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After RenoFi
Before RenoFi
RenoFi for Loan Officers
The world’s first Renovation HELOC based on AFTER-RENOVATED VALUE.
The perfect companion for purchases & refis.
RenoFi ARV HELOC Product
| FICO | MAX CLTV (Projected After Renovation)* | Max Loan Amount |
|---|---|---|
| 720+ | ≤65% | $500,000 |
| 65.01-85% | $350,000 | |
| 85.01-90% | $250,000 | |
| 680-719 | ≤65% | $350,000 |
| 65.01-90% | $250,000 | |
| 660 | ≤80% | $50,000 |
*CLTV is calculated based on the projected ARV (After-Renovation Value)
HELOC Terms: 10-Yr I/0 Draw Period, 20-Year Full Amortization Repayment
**Maximum Debt Ratio: 43%, (38%/43% for FICO < 720, 43%/45% for FICO >720)
Eligible States: All States, excluding TX
Max CLTV of Current Value = 150%
Minimum Loan Amount - $50,000
RenoFi loans grow your business
Allowing you to close more deals
RenoFi has been a great tool for me to close more primary mortgages. Previously when clients bought a property in need of renovation I referred them out to colleagues as I don't have 1st position renovation products. Now with RenoFi's product, I am able to offer these clients a conventional primary mortgage and refer them to RenoFi for renovation financing. It is a win for my clients and a win for me!
Ray
A 203k Alternative
First mortgage renovation products such as the 203k are time consuming, costly, and challenging to close due to the extensive underwriting requirements. RenoFi, alternatively, has provided my clients with a very cost effective and more simplistic approach to finance their renovation costs. For properties that can close without the need for a 203k, I highly recommend to my clients and their realtors to consider RenoFi.
Michael
Increase Buyer Inventory
The RenoFi product offering has absolutely helped me grow my business this year. Our Financial Advisors and real estate agents depend on us to offer the best possible solutions - and RenoFi fits the bill without question. It's a huge win..
Ben
Interested in finding out how this program will work for you?
How much more can your client borrow with RenoFi
in
Unfortunately, RenoFi lenders don’t offer loans for properties in Nevada right now.
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find your client’s max loan amount
Up to a maximum of $500,000
Estimated RenoFi max loan amount
Current home value
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Adjust to find your estimated max loan amountRemaining mortgage balance
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Expected after renovation value
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200K
Standard home equity loan
500K
RenoFi
home equity loan
FAQs
Below you’ll find answers to the questions we get asked the most about our home improvement loan.
What is the maximum CLTV?
Maximum CLTV is typically 90% of the After Renovation Value of the home. ARV CLTV up to 90% can be considered by the lender on a case-by case basis.
Can RenoFi loans finance renovations for investment properties?
RenoFi loans based on After-Renovation value are only for primary residences and second homes. RenoFi partners offer loans based on current value for investment properties.
Are there any required inspections (HUD & Draw)?
There are no required inspections for RenoFi Loans.
What type of appraisal is completed for the ARV (After Renovation Value)?
The appraisal will either be a form 1004 full review or a form 2055. It depends on the renovation size and complexity.
How does RenoFi arrive at the CMV (Current Market Value)?
We select the lower of the sales price and the appraised value of the home.
What are the terms of the loans?
Up to 20 year terms.
How long after a client closes on their house can they get a RenoFi Loan?
We can work with the client before closing to gather as many documents as possible so that as soon as they close we have all documents needed to send the application along to the credit union.
How long does it take to close a RenoFi Loan?
It is possible for a loan to close in 30 days.
