RenoFi Loan Requirement Checklist

Renovating your home? Here's how to apply for a RenoFi loan

We’ve created a helpful checklist for you to help you gather all items you need to apply for a renovation home equity loan, so you can get started on those home improvements and make your dream home a reality.

Items Specific to RenoFi Renovation Home Equity Loans:

Your Contractor’s Information
Collect basic contact info such as name, address, phone number, email, company website, etc. RenoFi will contact your contractor to perform basic due diligence before the lender can approve your loan.

Preliminary or Signed Renovation Contract between you and contractor, with a Detailed Cost Estimate
Lenders require a detailed material and labor line item cost breakdown, along with a clear payment schedule. You don't need the contract to be signed to apply for the loan, but you will need the fully executed contract, with all of the details agreed, to close.

Renovation Plans to be used by your contractor for the project
Renovation plans may include Architectural plans, Structural plans, Addition plans, Floor plans, Renderings, Front elevation plans or any other designs, drawings, and plans to be used by your contractor for the project, as applicable.

Items Required for All Home Equity Loans:

2 Most Recent Pay Stubs

2 Years of W-2 Forms
(if you're self-employed, click here for additional requirements)

Additional Requirements for Self-Employed Borrowers: Self-employed borrowers will also need to submit:

the last 2 years of filed personal federal tax returns, including all schedules and all pages
any K-1s (if applicable)
the returns of the partnership or corporation (if applicable)
the most recent Profit and Loss Statement showing year-to-date revenues and expenses (if applicable)

Proof of Homeowners Insurance
Most insurance companies will provide this immediately after purchasing your policy. They can also provide additional confirmation upon request. Specific to home renovation loans, you will need to ensure you have coverage matching the value of your post-renovation home.

Most Recent Mortgage Statement

Account statements for all personal bank accounts, retirement accounts, and investment accounts for the prior 2 months

As you collect each documentation required for your renovation home equity loan application, we’re here to answer any questions you may have. Contact RenoFi as you prepare for the next step toward your dream home.

Top Ten Reasons Homeowners Don’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.

Your FICO score is too low.
Your Debt-to-Income (DTI) ratio is too high.
Your renovation is for an investment property or titled in an LLC.
Your property is in Texas.
You’re renovating a second home.

To learn more and see the full top 10 list of most common reasons why homeowners don’t qualify, click here.

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Other information you may be interested in...

4 Simple Steps to Your Renovation with RenoFi - At RenoFi we break the renovation financing process into 4 simple steps that will walk you through the initial phase of getting your renovation off the ground. Here is what you need to know...
What do I Need from my Contractor to Apply for a Home Equity 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.
How to Qualify for a RenoFi Home Renovation Loan - Did you recently discover that a renovation home equity loan is the best way to fund your renovations? Great! Now, it's time to apply. The good news is the process of obtaining one is nearly identical to applying for a typical home equity loan. We’ll walk you through the key factors that lenders offering RenoFi loans will consider, so you know what to expect when you apply with a lender.
Top 10 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. Did you recently discover that a RenoFi Loan is the best way to fund your renovation? That’s great! Let’s break down the top 10 reasons why your renovation project may not qualify for a RenoFi Loan from a lender.
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.
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