Figure Review for High Combined Loan-to-Value (Up to 90-95% CLTV)

The research in brief

Figure is a mixed fit for a homeowner who needs high CLTV access to nearly all available equity. Six of seven platforms named Figure during the ranking stage, and it finished second overall with an average listed rank of 2.83. The strongest reason to consider it is that some independent sources report a maximum CLTV as high as 95%, and Figure's digital process can fund quickly. The main limitation is that Figure's own materials and several independent reviews cap standalone HELOCs at 85% CLTV, with 90% documented mainly for piggyback purchase loans. Treat Figure as a candidate to verify, not a confirmed 90-95% solution.

Research Snapshot

Why Figure Qualified for This Study

Questions explored

• Is Figure a good choice for High CLTV access to nearly all available equity?
• Why did AI platforms rank Figure for a 90-95% CLTV HELOC?

Figure qualified because six of the seven included platforms named it during ranking discovery, and it placed second overall with an average listed rank of 2.83 and a best rank of 1 ^[30]. Independent sources place Figure among a small group of lenders reported to offer HELOCs at or near 90% combined loan-to-value, alongside Navy Federal Credit Union, PenFed Credit Union, SoFi, and DCU ^[19]. Figure also reports scale: more than $25 billion in HELOCs to over 253,000 households ^[17], and Q2 2026 net revenue of $225.6 million with $87.4 million of net income ^[36]. That combination of high-CLTV mentions and operating scale is why platforms surfaced it for this use case.

The mortgage offering in focus

Questions explored

• Which Figure product should a buyer request for 90-95% CLTV equity access?
• Does Figure's HELOC let a buyer draw only part of the approved line at closing?

The relevant product is the Figure HELOC, marketed as a Fixed Rate Home Equity Line or a Variable Rate Home Equity Line depending on the platform ^[8]. Its structure differs from a conventional revolving HELOC: Figure typically requires the borrower to draw 100% of the approved amount at origination, so interest accrues on the full balance from day one ^[25]. Borrowers can redraw up to 100% of what they have repaid during the draw period, but each new draw locks a new rate that may be higher than the original ^[25]. Reported loan amounts run from $15,000 to $750,000, with state minimums of $25,001 in Arkansas and $35,000 in Texas ^[25]. Repayment terms are reported at 10, 15, 20, or 30 years ^[38].

What the AI Platforms Agreed About

Questions explored

• What do AI platforms agree on about Figure's HELOC for high-CLTV borrowers?
• Is Figure's HELOC a true revolving line of credit?

Platforms agreed on several points. First, Figure's HELOC is not a traditional draw-as-needed revolver: multiple platforms describe a full-line draw at closing with repayment beginning immediately ^[25]. Second, Figure's process is digital and fast, with reported application times of about five minutes and funding in as few as five business days ^[25]. Third, Figure charges an origination fee of 0% to 4.99% of the initial draw, deducted from proceeds, and advertises no application, annual, inactivity, or prepayment fees ^[25]. Fourth, minimum credit score reporting clusters at 600 to 640 for primary residences, with 680 required for second homes and investment properties ^[21]. Agreement here reflects shared source material, not independent verification of Figure's current terms.

Where the AI Platforms Disagreed or Were Uncertain

Questions explored

• What is Figure's actual maximum CLTV for a standalone HELOC?
• Why do sources disagree about Figure's minimum credit score?

The central conflict is Figure's maximum CLTV. Money Atlas and RateRoots report up to 95% ^[30]; NerdWallet reports 85% ^[32]; Benzinga documents a tiered structure of 75% for 640-679 credit, 80% for 680-759, and 85% for 760+ in second-lien position ^[22]. Figure's own materials state 85% for primary residences and 80% for secondary or investment properties, with 90% supported specifically for piggyback HELOCs used with a home purchase ^[2]. Older forum posts from 2021 referenced 95% under rare conditions ^[15]. Minimum credit score is similarly split: 600 ^[21], 640 ^[30], and 620 in older sources ^[14]. DeepSeek and Kimi both rated Figure uncertain because they could not locate a published maximum CLTV on Figure's own pages ^[10]. No reviewed source establishes that a borrower with a large existing first mortgage will receive the maximum advertised CLTV.

