised our Series A of $6.4M.
    • How Do Lenders Set Rates for RenoFi Loans? - Here’s a little background on the different factors that will dictate your rate for a RenoFi Loan. There are four main components that lenders will use to determine your rate.
    • The 6 Dumbest Things Homeowners Do When Paying for a Renovation - You’ll have a lot of decisions to make during your home renovation—how to pay for it is probably the biggest. That’s because making an investment in a home you love right now shouldn’t end up costing you for years to come. But too often homeowners make really bad choices when it comes to financing their project, and that’s exactly what happens.
    • Other posts about Applying for a Loan
    • Other posts about Loans