To qualify for a Home Equity Line of Credit (HELOC), you must have adequate home equity. This means that the amount you owe on your mortgage must be less than your home's current market value. Lenders typically allow you to borrow up to 85% of your home's value, minus the balance you owe.

In addition to equity, lenders also take into account various factors such as your credit score, credit history, employment status, income, existing debt payments, and debt-to-income ratio. These factors influence your approval status, the amount of credit you can access, and the interest rate you will be offered.

The qualification process for a HELOC is similar to applying for a mortgage, so it’s important to do your research and make sure you meet the specific requirements set by lenders before you apply.

If you have any questions, please contact Figure directly at 888-819-6388 or [email protected]