RenoFi Review 2025: Helping New Homeowners Renovate on a Tight Equity Budget

Best for Home Renovations

4.4 _/5

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HELOC

• Higher borrowing limits based on your home’s future value 
• Partners with credit unions for lower rates
• Introductions to trusted designers and contractors
• Personalized help to increase approval odds

• Not a lender—connects you with different lending partners
• Origination and appraisal fees
• Extra fees during renovation
• Must use funds for renovations
• Doesn’t disclose specific rates, as they vary by lender

Rates (APR)	Vary by lender
Funding amounts	$25,000 – $750,000
Repayment terms	Draw: Up to 10 years / Repayment: 10, 15, or 20 years
Min. credit score	640

Home equity loan

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• Fixed rates

• Requires excellent credit and a short repayment term for the most competitive rate

Rates (APR)	Vary by lender
Funding amounts	$25,000 – $750,000
Repayment terms	10, 15, or 20 years
Min. credit score	640

RenoFi serves as a lending matchmaker for homeowners who need funds for a renovation. The company connects you to a loan from a local credit union, offering after-renovation value loans, traditional home equity lines of credit (HELOCs), and personal loans.

You can borrow more money than you can from traditional home equity loan and HELOC lenders—up to 95% of your post-renovation home value. Plus, the company walks you through the process and helps prepare your application. It’s a helpful feature, especially if you’re self-employed. 

Overall, RenoFi is a solid option if you’re a specific kind of borrower, like a new homeowner with limited equity. But it’s important to understand how its loans work, how to qualify, and the fees you may incur. Here’s everything to know so you can make the best choice.

Table of Contents

1. How does a RenoFi loan work? 
2. What credit score do you need for RenoFi?
3. Customer reviews
4. Alternatives

How does a RenoFi loan work? 

You can work with RenoFi for a HELOC or a home equity loan. With both loans, you can expect to pay origination fees of up to 1% and appraisal fees of around $1,000. Lenders can also charge additional fees during your renovation, increasing the total cost of the loans. 

Eligibility requirements are nearly identical for both loans, but the terms and rates will differ. Because it works with a network of credit unions, rates vary, and RenoFi doesn’t disclose rates publicly. You can get an idea of what your rate could look like using RenoFi’s Loan Calculator.

Here’s a breakdown of how the options compare based on the information available:

Loan features	RenoFi HELOC	RenoFi home equity loan
Variable or fixed rates?	Both	Fixed
Repayment terms	Draw: Up to 10 years; Repayment: 10, 15, or 20 years	10, 15, or 20 years
Fees	Origination fee: Up to 1%; Appraisal fee: Around $1,000	Origination fee: Up to 1%; Appraisal fee: Around $1,000

HELOC

The RenoFi HELOC has a draw period of 10 years, and you can access the full amount immediately. You can choose from three repayment terms: 10, 15, or 20 years, which are similar to those from other lenders.

The ability to choose from a variable or a fixed rate is a standout feature many lenders don’t offer. But the real benefit of a HELOC from RenoFi is that the equity requirements are much more lenient. You can borrow up to 150% of your home’s current value or up to 95% of the post-renovation value as long as it’s your primary residence.

Fixed-rate home equity loan

RenoFi’s fixed-rate home equity loan offers fixed rates. Rates vary by lender, but like most home equity loans, you need excellent credit and a short repayment term to get the most competitive rate. Borrowers with average credit scores and typical repayment terms can expect higher-than-average rates. 

Is RenoFi a direct lender?

No, RenoFi isn’t a direct lender. The company partners with credit unions to provide HELOCs and home equity loans. You can still expect a standardized process—meeting with a RenoFi loan advisor, getting preapproved, preparing your application, and then applying directly with the lender. 

It’s free to work with RenoFi, and you’re not obligated to move forward with a loan from one of the company’s lending partners. It’s helpful to think of RenoFi as a concierge that guides you through the process. You can also work with RenoAdvisor, a new offering from RenoFi, to get expert help planning your renovation and find vetted professionals for your project. It’s another free perk.

