You can access your home’s equity like a credit card. Close in days not weeks, get approved in minutes with a soft credit check. Up to $400,000 line size, 80% combined loan-to-value. Higher in some cases.

Home Equity Line of Credit in Florida

Florida has seen a meteoric rise in home values over the past 15 years. Some who have bought even in the last 2 or 3 years have substantial equity trapped in their home. A home equity line of credit could be the answer to access that equity. People often confuse a line of credit with a home equity loan. Home equity loans are a fixed second mortgage, with a set loan amount and repayment plan. A home equity line of credit or a HELOC acts more like a credit card or a revolving account. You can use the funds, pay the funds back, and use the funds again. This can be done over and over.

Additionally a HELOC can close much faster than a traditional cash out refinance or a home equity loan. We do home equity lines of credit up to $400,000, with a minimum of $25,000.

How Much Equity Can I Get Out?

As a broker we have multiple outlets for home equity lines of credit in Florida. We give you personal representation on your behalf with the best lending partner for your needs. Our favorite partner allows for a max combined loan to value of 90%. Combined loan to value or CLTV means the first mortgage and the second mortgage can be no more than 80% of the value of your home. For example if your home is worth $400,000 and your first mortgage balance is at $200,000 then the max home equity line of credit would be $120,000, since a combined loan amount of the two would be $320,000. $320,000 is 80% of the value of the home at $400,000.

How Quick Can I Close?

This is the fun part. We can get you closed in days, but shouldn’t take more than a week or so. These programs use algorithms to determine eligibility. If the computer gets it wrong human intervention is possible. Plaid is used to analyze deposits for W-2 borrowers and self employed borrowers if deposits are going into a personal account. If not then we can use tax returns to qualify.

An automated valuation model is used to determine value, AVM for short. This provides you an instant figure for value, but for $160 a human can take a deeper dive into value if you think your home is worth more. The flexibility of the hybrid digital and human platform gives our program the competitive edge.

What Is the Minimum Credit Score Required?

Our home equity line of credit in Florida works for primary residences, second homes, and investment properties. The minimum score for a primary residence is a 640. For investment properties and second homes the minimum score is 700. Keep in mind with a lower score you are capped on your combined loan to value. With a 640 you are capped at 65%. At a 660 you are capped at 70%, at 680 the cap is 75%, and at 700 the cap is 80%. For second homes the max you can get out is 75% with a score of 740. On investment properties the max you can get out is 70% of the combined loan to value.

Can You Pay Debt Off At Closing To Qualify?

Not all home equity lines of credit in Florida allow you to pay debt off at closing. With our program you can. Oftentimes this can mean the difference between being able to close and not. The max debt to income ratio is 50%. That means that your total monthly debt that would report to the credit bureaus cannot exceed 50% of your income. Rates are slightly better if you can keep your total debt ratio under 45% but it’s great to have the option of going higher.

Things To Love About Our HELOC

• Qualification is based on a soft credit check, so there’s no hard inquiry until you accept the offering.
• There are no pre-payment penalties for our home equity line of credit.
• You are required to disperse a minimum of 75% of your requested line of credit amount at closing. If you would like you can turn right back around and pay the line down the next day.
• When you close your funds get deposited within hours. You can even fund on a Saturday.

Home Equity Line of Credit Rates

Rates vary based on credit score, combined loan to value, and the purpose for the home equity line of credit. Purposes can be home improvement which has no rate hit, debt consolidation with a 0.25% rate increase, and “other” which has a 0.75% rate increase. Home equity lines of credit are rarely fixed, a variable rate is most common. Ours is based off of the Wall Street Journal Prime index, then we add the appropriate margin based on credit score, CLTV, and property type. Margins range from 2.49% to 7%.

Key Points to Know for a Home Equity Line of Credit in Florida

• Our program is a 5 year interest only draw period, with payments calculated based on a 25 year amortization.
• Eligible properties are single family homes, condos, PUDs, and townhomes. Ineligible properties include manufactured homes and log cabins.
• No pre-payment penalties.
• You do not have to have a first mortgage, this can be a first or second mortgage. If you bought with cash this program can work as soon as your deed is recorded.
• If denied you can re-apply when ready.
• 640 min credit score. To get the max available funds you need a 700. We use the FICO 8 scoring model which is oftentimes more favorable than your typical mortgage credit score.
• You can pay debt at closing to qualify.