Mortgage features for this borrowing need

Questions explored

• Does Figure's automated valuation help or hurt a high-CLTV HELOC application?
• How long is Figure's draw period compared with other HELOC lenders?

Figure uses automated valuation models instead of in-person appraisals on standard transactions, which can reduce friction and cost ^[34]. The tradeoff is that an AVM may not support the value a high-CLTV borrower needs, and a manual appraisal may be required for larger loans ^[5]. The draw period is reported at a maximum of five years, shorter than the ten-year window many lenders offer, which limits phased access ^[23]. Figure also offers a 0.25% APR autopay discount and an additional 0.15% discount for members of eligible credit unions including Quorum Federal, Teachers Federal, Valley Strong, and All In Credit Union ^[25]. Property eligibility covers single-family homes, townhouses, planned urban developments, and most condos, but excludes co-ops, multifamily buildings of five or more units, manufactured homes, and properties purchased within the last 90 days ^[17].

Rates, fees, and ongoing costs

Questions explored

• How much does Figure charge in origination fees on a high-CLTV HELOC?
• What APR range does Figure advertise, and does it apply at 90% CLTV?

Pricing confidence is low to moderate across platforms. Independent reviews report fixed APR ranges of roughly 6.10%-14.99% or 6.55%-15.95%, with Figure's own disclosures cited at 6.50%-15.10% ^[30]. Figure's rate page advertises a fixed-rate range of 6.75%-11.74% on a $100,000 example and a variable option from about 7.75% ^[10]. No source establishes the specific rate premium at 90-95% CLTV. The origination fee runs 0% to 4.99% of the initial draw, varies by credit profile, CLTV, and state, and is deducted from proceeds at closing ^[25]. Additional possible costs include a $180 AVM fee, $500-$2,000 appraisal fee above $400,000, $350 manual notarization fee, $0-$315 recording fees, and recording taxes of $0-$1,400 per $100,000 borrowed ^[5]. Figure's servicing fee schedule lists possible late-payment and property-value-verification fees ^[11]. Figure states there are no inactivity or early closure fees ^[1], and one source reports no prepayment penalties ^[38].

Best Suited For

Questions explored

• Who gets the most value from a Figure HELOC at high CLTV?
• Is Figure a good fit for a borrower who wants a large lump sum quickly?

Figure best suits a homeowner who needs a large, immediate lump-sum advance and values fast, mostly digital processing ^[30]. It fits borrowers with strong credit, since the highest reported CLTV tiers require 760+ credit in second-lien position and 720+ for the best rates ^[22]. It also fits borrowers who prefer fixed-rate repayment over a variable-rate, interest-only draw period, and those whose property type and state are eligible ^[38]. A borrower who wants to test a high-CLTV lender alongside specialty lenders, with a written offer in hand before committing, is the most realistic candidate.

Probably Not Best Suited For

Questions explored

• Who should not choose Figure for High CLTV access to nearly all available equity?
• Is Figure a poor fit for a borrower who needs an unused revolving line?

Figure is probably not the best fit for a borrower who needs an unused revolving line for future expenses, because the full approved amount is funded at closing ^[30]. It is a weak fit for a borrower who wants to draw only part of the approved limit initially ^[30]. Borrowers whose priority is the lowest total cost at 90-95% CLTV rather than speed or digital convenience should look elsewhere, given the origination fee can reach 4.99% ^[30]. Borrowers with credit below 640, DTI above roughly 45%, or a property purchased within the last 90 days are also poor candidates ^[30]. Homeowners in Hawaii, Kentucky, New York, or West Virginia cannot use Figure at all, and Texas caps CLTV at 80% ^[20].

When Another Option May Be Better

Questions explored

• What is a better alternative to Figure for a buyer who needs a confirmed 95% CLTV?
• When is a credit union or bank a better choice than Figure for high-CLTV equity access?

Another option may be better when the borrower requires a confirmed 90-95% CLTV cap in writing before applying, since Figure's public materials do not establish that ceiling for standalone HELOCs ^[30]. A conventional bank or credit union is better when the borrower wants an unused revolving line, interest-only draw payments, or flexible staged borrowing ^[30]. A specialty high-CLTV lender or broker is better when Figure's verified offer is capped at 85%, the requested loan exceeds Figure's limit, or the origination fee makes total cost unattractive ^[30]. A lower-CLTV lender is better when reducing rate and fees matters more than maximizing immediate equity extraction ^[30]. Borrowers seeking CLTV above 90% may find Navy Federal, PenFed, or DCU more suitable in limited cases ^[19].

