Program Profile
Figure HELOC
A highly automated, fully amortizing HELOC with multiple term choices, draw periods ranging from three to five years, and distinctive features including a third-lien option, IntelliDebt automated debt payoff, and asset-based income qualification.
Program information last reviewed: October 2026. HELOC underwriting guidelines change frequently. Credit-score thresholds, CLTV limits, line amounts, property rules and available terms shown here are educational snapshots and may change before you apply.
Product Structure
Payment type
Fully amortizing (P+I from day 1 — no interest-only period)
Rate type
Fixed and variable versions may be available
Available terms
10, 15, 20, and 30 years
Draw period by term
10-yr → 3-yr draw | 15-yr → 4-yr | 20-yr → 4-yr | 30-yr → 5-yr
Minimum line
$25,000
Maximum line
$750,000
Initial draw
100% of line at origination
Minimum subsequent draw
~$500
Lien positions
First, second, and third lien (third lien: owner-occ, ~680+, ~70% CLTV)
Valuation
AVM through ~$400k; full appraisal above; BPO/evaluation may be available in some cases
Soft prequalification
Yes — soft credit pull for initial prequalification
Draw period note
As principal is paid down during the draw period, credit can generally become available again within the applicable draw window. A borrower who plans to reuse the line over several years should compare draw period length carefully — Figure's 30-year product offers a 5-year draw window, while the 10-year product offers only 3 years.
Credit & CLTV Summary
August 2026 program snapshot. Approximate ranges — not guarantees. Actual results depend on your specific property, credit profile, and income.
Owner-Occupied
- — General minimum credit begins around 640.
- — Many standard executions fall in roughly the 75%–85% CLTV range depending on score, lien position, and line size.
- — Selected stronger-credit/smaller-line executions can reach approximately 90% CLTV.
- — Higher-CLTV executions can have tighter DTI and additional valuation requirements.
- — Larger lines are generally more conservative than the headline 90% maximum suggests.
Non-Owner Occupied
- — Generally begins around 680 FICO.
- — Depending on lien position and line size, current executions generally fall around 70%–80% CLTV.
Third Lien
- — Potentially available on eligible owner-occupied properties.
- — Generally around 680+ FICO and approximately 70% max CLTV.
Large-line and high-CLTV combinations are subject to special restrictions. For CLTV above 85%, Figure currently uses additional collateral validation, including a second AVM requirement in qualifying scenarios.
Distinctive Features
Third Lien
Figure currently permits third-lien owner-occupied HELOCs in some situations — generally 680+ credit and approximately 70% maximum CLTV. This is unusual among the five programs compared here.
IntelliDebt
Figure's automated direct debt-payoff feature can use eligible debt payoff to help a borrower qualify. If paying off a high-payment debt improves your DTI, this can be meaningful.
Asset-Based Qualification
Eligible savings, retirement and investment accounts can be used in supported circumstances. Useful when documented income is lower than actual financial capacity.
Business-Bank Income
Figure supports automated proprietary business-bank account analysis (generally requires 680+ credit). This is different from a simple universal expense factor — Figure uses its own automated calculation.
LLC Eligibility
May be allowed on eligible non-primary property. Current general requirements include at least 25% borrower ownership in LLC, Certificate of Good Standing, around 700 minimum FICO, and state restrictions apply.
Behavioral Credit Factors
Figure's underwriting considers behavioral credit factors beyond headline FICO, including credit utilization and inquiry patterns.
When Figure Is Worth Comparing
- —Highly automated application preferred — Figure's digital-first process is one of the most streamlined available.
- —Long amortizing term desired — 30-year term with a 5-year draw window is available.
- —Third-lien structure is relevant — unusual among digital HELOCs.
- —Debt payoff (IntelliDebt) may improve qualification.
- —Asset-based or business-bank income may help qualification.
- —A five-year revolving window while paying principal from day one is acceptable.
See What Figure Actually Produces for Your Property
The matrix above is a starting point. The actual result depends on your property's AVM, your credit profile and your income type.
Shop My HELOC OptionsMorgan Hardy · NMLS #1906208 · Foundation Mortgage