A Few More Restrictions to Keep in Mind

• More than one mortgage late in the last 12 months is not allowed. Bankruptcies must be 4 years from discharge or dismissal. No charge offs or short sales in the last 4 years.
• Max collection amounts allowed within the last 24 months can’t total more than $2,000. If collections are older than 24 months the max balance is $2,500 per occurrence.
• Judgments or tax liens must be paid at closing.
• Max DTI of 50%.
• If you have a manufactured home, unfortunately a HELOC isn’t possible. You would need to do a cash out refinance on a manufactured home.
• Income can be calculated multiple ways but Plaid is the easiest and quickest. It verifies deposits into your personal account whether employed or self employed.
• The minimum loan amount is $25,000, and the max is $400,000. You must draw 75% at closing, but this can be repaid anytime.
• Get pre-approved with a soft credit check. You only get a hard inquiry upon accepting the offer.

How Much Florida HELOC Can You Get?

Your maximum HELOC depends on three factors: your credit score, what type of property it is (primary, second home, or investment), and how much you currently owe on your first mortgage. Here’s the maximum combined loan-to-value (CLTV) — meaning your first mortgage + new HELOC together — by FICO and property type. Note that we do have options to go to 90% CLTV.

FICO Score	Primary Residence	Second Home	Investment Property
740 – 850	Up to 80% CLTV	Up to 75% CLTV	Up to 70% CLTV
720 – 739	Up to 80% CLTV	Up to 70% CLTV	Up to 70% CLTV
700 – 719	Up to 80% CLTV	Up to 70% CLTV	Up to 70% CLTV
680 – 699	Up to 75% CLTV	Up to 65% CLTV	Not available
660 – 679	Up to 70% CLTV	Up to 60% CLTV	Not available
640 – 659	Up to 65% CLTV	Up to 60% CLTV	Not available

Quick read: Strong credit (700+) opens the most equity. Investment properties cap at 70% CLTV regardless of credit — and require a minimum 700 FICO. Below 700, investment HELOCs aren’t available with us.

What That Means in Dollars — Worked Example

Let’s say your home is worth $500,000 and you currently owe $250,000 on your first mortgage (50% existing LTV). Here’s how much HELOC you could access at each FICO and property type:

FICO Score	Primary Residence	Second Home	Investment Property
740 – 850	$150,000	$125,000	$100,000
720 – 739	$150,000	$100,000	$100,000
700 – 719	$150,000	$100,000	$100,000
680 – 699	$125,000	$75,000	—
660 – 679	$100,000	$50,000	—
640 – 659	$75,000	$50,000	—

Math: (Max CLTV × Home Value) − Existing First Mortgage Balance = Available HELOC. Using a 760 FICO on a $500K primary home with a $250K first mortgage: (80% × $500,000) − $250,000 = $150,000 available HELOC.

The key takeaway: your existing first mortgage balance directly affects how much HELOC equity you can tap. If you owed only $150,000 instead of $250,000 on the same $500K home with a 760 FICO, your available HELOC jumps to (80% × $500,000) − $150,000 = $250,000. Same home, same credit — just less existing debt — and you unlock another $100K in accessible equity.

Send us your home value, current mortgage balance, FICO, and property type — we’ll run your exact numbers and tell you the available HELOC amount, the rate, and the total monthly cost. Get pre-approved in 24 hours.

When a HELOC Beats a Cash-Out Refinance

First thing is first, the HELOC and the cash-out refinance are both ways to access equity, but they fit different situations. A HELOC wins when you have a low rate on your current first mortgage and you don’t want to give it up. The HELOC sits behind your existing first, so your low rate stays untouched. A cash-out refinance replaces your first mortgage entirely, which means if your current rate is below market you’d be giving up that rate just to access cash.

Keep in mind the HELOC also wins on speed and on flexibility. Closing in days versus 30+ days, and you only pay interest on what you actually draw. If you don’t end up needing the full line, you don’t pay for the full line. The cash-out refinance gives you a lump sum at closing whether you need it that day or not. For most home improvement projects, debt consolidations, and short-term liquidity needs, the HELOC is the better tool.

The cash-out refinance wins when current rates are below your existing rate (so the refi pays you back twice — lower rate plus cash out), or when you need to pull a large lump sum (above $400,000) where the HELOC line size won’t cover it.

Florida HELOC FAQ

See Your HELOC Offer in Minutes

This process is super quick. Soft credit check only, no impact to your score. You can get approved the same day. A hard credit inquiry only happens once you accept the offer.