However, you only have access to RenoFi’s lending partners, and you might be able to find better terms or rates on your own.

What credit score do you need for RenoFi? How to qualify 

RenoFi offers unique flexibility in its loan qualification requirements. As long as you’re using the loans to renovate your primary property, the property’s future value after a renovation determines the loan amount.

It’s slightly different for investment properties since the current value determines the size of those loans. You need to submit renovation plans for both loans. Other eligibility requirements are more standard, though. 

Similar to other lenders, most RenoFi lenders require a credit score of at least 640. You also need to provide proof of income. Loans are available in nearly every state, and different types of properties, including Accessory Dwelling Units (ADUs), are eligible.

Detail	RenoFi requirement
Credit score	640
State of residence	Not available in Hawaii, Massachusetts, and New York
Employment	Full-time, part-time, or self-employed
Property	Primary home, vacation home, or investment property

RenoFi customer reviews

RenoFi only has two customer reviews on the Better Business Bureau, and it’s not a BBB-accredited business. The company earns a low rating, and both reviewers on the site have the same issue: RenoFi requires more documents and a longer process due to its use of your home’s after-renovation value. 

We started the process in March. They require strict guidelines to show what projects you are doing, broken down into labor and material. That is difficult to get from a contractor. After this step was complete, we were ready to proceed. They then require an appraisal. Our appraiser did not do his job correctly, which RenoFi was no help with. As strict as they are, they need to have guidelines in place to protect everyone. — April N. in a BBB review

Reviews for RenoFi are more positive on Trustpilot. Many reviews mention RenoFi employees by name and state that the customer service experience was better than expected, which is encouraging feedback for potential borrowers. 

We had an excellent experience working with RenoFi on our home project. If you want an advisor who will go above and beyond for you, ask for Alicia. She treated us like family and was so great to work with. Jaimie, the processing manager, made sure everything was signed, sealed, and delivered correctly to the credit union. Overall great company and people to work with on such a major project.
—Karli S. in a Trustpilot review

Platform	Rating	Number of reviews
BBB	1.0/5	2
Trustpilot	4.8/5	120
Google	4.7/5	635

Alternatives to RenoFi 

RenoFi is a solid choice if you recently bought a home and need money for renovations immediately. But it’s not the best pick if you’ve owned your home for a few years and have equity, because you can likely find fewer fees with another lender. 

RenoFi is also not a direct lender. The company acts as a broker and connects you with lenders. It’s a free service with valuable benefits, like help preparing your application and connections to renovation professionals. But you might be able to find better terms if you work directly with a lender instead. 

Let’s take a look at some of the best alternatives to RenoFi, including LendingTree, Figure, and HomeTap.

Best for comparison shopping: LendingTree

Like RenoFi, LendingTree is a loan broker connecting borrowers with potential lenders. The most significant difference is that LendingTree allows you to work directly with the lender and provides quotes. It’s one of the best ways to compare and shop for the best deal without filling out multiple applications. 

But unlike RenoFi, you won’t receive personalized help, and eligibility requirements are more standard—you typically need a solid amount of equity in your home. 

Best for fast funding: Figure

Once the application and approval process are complete, Figure funds loans within five days. It’s one of the fastest funding timelines available, much quicker than RenoFi’s process, which takes 30 to 60 days. 

But the fast timeline comes at a cost. Figure’s origination fee is up to 4.99%—nearly five times higher than you would pay with RenoFi. Even though Figure offers other types of loans, the HELOC is the only home equity product. RenoFi, on the other hand, has more options. 

Best for home equity agreements (HEA): Hometap

Home equity agreements are different from home equity loans and mortgages. An investor gives you a lump sum of cash, and in exchange, you provide a share of the equity in your property. It’s a unique way to access funds, and it’s not right for everyone. But if you decide it’s the best option, Hometap is an excellent choice. You can use the funds for anything, and loans are available for up to $600,000.

How we rated RenoFi

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity loans and lines of credit. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared RenoFi to several home equity lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.