HELOC Loans in New York

Home Equity Line of Credit (HELOC)

New York homeowners can use a HELOC (home equity line of credit) to turn their property value into accessible credit. Whether you're remodeling in Brooklyn, paying tuition in Albany, or consolidating debt in Buffalo, a HELOC offers a revolving line of credit with interest-only payments during the draw period. Most New York lenders require 15%–20% home equity and a credit score of 620 or higher. Home equity loans are also available for borrowers who prefer lump-sum financing and predictable monthly payments. Credit unions, regional banks, and online lenders offer HELOC products tailored to the diverse housing markets across New York State.

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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 New York provides a revolving line of credit backed by your home equity. You can borrow as needed, repay, and reuse the line during the draw period. A home equity loan gives you a lump sum upfront, repaid with fixed interest and monthly payments. HELOCs are ideal for flexible or staged expenses. Home equity loans are better for large, one-time costs. Choose based on how and when you plan to use the funds.

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

HELOC rates in New York are generally variable and based on the prime rate. Your rate depends on your credit score, loan-to-value ratio, income, and the lender’s underwriting criteria. Many lenders in New York offer fixed-rate conversion options or promotional APRs. Credit unions and community banks may provide more personalized terms than large national institutions. Always compare multiple offers to ensure the best fit.

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

Yes, qualifying for a home equity loan in New York with low credit is possible if you have strong equity and stable income. Most lenders require a credit score of 620 or higher, but some may consider borrowers in the 580–620 range.Expect stricter documentation and higher interest rates. New York credit unions often offer more flexibility for applicants with lower scores, especially long-standing members.

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

In New York, lenders typically require at least 15%–20% equity to approve a HELOC. This means your mortgage balance should not exceed 80%–85% of your home’s current value. Lenders also consider your credit profile, debt load, and income stability. Homes in high-value areas like Westchester or Manhattan may offer larger borrowing capacity based on appreciation.

Are home equity loans in New York better for large expenses?

Yes, home equity loans in New York are often better suited for large, one-time expenses such as home renovations, medical bills, or tuition. These loans provide fixed rates and consistent monthly payments. If your financial needs are ongoing or less predictable, a HELOC may be a better choice. Select the option that matches your project size, timing, and repayment preferences.

What are typical equity rates and loan terms in New York?

In New York, HELOC APRs generally range from 7% to 10%, depending on credit score, equity level, and lender. These lines often include a 10-year draw period and a 10- to 20-year repayment term.Home equity loans offer fixed interest rates and terms from 5 to 30 years. New York lenders may offer benefits like no-closing-cost promotions, auto-pay discounts, or rate locks. Compare at least three offers to ensure you get the best deal.

Exploring HELOC loans beyond New York? Compare options in New Jersey , Connecticut , Pennsylvania , and Massachusetts...