Figure HELOC Review 2027: Rates, Requirements and Limits

Figure HELOC pros and cons

Figure HELOC rates

On October 30, 2026, Figure's HELOC page showed a lowest rate of 7.30% APR, and the top of its range was 14.85%. The conditions behind those figures appear only in the page's browser view, which we could not read, so treat 7.30% as a best-case number rather than a typical one.

Two discounts can lower the rate: 0.25% APR for autopay and a 0.25% APR credit union discount. Some Figure loans are made through a credit union partner, and those require membership. Per its FAQ, your rate and limit depend on your credit, debt-to-income, lien position, occupancy and home value. Compare with what HELOC borrowers paid.

How Figure's HELOC works

Figure offers fixed-rate and variable-rate HELOCs, and both pay out the full line at closing. There are no separate draw and repayment phases: you pick a 5, 10, 15 or 30-year term and repay from the start, and you can draw again ($500 minimum) for 2 to 5 years, depending on the term. On the fixed-rate version, each new draw gets its own fixed rate when you take it.

Funding in as few as 5 days (5 business days, including the 3-day right to cancel) assumes an online notary and a loan under $400,000.

Figure HELOC requirements

• Credit score: 640 in most states; 680 for investment properties and duplexes.
• Combined loan-to-value: not published; Figure says it depends on credit, debt-to-income, lien, occupancy and value.
• Property: primary and second homes; investment properties need a 680 score (its FAQ words this inconsistently). Single-family homes, townhouses, PUDs, most condos and duplexes. Not co-ops, 3+ unit buildings or manufactured homes.
• Timing: 90 days after you buy the home, or 30 to 45 days after a refinance.
• Minimum line: $15,000 in most states, $25,001 in Alaska and $35,000 in Texas.

Figure HELOC fees and closing costs

The origination fee is 0% to 4.99% of the initial draw, depending on your credit and state. Figure charges no account opening, maintenance or prepayment fees.

Third-party costs that may be passed through: a valuation ($180) if an automated value is not available, an in-person notary ($380), recording fees ($0 to $315) and recording taxes where your county charges them. Worked example (our arithmetic): on a $60,000 first draw, the origination fee comes to $0 to $2,994.

Where Figure's HELOC is available

The variable-rate HELOC is not offered in 13 states and DC, including Massachusetts, Virginia, Mississippi, Illinois, Wisconsin, Vermont, Oklahoma, Texas, Colorado, Wyoming, West Virginia and South Carolina. Figure does not publish a state list for the fixed-rate version.

How Figure compares

The same published facts for Figure and three lenders worth comparing it with, all checked October 30, 2026.

Figure compared with similar lenders, October 30, 2026

Lender	Key figure	Min. credit	Line amounts	Review
	Lowest APR shown7.30%	640	$15,000 to $400,000	This review
	Lines up to$750,000	Not published	$25,000 to $750,000	Read review of loanDepot
	APR as low as6.20%	660	$25,000 to $500,000	Read review of U.S. Bank
	Lines up to$500,000	640	$50,000 to $500,000	Read review of Spring EQ

• loanDepot: Also pays out the full line at closing, with lines up to $750,000 and second homes and rentals eligible.
• U.S. Bank: A published rate range with a date, no closing costs and a traditional 10-year draw.
• Spring EQ: A 640 minimum like Figure, up to 90% CLTV and lines up to $500,000.

• All HELOC lenders compared

Figure HELOC FAQ