Applying for a Renovation Home Equity Loan - A Checklist

Realizing that it’s possible to turn your current home into a home you love is a great feeling. Discovering the smartest way to do it is even better. Once you know how to qualify for a renovation home equity loan, it’s time to gather everything you need to apply.

Utilize our helpful checklist with all items you need to apply for a renovation home equity loan and get ready to make that dream home of yours a reality.

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.
Most Recent Mortgage Statement
Bank Statements for Prior 2 Months

Items Specific to a Renovation Home Equity Loan:

Your Contractor’s Information
This includes basic contact info such as name, address, phone number, email, company website, etc.
Signed Renovation Contract with Details of the Planned Renovation
Lenders require an overview of what your renovation will entail and a detailed breakdown of the costs from your contractor to be used in the appraisal. So you’ll need to ensure that you are ready with your executed renovation contract and detailed line item breakdown before applying for the loan.

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.