HELOC Loans in Oregon

Home Equity Line of Credit (HELOC)

Oregon homeowners can access flexible financing through a HELOC (home equity line of credit), which allows you to borrow against your home’s value as needed. Whether you’re remodeling in Portland, covering tuition in Eugene, or consolidating debt in Bend, a HELOC offers a revolving credit line during a multi-year draw period. Most Oregon lenders require 15%–20% equity and a credit score of at least 620. For those who prefer predictable payments, a home equity loan offers a lump sum at a fixed interest rate. Options are available through community banks, credit unions, and online lenders across the 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 Oregon functions as a flexible, revolving line of credit secured by your home’s equity. You can borrow, repay, and borrow again during the draw period. A home equity loan, however, provides a lump sum upfront with fixed interest and repayment terms. Choose a HELOC for ongoing expenses. Choose a home equity loan for single, large purchases.

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

HELOC rates in Oregon are usually variable and based on the prime rate. Your rate will depend on credit score, loan-to-value ratio, income, and lender. Oregon lenders often offer promotional APRs, fixed-rate conversion options, or rate discounts for autopay. Compare several offers to find the best terms for your situation.

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

Yes, Oregon homeowners may qualify for a home equity loan with low credit if they have significant equity and reliable income. While most lenders prefer scores above 620, some may consider applicants in the 580–620 range with additional documentation. Local credit unions and regional banks in Oregon may offer more flexibility than national lenders. Expect higher interest rates and more documentation.

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

In Oregon, most lenders require at least 15%–20% equity to approve a HELOC, which means your mortgage balance should be no more than 80%–85% of your home’s appraised value. Lenders also consider your credit, income, and debt-to-income ratio. Homes in appreciating areas like Deschutes County or Washington County may qualify for larger credit lines.

Are home equity loans in Oregon better for large expenses?

Yes, home equity loans in Oregon are ideal for large, one-time costs such as medical bills, home upgrades, or debt consolidation. These loans offer fixed interest and predictable monthly payments. A HELOC may be better if your expenses are ongoing or staggered. Choose based on your needs, budget, and repayment comfort.

What are typical equity rates and loan terms in Oregon?

In Oregon, HELOC APRs usually range from 7% to 10%, depending on your credit score, home equity, and lender. Most HELOCs come with a 10-year draw period and a 10- to 20-year repayment window. Home equity loans feature fixed rates with terms from 5 to 30 years. Oregon lenders may offer autopay discounts or waive fees for strong applicants.

Considering neighboring states? Explore HELOC programs in Washington , California , and Idaho to find regional offers that meet your financial needs.