How second-home HELOCs are underwritten
Second and vacation homes are reviewed more conservatively than a primary residence. They are generally limited to a 1st or 2nd lien, generally need 680+ credit, and use lower maximum leverage than owner-occupied homes. The property must have been owned for at least 90 days.
Florida and state notes
Some states add their own rules. Florida non-owner-occupied and second-home properties have specific LLC requirements, and the variable-rate option is not available in several states. The secure application checks your property's state automatically.
Second Home HELOC: terms at a glance
| Line amount | $25,000 – $750,000 for qualified applicants ($35,000 minimum in Texas) |
|---|---|
| Lien position | 1st, 2nd or eligible 3rd |
| Occupancy | Primary residence, second/vacation home or investment property |
| Terms | 10, 15, 20 or 30 years, fully amortizing |
| Funding | Generally fully drawn at closing; repaid principal may be redrawn |
| Credit | Primary residence tiers from about 600 FICO in limited cases; second home or investment generally 680+ |
| Max CLTV | Up to about 85% (primary, 1st lien); about 70–80% for investment property |
| Prepayment | No standard prepayment penalty |
| Use of funds | Legitimate business purpose only |
The Business-Purpose HELOC is offered through a third-party lending partner. Win-Win Capital Funding, LLC is an independent referral partner and may be compensated for applications submitted through this site. Win-Win does not make credit decisions. All loans are subject to credit approval, verified income, debt-to-income requirements, collateral review, title, valuation, state availability and other underwriting requirements, and terms may change without notice. Business-purpose use is required. A hard credit inquiry may be required. Borrowing against real estate places the property at risk if payments are not made.