Quick answer
Figure's HELOC is fast and digital, with automated valuations and funding in as few as 5 days, but its published terms don't fit everyone. You draw the full line at closing, the draw period is 2–5 years, origination fees run up to 4.99%, and there's no published bank-statement-only option for self-employed borrowers. Good alternatives include bank statement or P&L HELOCs, credit union HELOCs with 10-year draws, and fixed-rate home equity loans.
Figure's HELOC terms (as published)
| Term | What's published | Why it matters |
|---|---|---|
| Minimum credit score | 600 or 640 (reviewers differ); 680 for investment property | Check your tier before applying |
| Max combined LTV | 85% (Figure's guide references 80%) | Similar to most lenders |
| Line amount | $15,000 to $750,000 (older reviews say $400,000) | Large lines may need a jumbo HELOC |
| Initial draw | Full line drawn at closing | Interest starts on the whole amount |
| Draw period | 2 to 5 years | Shorter than the common 10 years |
| Origination fee | Up to 4.99% (Bankrate: capped at $12,000) | About $9,980 on a $200,000 line at the max |
| Income verification | Linked bank or payroll account, tax return, or uploads | No published bank-statement-only program |
| Property types | Single-family, condo, townhouse; primary or second home; investment property per some reviewers | Co-ops, manufactured homes, and 5+ units excluded |
| States | All but Hawaii (newest reviews) | Hawaii homeowners need another lender |
Published terms as of the dates in the sources below. Lender programs change often and some sources conflict; verify current terms with each lender. HELOCpedia is not affiliated with the lenders named.
When Figure is a good fit
Figure's strengths are real: an online application, automated home valuation for most homes, and funding in as little as five business days. If you have W-2 or easy-to-document income, a single-family home, and you need the full amount right away, it's worth a quote.
Alternatives, by situation
| Your situation | Consider | Why |
|---|---|---|
| Self-employed; tax returns show low income | Bank statement HELOC or P&L HELOC | Qualifies on deposits or current profit instead of tax returns |
| Paid on 1099s | 1099 HELOC | Starts from gross 1099 income, not Schedule C net |
| Self-employed less than 2 years | 1-year self-employed HELOC | One year can work with strong cash flow |
| Want a standby line, not a lump sum | A HELOC with no minimum draw and a 10-year draw period | Pay interest only on what you use |
| Want the full amount and a fixed payment | Fixed-rate home equity loan | One rate and payment for the life of the loan |
| Borrowing on a rental or LLC property | Investment property HELOC or LLC HELOC | Can qualify on the property's rent |
| Home in Hawaii | Local lenders; see HELOC in Honolulu | Figure's newest reviews list Hawaii as excluded |
| Lots of savings, little income | Asset depletion HELOC | Qualifies on account balances |
Compare the full cost, not just the rate
With a required full draw, a HELOC works like a lump-sum loan: you pay interest on the whole line from day one. Add the origination fee (up to 4.99% at Figure) and compare that total with a lender whose rate may be slightly higher but charges lower fees or lets you draw only what you need. On a $100,000 line, a 3-point fee difference is $3,000 up front.
Where our program fits
We're built for the borrowers automated lenders often can't fit: self-employed borrowers qualifying on bank statements, a P&L, or 1099s; debt-to-income up to 50%; up to 90% combined loan-to-value in certain cases; rentals and LLC-owned properties; and both HELOCs and fixed-rate home equity loans.
Figure is a trademark of its owner. HELOCpedia is not affiliated with or endorsed by Figure.
Sources
- NerdWallet: Figure HELOC review (upd May 2026)
- CNBC Select: Figure HELOC review (Apr 2026)
- CNBC Select: Best HELOC lenders (upd Sep 2026)
- Bankrate: Figure review (Jul 2026)
- Forbes Advisor: Figure HELOC review (Mar 2026)
- LendEDU: Figure review (Aug 2026)
- Figure: HELOC guide
- Figure: What is Plaid (Jul 2025)
- Figure: Do I need an appraisal for a HELOC? (Jan 2025)
Compare a Figure quote with ours
Soft credit pull only. Send us your Figure offer and we'll show a side-by-side with total cost, draw terms, and fees.
FAQ
What are Figure HELOC's requirements?
Reviewers report a minimum credit score of 600 or 640 (680 for investment property), a maximum combined loan-to-value of 85%, and lines from $15,000 up to $750,000. Figure verifies income through a linked bank or payroll account, a tax return, or uploaded documents.
Do you have to draw the full Figure HELOC at closing?
Yes. Reviewers report that Figure requires drawing the full line amount at closing (minus the origination fee), with redraws available during the draw period after you repay.
Can self-employed borrowers get a Figure HELOC?
Figure accepts self-employed borrowers, but it doesn't publish a bank-statement-only program; self-employed income is verified through linked accounts or tax returns. Bank statement or P&L HELOCs are alternatives if your tax returns show low income.
What does Figure charge in fees?
Figure's origination fee is up to 4.99% of the line; Bankrate reports it's capped at $12,000. Reviewers report no annual or prepayment fees.
Is Figure available in Hawaii?
The newest reviews (CNBC Select and LendEDU, 2026) say Figure lends in all states except Hawaii. Hawaii homeowners can use local lenders or other national programs.
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