- Not a lender: it matches you with credit unions
- $25,000 to $750,000 based on after-renovation value
- Most lenders want a 620 credit score
- About 30 to 60 days to close
- Not available in New York
| What it is | A renovation lending service (Renovation Finance LLC, NMLS #1802847). RenoFi says it isn’t the lender, and loans come from partner credit unions |
|---|---|
| Products | RenoFi Home Equity Loan or HELOC, traditional home equity loan or HELOC, and renovation personal loans |
| Amounts | $25,000 to $750,000 on after-renovation value. Personal loans $10,000 to $75,000 |
| Borrowing limit | Up to 90% of after-renovation value on most of its pages. Its loans page says 95%. See below |
| Draw and repayment | Up to a 10-year draw phase on the HELOC, up to 20 years to repay. Fixed loans in 10, 15 or 20 years at some lenders |
| Minimum credit score | Most lenders want 620. Some programs go to 600, others need 660 |
| Closing costs | From about $700 to $800 up to 1% of the loan, plus an appraisal that averages about $700 and can top $1,000 |
| Timeline | About 30 to 60 days once your documents are in |
| States | Not listed. Not available in all states, and New York properties aren’t accepted |
| Trustpilot | 4.6 from 124 reviews, newest dated December 31, 2025, read October 13, 2026 |
Our take: RenoFi is not a lender. It’s a service that matches a renovation project with credit unions that lend against what your home will be worth after the work. That can mean a bigger loan than a normal HELOC gives you, which is the whole point.
It’s best for someone who recently bought, hasn’t built much equity and has a big project priced out. It’s a slow route, though. Plan on 30 to 60 days and a paid “as completed” appraisal.
If you’ve owned your home for years and have plenty of equity, a plain HELOC is simpler and probably cheaper.
What RenoFi actually is
You start on RenoFi’s site, fill out a short form and get paired with a RenoFi advisor. The advisor helps you prepare, orders the appraisal and checks your contractor. Then you’re handed to a credit union that makes the loan.
The lender approves you, not RenoFi. RenoFi says it charges homeowners nothing and is paid by the partner lender for its underwriting work.
Think of it as a concierge in front of a credit union. You can only get a RenoFi loan through RenoFi.
Borrowing against after-renovation value
A normal HELOC looks at what your home is worth today. RenoFi looks at what it will be worth when the renovation is done, using an “as completed” appraisal.
Say your home is worth $750,000 and you owe $310,000. RenoFi’s own example shows a standard home equity loan allowing about $290,000, while a RenoFi loan on a $920,000 after-renovation value reaches $500,000. Those are RenoFi’s illustration numbers, not an offer.
There’s a risk. A RenoFi loan has no guarantee your home will gain value, and in rare cases you may owe more than the home is worth.
Its pages don’t agree on the limits. Most pages say up to 90% of after-renovation value. The loans page says 95% of after-renovation value or 125% of current value, and the FAQ says up to 150% of current value or 90% of after-renovation value, whichever is lower. Ask the credit union for its actual number.
What RenoFi loans cost
Rates aren’t posted. Credit unions set them, and your credit score and the loan-to-value on after-renovation value drive them. Credit unions have a reputation for low rates and charges.
Closing costs run from about $700 to $800 up to 1% of the loan, covering the origination charge, title and escrow work, tax certifications and recording. They don’t include the appraisal.
The appraisal is the cost that stings. An “as completed” appraisal averages about $700 and can top $1,000, and you pay for it even if the lender turns you down.
During the build, some lenders charge a monthly fee or a higher rate. That ends once an inspector confirms the work is done and RenoFi issues a certificate of completion.
Who qualifies
Most lenders want a credit score of at least 620. Some programs go as low as 600 and others ask for 660. Treat the minimum as a hard line.
The loan is secured by a lien on your home. You don’t have to refinance, and most lenders don’t make you wait after buying a house.
Loans over $500,000 carry extra requirements, like a lower maximum loan-to-value and cash reserves. On its home page, RenoFi puts the line at $250,000.
A rental can work too. “Select programs” offer after-renovation loans on investment properties, and the rest of the partners lend on current value.
