HELOC Loans in Florida

Home Equity Line of Credit (HELOC)

Florida homeowners can leverage rising property values by using a HELOC (home equity line of credit) to access flexible financing. Whether you're renovating in Miami, paying off debt in Tampa, or covering college expenses in Orlando, a HELOC offers a revolving credit line secured by your home’s equity. These loans typically have variable rates and a draw period of 5 to 10 years. Most Florida lenders require 15% to 20% equity and a credit score of 620 or higher. If you prefer predictable payments, a fixed-rate home equity loan may be a better choice. Florida borrowers have access to a wide variety of lending institutions including local banks, credit unions, and online platforms.

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How to qualify

To obtain a quote, we will need the following information:

Property Value and

 Purchase Price


Down Payment

Amount


Credit Score

 Asset Types

  • Single Family Homes
  • Townhomes
  • Condos
  • 2 - 4 Units (Duplex, Triplex, Quadplex)
  • Multi-Family: 5 - 8 Units
  • Mixed-Use: 2 - 8 Units
  • Multi-Family: 9+ Unit


Loan Terms

  • Loan Sizes: $100k up to $3.5 Million (Larger loan sizes available on a case by case basis)
  • Purchase LTV: Up to 85%
  • Rate & Term Refinance LTV: Up to 80% 
  • Cash Out Refinance LTV: Up to 80%
  • Amortization: 30 Year % 40 Year Amortization Options Available
  • Term Lengths: 5/6 ARMs, 7/6 ARMs, 10 Year Interest Only, 30 Year Fixed & 40 Year Fixed
  • Floor Rate: 5.50% (subject to change daily due to market volatility)
  • Full Recourse with personal guarantee required for all borrowers with majority ownership (typically 20%+ or 25%+ if closing in an Entity)
  • DSCR Requirement: 1.00x or greater depending on loan size and property type. Sub-1.00x DSCR and NO DSCR options available.
  • Vesting: Lending to Individuals, LLCs, and Corporations. Trusts Allowable on a Case by Case Basis.
  • Average Time to Close: 14 to 35 days

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Frequently Asked Questions

What is a HELOC and how does it differ from a home equity loan?

A HELOC in Florida allows homeowners to borrow against their home equity as needed, offering a revolving line of credit. In contrast, a home equity loan provides a lump sum disbursed at once, repaid with fixed monthly payments. HELOCs typically offer variable rates and interest-only payments during the draw period. They are ideal for ongoing or phased expenses, while home equity loans suit larger one-time costs. Choose based on your cash flow and spending needs.

How do HELOC rates work and what affects the interest rate?

HELOC rates in Florida are typically variable and influenced by the prime rate, your credit score, income, and home value. Some lenders may offer fixed-rate options or intro rates for the initial months of the draw period.Because Florida’s property values vary by location, lenders may adjust offers based on regional market trends. Shopping multiple lenders can help you secure the best APR, fee structure, and loan terms.

Can I qualify for a home equity loan in Florida with low credit?

Yes, it's possible to qualify for a home equity loan in Florida with less-than-perfect credit, especially if you have strong equity and stable income. While most lenders prefer scores above 620, some credit unions or non-traditional lenders may consider applicants in the 580–620 range. Expect to provide documentation of your finances and possibly accept a higher interest rate. If your home is located in a high-value area, that equity can work in your favor. Comparing options will help identify lenders with more flexible requirements.

How much equity do I need in my home to get a HELOC?

In Florida, lenders typically require at least 15% to 20% equity in your home to qualify for a HELOC. Your total loan-to-value ratio should not exceed 80%–85%, based on the home’s current appraised value.High appreciation in many Florida markets—such as Naples or Sarasota—can increase your eligible line of credit. Lenders also assess credit score, income, and debt-to-income ratio when making approval decisions.

Are home equity loans in Florida better for large expenses?

Yes, Florida homeowners often use home equity loans for significant, one-time costs like medical bills, roof replacements, or home additions. These loans provide a lump sum with fixed rates and predictable payments. If you're working on an extended or flexible timeline, a HELOC may be more useful. But for borrowers who know exactly how much they need and want repayment consistency, home equity loans offer greater structure.

What are typical equity rates and loan terms in Florida?

In Florida, HELOC APRs usually range from 7% to 10%, based on your credit profile, equity amount, and lender. Most HELOCs come with a 10-year draw period and a 10- to 20-year repayment term.Home equity loans typically offer fixed interest rates and repayment terms between 5 and 30 years. Florida lenders may offer rate discounts for automatic payments or existing customer relationships. Comparing offers from several sources is key to finding the best deal.

Thinking outside of Florida? Check out HELOC programs in Georgia , Alabama , and South Carolina...