Figure Home Equity has built a HELOC product around a fully digital application and closing process. In supported states, borrowers can close with a remote online notary without scheduling an in-person appointment. The product structure differs from traditional HELOCs in ways that matter for how you present it to clients.
Product Structure and Key Terms
Figure's HELOC uses a fixed rate on the initial draw, which is the full principal at funding. Unlike a traditional revolving HELOC where the borrower can draw and repay flexibly, Figure requires a full initial draw with subsequent draws available at then-current rates. The repayment period follows a 5-year draw period. Maximum CLTV reaches 95% for well-qualified borrowers, and loan amounts typically range from $15,000 to $400,000 depending on the state. Minimum FICO is generally 620, with pricing tiering by credit quality. Program terms and availability vary by state; always verify current parameters directly with Figure.
Wholesale and Broker Access
Figure offers wholesale access for mortgage brokers. This is useful for MLOs who do not originate first mortgages but have clients with existing equity they want to access. It is also a solution for clients who do not want to touch their first mortgage rate but need funds for home improvement, debt consolidation, or major expenses. The self-employed documentation requirements follow standard income verification; some programs accept bank statement income.
When Figure Makes Sense vs. When It Does Not
- ✦Best fit: borrowers who want a quick digital process, need the full amount at once, and have a stable rate expectation
- ✦Less ideal: borrowers who want a true revolving credit line where they draw only what they need at any given time and want traditional revolving flexibility
- ✦Strong use case: debt consolidation or home improvement projects with a defined budget that matches a lump-sum draw
- ✦Rate comparison: compare Figure against a traditional bank HELOC for clients who prefer the revolving draw flexibility over the all-at-once structure
Aria at vicariointel.com can help you identify which HELOC and second lien options fit a client's equity position, FICO, and purpose of funds.
7-day free trial. No credit card required.
Ask Aria About Home Equity Product Options →