Figure Loans Requirements (2026): Credit, Income & Property
Everything you need to qualify for a HELOC or other Figure Loans product — credit score minimums, DTI limits, property eligibility, and state availability.
Figure Loans credit score requirements
The lender requires a minimum credit score of 600 for the HELOC product. This is more accessible than many bank HELOCs that require 680 or higher. However, the rate tiers reward higher scores:
| Credit Score | Figure Loans Rate Tier | Typical APR Range |
|---|---|---|
| 760+ | Excellent | Lower end of published range |
| 700 – 759 | Very good | Mid-lower range |
| 650 – 699 | Good | Middle of range |
| 600 – 649 | Fair (minimum qualifying) | Upper end of range |
| Below 600 | Not eligible | N/A |
Figure Loans income and DTI requirements
The lender uses a debt-to-income (DTI) ratio ceiling of approximately 50%. DTI is calculated as:
Income documentation the lender typically accepts:
- Most recent two pay stubs for W-2 employees
- Last two years of tax returns for self-employed applicants
- Bank statements showing recurring deposits
- 1099 forms for contractor or gig income
- Social Security or pension award letters for retirement income
Figure Loans property requirements
The HELOC accepts these property types:
- Single-family detached homes
- Townhouses
- Planned Urban Developments (PUDs)
- Most warrantable condominiums
The lender do not accept:
- 2 to 4-unit multi-family properties
- Cooperative (co-op) housing
- Manufactured or mobile homes
- Commercial or mixed-use properties
- Non-warrantable condominiums
- Properties with existing bankruptcy or foreclosure proceedings
Figure Loans loan-to-value (LTV) limits
The lender caps the combined loan-to-value ratio at 85%. This means your existing mortgage plus the new this HELOC cannot exceed 85% of your home's appraised value.
Example calculation:
- Home value: $500,000
- Maximum combined debt (85% LTV): $425,000
- Existing mortgage balance: $250,000
- Available HELOC amount: $175,000 (model your own numbers in the HELOC calculator)
If you need more than the HELOC allows, a cash-out refinance may offer a larger amount. Crypto holders can also look at a crypto-backed loan, which is sized mainly on your collateral.
Figure Loans state availability
These products are available to homeowners in 49 US states plus Washington D.C. The one exclusion is Hawaii. State regulations can change — the lender publishes the current eligibility list on its site.
Figure Loans loan amount limits
- Minimum HELOC: $15,000
- Maximum on most offers: $400,000 (up to $750,000 for some borrowers; larger lines may need an in-person appraisal)
- Higher amounts available on select products
Understanding home equity for a HELOC application
Before applying, it helps to understand what home equity actually means in a lending context. Equity is the current market value of your home minus everything you owe against it — the first mortgage, any second lien, and any outstanding judgments or tax liens recorded against the property. Lenders size a home equity line based on a percentage of that equity, not the full value of the house. Most home equity lenders cap combined debt at between 80 and 90 percent of appraised value, which is where the 85 percent LTV ceiling comes from on the HELOC product discussed here.
Market value is set by an appraisal method the lender trusts. Traditional mortgage lenders usually dispatch a licensed appraiser to inspect the property in person. Automated valuation models (AVMs) use recent sales of comparable homes in the neighborhood, public tax records, and property characteristics to produce an estimate without a site visit. AVMs are faster and cheaper, but they can be less accurate on unusual properties or in low-sales-volume markets. If you believe an AVM understates your home value, you may be able to request a desktop or hybrid appraisal as a review step.
How your debt-to-income ratio affects approval
Debt-to-income (DTI) ratio is the second-most-watched underwriting number after credit score. It expresses the share of your gross monthly income that is already committed to recurring debt payments. Underwriters look at both front-end DTI (housing costs only) and back-end DTI (housing plus all other recurring debt). A healthy back-end DTI for a home equity application is below 43 percent; the 50 percent ceiling applied here is on the higher end of the market.
If your DTI is close to the limit, there are a few levers that can help. Paying down a credit card balance before applying lowers the required minimum payment and the ratio. Avoiding new installment debt in the months before applying keeps the ratio stable. If a car loan is close to being paid off, waiting until it clears can swing the application from denial to approval. Documenting bonus or variable income (with a two-year history) can raise the income side of the ratio.
Property documentation worth preparing in advance
Beyond the application itself, you will be asked to verify ownership and the physical state of the property. The documents most commonly requested include the recorded deed showing title in your name, a current homeowner insurance declarations page with sufficient dwelling coverage, a recent property tax statement showing taxes are current, and HOA documentation if the home sits inside a planned development with a homeowners association. Having these ready in a folder shortens the verification stage from several days to a single business day in many cases.
For investment or rental properties, lenders usually ask for a lease agreement showing current occupancy and rent collected. If the property has been owner-occupied in the past twelve months and is only recently rented, be prepared to explain the timeline during underwriting.
What happens if you do not meet the baseline criteria
A declined application is not necessarily permanent. Common reasons for an initial decline include a credit score at the margin of qualifying, a DTI slightly over threshold, insufficient equity in the home, or a property type the lender does not cover (such as a condo in a non-warrantable building). Most of these are addressable within three to twelve months. Credit scores can be nudged upward by lowering credit card utilization and resolving any collection accounts. DTI improves as other debts are paid down. Equity grows as the mortgage principal is paid or as home values rise. If the issue is property type, you may need to look at a different lender that specializes in that category.
Additional Figure Loans documentation
To complete your application, you will also need:
- Government-issued photo ID (driver's license, state ID, or passport)
- Social Security number
- Current mortgage statement
- Homeowner's insurance declaration page
- Property tax records or recent property tax statement
- Bank account information for loan disbursement