HELOC Loans in Ohio

Home Equity Line of Credit (HELOC)

Ohio homeowners can use a HELOC (home equity line of credit) to access flexible financing backed by the value of their home. Whether you're renovating in Columbus, consolidating debt in Cleveland, or funding college expenses in Cincinnati, a HELOC offers a revolving line of credit with interest-only draw periods and variable interest rates. Most Ohio lenders require 15%–20% equity and a credit score of at least 620. If you prefer fixed payments and a lump sum, a home equity loan may be a better option. Borrowers can explore local credit unions, regional banks, and fintech lenders offering competitive terms across Ohio.

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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 Ohio is a revolving credit line that allows you to borrow against your home’s equity as needed. You pay interest only on the amount used during the draw period. A home equity loan gives you a lump sum upfront with fixed monthly payments.\n\nChoose a HELOC for phased or uncertain expenses. Choose a home equity loan for one-time, large costs where predictability matters. Both are secured by your home.

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

HELOC rates in Ohio are typically variable and tied to the prime rate. Your actual APR depends on credit score, loan-to-value ratio, income, and lender policies.\n\nOhio credit unions and banks may offer fixed-rate options, promotional APRs, or discounts for auto-pay enrollment. Comparing lenders ensures you secure the most competitive rate and fee structure.

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

Yes, Ohio homeowners may qualify for a home equity loan with low credit if they have sufficient equity and steady income. While most lenders prefer scores of 620 or higher, some may approve borrowers in the 580–620 range.\n\nExpect more documentation and higher interest rates. Community banks and credit unions in Ohio often provide more flexible underwriting than national lenders.

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

In Ohio, most lenders require 15%–20% equity to approve a HELOC. That translates to a loan-to-value ratio of 80%–85% or less.\n\nLenders also evaluate your credit score, income, and total debt obligations. Homes in appreciating areas like Franklin or Delaware County may qualify for higher credit limits.

Are home equity loans in Ohio better for large expenses?

Yes, home equity loans in Ohio are ideal for large, single-use expenses like renovations, weddings, or medical bills. These loans offer fixed interest rates and predictable monthly payments.\n\nIf your expenses are staggered over time or uncertain in amount, a HELOC might offer more flexibility. Choose based on your funding schedule and repayment preferences.

What are typical equity rates and loan terms in Ohio?

In Ohio, HELOC APRs generally range from 7% to 10%, depending on equity, credit score, and lender. HELOCs often come with a 10-year draw period and a 10- to 20-year repayment term.\n\nHome equity loans provide fixed interest rates with repayment terms between 5 and 30 years. Many Ohio lenders also offer rate discounts, no-closing-cost options, or loyalty perks for existing customers. Compare several offers to get the best deal.

Looking at nearby states? Compare HELOC loans in Michigan , Indiana , Pennsylvania , and Kentucky to explore competitive regional financing programs.