Traditionally, you can borrow against the equity on your home to pay for renovations. This is commonly known as a Home Equity Line of Credit (HELOC). If you're a new homeowner and don't have years of equity building up in your home, traditional HELOCs won't work for you. That's where RenoFi comes in. RenoFi allows you to borrow against the After Renovation Value (ARV) of your home. In layperson terms, you can borrow against what your home will be worth after the renovations are done.
You borrow up to $500,000 or at least $25,000.
Compared to the traditional alternatives, applying and getting financing through RenoFi is easy. To get started, first find out how much you'll want to borrow. To do this, schedule an estimate with us and ask your Home Quality Remodeling project manager for a Scope of Work. This document will have the all-in price for the renovation project you want. Then contact email@example.com letting him know about the project and that you're looking for financing. Ben will need the typical income verification documents then once you're qualified for the loan, the funds are directly deposited into your bank account.
In short, yes. We'll happy work with your bank and HUD inspectors while using a 203 (k) loan for your home renovation or new home construction.
To get started with this process, talk to your lender. Your lender should guide you through the process and let you know what documents you will need from us. Typically, this is a construction contract, a set of plans, and information about our business.
To apply for a loan through RenoFi, you'll need the following things which one of our project managers will give you:
Disclaimer: We at Home Quality Remodeling are not giving you professional advice. If you need professional legal or financial advice, consult with a licensed professional. We're here to share what some of our clients have found useful in the past.