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Last Updated: 04/18/2025

RenoFi Renovation HELOC

from Renovation Finance LLC

Last Updated: 04/18/2025

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Highlights

Credit Score Range

Starting at 640

Amount Range

$20,000 - $500,000

Maximum LTV

90%

Minimum Draw

N/A

Loan Term (Years)

10 - 20

RenoFi Renovation HELOC Review

RenoFi Renovation HELOC is offered by Renovation Finance LLC (NMLS #1802847), a marketplace lending platform founded in 2018 and based in Philadelphia, PA. RenoFi Renovation HELOC are available in 50 states and Washington, DC.

Key Takeaways

Fair credit accepted. Borrowers with a credit score as low as 640 may qualify for RenoFi Renovation HELOC.
Only primary residences considered. RenoFi Renovation HELOC does not offer financing for vacation homes or investment properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
High maximum LTV ratio. RenoFi Renovation HELOC has a maximum loan to value ratio of 90%.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for RenoFi Renovation HELOC.

RenoFi Renovation HELOC Pros & Cons

Pros

Cons

Fixed and variable interest rates available.
Borrow up to 90% of your home’s after renovation value.
Considers applicants with fair credit.
Available in all 50 states.

Charges an origination fee.
Charges prepayment fees.

RenoFi Renovation HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $500,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 90%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $70k in credit.

What are the terms for RenoFi Renovation HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

RenoFi Renovation HELOC offers home equity loans with terms ranging from 10 to 20 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What is the estimated funding time for a HELOC?

The HELOC through Renovation Finance LLC can fund in as few as 30 days after approval.

What fees does RenoFi Renovation HELOC charge for a HELOC?

RenoFi Renovation HELOC may charge an origination fee.

What types of property can you use as security for a HELOC with RenoFi Renovation HELOC?

Renovation Finance LLC may consider HELOCs secured by the following property types:

Primary residences

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Contact

Headquarters

2400 Market St

Suite 261

Philadelphia, PA 19103

(855) 736-6341

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Email Support

Hours of Operation

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Other Services by Renovation Finance LLC

Home Equity Loans

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SuperMoney Net Recommendation Score

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-1000+100

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