Figure Lending LLC is a non-bank online originator. Its product is structurally different from a conventional line of credit: the full amount, less the origination fee, is drawn at the moment the loan closes, and further draws are priced separately at the time you take them. That means a later draw can carry a higher rate than your first.
Figure publishes an unusual amount of detail in the fine print on its product page, including state-specific minimum loan amounts and a full breakdown of third-party costs. It publishes considerably less about underwriting: it describes wanting a “strong credit score” and a “manageable” debt-to-income ratio without giving numbers.
Figure HELOC at a glance
Last checked: August 26, 2026
Figure Fixed Rate Home Equity Line
HELOC
An open-end home equity line where the full amount, less the origination fee, is drawn at origination at a fixed rate. Further draws are permitted as the balance is repaid, and each additional draw is priced separately at the Prime Rate for the preceding calendar month plus a fixed margin.
- APR or rate 6.75% to 14.2%
- Fixed or variable rate Fixed for each draw, set when the draw is taken
- Borrowing range $15,000 to $750,000 (conditions apply)
- Origination fee up to 4.99% of the initial draw Varies by state and credit profile.
Different limits apply where the property is in Alaska, or where the property is in Texas.
The lender also states: The full loan amount, less the origination fee, is drawn at origination. Additional draws are permitted as the balance is repaid and each is priced separately at the time of the draw, so the rate on a later draw may be higher than on the first. Approval is subject to verification of income and employment and verification that the property is in at least average condition. Figure states the product is available for properties held solely, jointly, in a revocable trust, or by an LLC. Figure states its site is not authorized by the New York State Department of Financial Services and that no applications for properties in New York can be facilitated through it. Re-read in full on 26 August 2026. Two things about scope matter on this lender. First, Figure now describes two products on the same page: the Fixed Rate Home Equity Line, which this record covers, and a separate variable rate HELOC. Figure states of the variable product: "This product is not available in: MA, VA, MS, IL, WI, VT, DC, OK, TX, NY, CO, WY, WV, SC." That sentence closes the variable rate paragraph and does not describe the fixed rate line recorded here, so it is not applied to this record and the fourteen states are not removed from the state list. The variable product has no record on this site. Second, Figure states of its own website: "This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site." That is a statement about the website rather than about the product, and New York remains on the state list attached to this record because Figure has not said the fixed rate line is unavailable there. On the rate: "The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select ten year loan terms; APRs will be higher for other applicants and those who select longer loan terms." The range also "includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states."
Sources checked: August 26, 2026
Reviewed by Michael Yanda
Last reviewed: August 30, 2026
How we produce these figures: methodology and data standards
Detailed terms
Standard terms we checked the lender's page on August 26, 2026.
- State availability
- Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming
- Minimum borrowing amount
- $15,000
- Maximum borrowing amount
- $750,000
- APR or rate
- 6.75% to 14.2%
- Fixed or variable rate
- Fixed for each draw, set when the draw is taken
- Appraisal or valuation
- Varies by case
Applies when: the property is in Alaska
- State availability
- Alaska
- Minimum borrowing amount
- $25,001
- Maximum borrowing amount
- $750,000
Applies when: the property is in Texas
- State availability
- Texas
- Minimum borrowing amount
- $35,000
- Maximum borrowing amount
- $750,000
Fees
- Appraisal paid to a third party
- $500 to $2,000 Where the loan amount exceeds $400,000. Figure states the amount also depends on the property type, the property value and the state the property is in.
- Notarization paid to a third party
- $350 Where the county does not permit eNotary.
- Origination fee
- up to 4.99% of the initial draw Varies by state and credit profile.
- Recording fees paid to a government body
- $0 to $315 Varies by state and county.
- Recording or mortgage tax paid to a government body
- $0 to $1,400 per $100,000 borrowed Varies by state and county.
- Valuation fee paid to a third party
- $180 Where an automated valuation is not available.
Information we could not verify publicly 9
We could not confirm the following in the lender's published materials. That does not mean no requirement exists, so ask the lender directly if you need one of these figures.
- Eligible property types
- Occupancy requirements
- Introductory or promotional APR
- Maximum CLTV
- Maximum LTV
- Minimum credit score
- Maximum debt to income
- Draw period
- Repayment period
Source & evidence source: lender · checked August 26, 2026 · researched by Chris, our AI research agent · reviewed by Michael Yanda
Figure Fixed Rate Home Equity Line: standard terms
"Our loan amounts range from a minimum of $15,000 to a maximum of $750,000."
"Available initial APRs range from 6.70% to 14.15%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states."
"The Figure Fixed Rate Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature... the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin."
"You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile."
"Loan amounts above $400,000 are subject to appraisal."
On qualification Figure lists only "A strong credit score", "A consistent payment history", "A manageable debt-to-income (DTI) ratio" and "Sufficient equity available in your home". No numeric minimum credit score, maximum CLTV or maximum DTI is published, so all three are recorded as not published.
Re-read 26 August 2026: "Available initial APRs range from 6.75% to 14.20%, which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states." The previously recorded 6.70% to 14.15% is no longer on the page. Figure publishes no effective date for the range and says "Rates change frequently so your exact APR will depend on the date you apply."
Figure Fixed Rate Home Equity Line: Alaska minimum loan amount
"For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000."
Figure Fixed Rate Home Equity Line: Texas minimum loan amount
"For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000."
What these terms mean
- CLTV, combined loan to value
- Everything secured against the property, added together, divided by the property value. A maximum CLTV of 85% on a $500,000 home means the first mortgage plus the new borrowing cannot exceed $425,000.
- LTV, loan to value
- The same idea for a single loan rather than the combined total.
- Draw period and repayment period
- The draw period is when you can take money out. When it ends, the repayment period begins, you can no longer draw, and payments are often significantly higher.
- Our interpretation
- A figure we worked out from what the lender published, rather than a number the lender states outright.
Our guide to how a HELOC works explains these in more depth.
About this information
Financial data is based on information published by the lender. Important conditions that affect a rate, limit, or other figure are shown with that information. We identify values we’ve interpreted or calculated rather than treating them as directly published by the lender.
We are not a bank, a lender or a broker, we have no relationship with the lenders listed here, and this is not a recommendation. Terms change. Always confirm directly with the lender before applying.