The most money and lowest monthly payment for your renovation

Borrow up to 90% of your future home value with a RenoFi Renovation Loan


Items Specific to RenoFi Renovation Home Equity Loans:

1. Your Contractor’s Information
This includes basic contact information such as name, address, phone number, email, and company website. RenoFi needs this to contact your contractor and perform basic due diligence before the lender can approve your loan.

2. Detailed Cost Estimate for Appraisal
This will be used by the appraiser to assist in determining the after renovation value of the home, before you are introduced to a lender. This should at the very least be a subcategory cost breakdown, as well as the general scope of work.

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.

3. 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.

  • 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

4. Preliminary Renovation Contract
This should include a proposed payment schedule, change order procedures and an approximate timeline. You don't need the contract to be signed to apply for the loan.

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

Items Required for All Home Loans:

1. 2 Most Recent Pay Stubs

2. 2 Years of W-2 Forms

3. 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.

4. Most Recent Mortgage Statement

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

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.

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