Flexible HELOC Solutions for Your Equity
A Home Equity Line of Credit gives you flexible access to your equity without refinancing your entire mortgage.
How a Home Equity Line of Credit Works
A HELOC is a revolving line of credit secured by your home. You are approved for a maximum amount based on your home's value and current loan balance, then draw only what you need.
Flexible Access to Your Equity
During the initial draw period, you can borrow, repay, and borrow again, similar to a credit card. This makes a HELOC a great option for ongoing or unpredictable expenses while paying interest only on what you use.
Two Phases
- Draw Period: Access funds as needed, often with lower, interest-only payments.
- Repayment Period: Once draw period ends, you repay principal and interest, and access to new funds closes.
Available HELOC Programs
Program availability and qualification depend on borrower profile, property type, and state restrictions.
Piggyback HELOC - Pink (30-Year)
- 680+ FICO, up to 85% CLTV*
- Up to 50% DTI*
- $20,000 minimum line amount, initial draw must be 75% of line amount
- Draw amount up to $500,000
- 3- and 5-year draw periods
- For line amounts up to $400,000, an appraisal waiver is accepted with an approved AVM
- Available on all transaction types
Restrictions:
- - Subject to first lien restrictions.
- - Not eligible in Tennessee (primary loans only) and Texas.
Standalone HELOC - Pink (20- And 30-Year)
- 680+ FICO, up to 85% CLTV
- Up to 50% DTI
- $25,000 minimum line amount, initial draw must be 75% of line amount
- Loan amounts up to $500,000
- 3- and 5-year draw periods
- For loan amounts up to $400,000 and approved AVM, exterior-only appraisal or full appraisal is required. For loan amounts over $400,000, a full appraisal is required.
- Eligible for primary, second and investment homes
Restrictions:
- - Not eligible in Iowa, Tennessee (primary loans only), Texas and Vermont.
Standalone HELOC - Yellow (20- And 30-Year)
- 640+ FICO, up to 85% CLTV
- Up to 50% DTI
- $25,000 minimum line amount, initial draw must be 75% of line amount
- Loan amounts up to $500,000
- 3- and 5-year draw periods
- For loan amounts up to $250,000 and approved AVM, Broker Price Opinion, desktop appraisal or full appraisal is required. For loan amounts over $250,000, a full appraisal is required.
- Eligible for primary, second and investment homes
Restrictions:
- - Not eligible in Iowa, Tennessee (primary loans only), Texas and Vermont.
When a HELOC Can Help
A HELOC can provide strategic access to capital while keeping your long-term financial goals in focus.
Why Choose a HELOC?
- Lower interest rates compared to most credit cards
- Pay interest only on what you use
- Flexible access to funds over time
- No need to refinance your existing low-rate mortgage
A Smarter Way to Use Your Home's Equity
Have questions or want to see how much equity you can access? Our team is here to help you explore your options and make the right move with confidence.
Talk to a HELOC Specialist