How long it takes
Slow. The appraisal alone usually takes 14 to 30 days. Then the lender’s own underwriting takes another 15 to 30. RenoFi puts the total at about 30 to 60 days once your documents are collected, and it guarantees nothing.
The money comes all at once. The loan doesn’t use draws and inspections during construction, so you pay your contractor yourself. If you act as your own general contractor, RenoFi caps you at three subcontractors.
Is RenoFi legit, and what do RenoFi reviews say?
The company checks out. Renovation Finance LLC holds NMLS #1802847, its partners are credit unions insured by the NCUA, and its footer states plainly that RenoFi is not the lender.
Customer feedback is positive. Trustpilot shows 4.6 from 124 reviews, though the newest one is dated December 31, 2025. The testimonials on RenoFi’s own site are the company’s own picks, so skip those.
What those reviews can’t tell you is the price. Your rate and costs come from whichever credit union you land with.
Pros and cons
Pros
- Borrow against after-renovation value, up to $750,000.
- No refinance is required, so you keep your first mortgage.
- Most lenders accept a 620 score, and some programs accept 600.
- The full amount is available up front, with no draws and inspections during construction.
- RenoFi says it charges homeowners nothing.
Cons
- RenoFi isn’t a lender, so rates and costs depend on the credit union.
- Plan on 30 to 60 days to close.
- The appraisal averages about $700, and you pay even if you’re turned down.
- Its pages disagree on borrowing limits.
- It isn’t available in every state, and not in New York.
- You could owe more than the home is worth if it doesn’t gain value.
Who should use it
Use it if you bought recently, have a big project and a contractor ready, and a regular HELOC won’t stretch far enough. Think a $200,000 addition on a home you’ve owned for two years.
Skip it for a small job. The after-renovation loans start at $25,000, and the extra appraisal may not pay off on a project that size. RenoFi’s personal loans start at $10,000 and run up to $75,000, but those aren’t what it’s known for.
How to apply
Start at RenoFi’s site with its rate estimate, or call 855-736-6341. Have your contractor’s bid and scope of work ready, because RenoFi reviews both before you apply with a lender.
RenoFi vs. other options
- Achieve: lends against current value, a fixed APR from 6.10% to 15.17% and a 600 minimum credit score in 31 states.
- PenFed: a variable rate starting at 7.000%, most closing costs paid and a $99 annual fee. You have to join.
- Figure: initial APRs of 7.35% to 14.85% as of October 6, 2026, with lines up to $750,000.
If a monthly payment is the problem, HEI vs HELOC shows another route.
RenoFi could make sense if you recently bought, have a priced renovation project and need more than a regular HELOC would give you.
FAQ
Yes, as a company. It holds NMLS #1802847 and works with NCUA-insured credit unions. It isn’t the lender, though, so the terms of your loan depend on the credit union.
No. It matches you with partner credit unions that make the loan.
Most lenders require at least 620. Some programs accept 600, and others require 660.
Loans run from $25,000 to $750,000, based on after-renovation value. The limit depends on the lender.
RenoFi says it doesn’t. The partner credit union charges closing costs, and you pay for the appraisal.
Some programs allow it. Ask your advisor which lenders do.
Sources (7)
We use primary sources: each company’s own product pages and legal terms.
- RenoFi. Home. renofi.com. Accessed October 13, 2026.
- RenoFi. Loans. renofi.com. Accessed October 13, 2026.
- RenoFi. FAQ. renofi.com. Accessed October 13, 2026.
- RenoFi. About Us. renofi.com. Accessed October 13, 2026.
- Trustpilot. RenoFi reviews. trustpilot.com. Accessed October 13, 2026.
- Achieve. Home Equity Line of Credit (HELOC). achieve.com. Accessed October 13, 2026.
- PenFed Credit Union. Home Equity Line of Credit (HELOC). penfed.org. Accessed October 13, 2026.
Take the next step.
See what RenoFi’s credit unions could offer.
$25,000 to $750,000 against after-renovation value. Most lenders want a 620 score.
Rates, terms and availability change. Check the current terms on RenoFi’s site before you apply.