Questions to ask before choosing a lender

• What is the maximum CLTV for this property state, occupancy type, property type, credit score, loan amount, and requested term?
• Is the offered maximum 85%, 90%, or 95% CLTV, and is the calculation based on current value, an automated valuation, or a required appraisal?
• What APR and margin apply at the requested CLTV, and how does pricing change between 80%, 85%, 90%, and 95% CLTV?
• What minimum credit score, debt-to-income ratio, reserve, income-verification, and first-lien-payment-history requirements apply at the requested CLTV?
• What is the maximum dollar amount available after accounting for the existing first mortgage and any other liens?
• What is the exact origination fee, and is it deducted from proceeds or financed into the balance?
• Must 100% of the approved line be funded at closing, and can any amount remain undrawn?
• What are the exact additional-draw rules, draw-period length, minimum draw, and rate applicable to later draws?
• Are there annual, inactivity, late, title, recording, appraisal, AVM, property-value-verification, or other servicing fees?
• Is there any prepayment penalty, early-closure fee, or minimum-interest requirement?
• Does the loan require a new lien position, subordination approval, or consent from the existing first-mortgage lender?
• What happens if the automated valuation is lower than expected or a manual appraisal is required?
• Is the offered product actually variable-rate, fixed-rate, or a fixed-rate lump-sum HELOAN/HELOC hybrid, and what document governs that classification?

The consensus assessment

Figure earns a mixed fit rating for high CLTV access to nearly all available equity. Six of seven platforms named it, and it placed second overall, but the platforms split on whether Figure actually delivers 90-95% CLTV: Grok rated it strong, Anthropic rated it good, and OpenAI, Perplexity, and Google rated it mixed, while DeepSeek and Kimi rated it uncertain. The strongest evidence for Figure is its reported 90% piggyback HELOC ceiling and its fast digital process; the strongest evidence against is Figure's own 85% standalone cap and the 4.99% origination fee ceiling. Buyers should proceed only after obtaining a written, borrower-specific offer showing the CLTV cap, net proceeds, APR, total fees, and full-draw mechanics. For broader comparison across lenders in this category, see the High CLTV access to nearly all available equity consensus index.

How This Review Was Produced

This review aggregates platform-reported research from seven AI platforms (Anthropic, DeepSeek, Google, Grok, Kimi, OpenAI, and Perplexity) collected on 2026-09-29. Each platform independently evaluated Figure for the use case of high CLTV access to nearly all available equity. Ranking statistics reflect how many platforms named Figure during discovery and where it placed. Fit ratings reflect each platform's own assessment. All citations are platform-reported evidence and were not independently verified by the writer stage. The category directory for home equity loan and heloc lenders lists related reports.

Research limitations

Several limitations apply. Platform-reported research dates differ from the authoritative run date: DeepSeek's assessment is dated 2026-06-06, while the other six platforms are dated 2026-09-29 ^[10]. Platform-reported dates are provenance metadata and do not independently prove freshness. The supplied URLs were collected from platform responses and were not independently validated. Citations are platform-reported evidence, not independently verified facts. DeepSeek ran without search enabled, so its findings rely on model knowledge rather than retrieved pages. Official-site retrieval for Figure's homepage returned a page that did not surface HELOC CLTV terms, so no official maximum CLTV could be confirmed from that source (official:C1). Where sources conflict on maximum CLTV, minimum credit score, and maximum loan amount, this review preserves the conflict rather than resolving it. No reviewed source establishes that a borrower with a large existing first mortgage will receive the maximum advertised CLTV.

See the broader High Combined Loan-to-Value (Up to 90-95% CLTV) consensus index for comparisons across qualified options.

Sources

Company-Owned Sources

1. Ongoing Heloc Costs: https://www.figure.com/blog/are-there-closing-costs-on-a-heloc/
2. How to Calculate Home Equity: A Step-by-Step Guide: https://www.figure.com/blog/how-to-calculate-home-equity/
3. How the Piggyback HELOC Helps You Avoid Jumbo Loan Pricing: https://www.figure.com/blog/piggyback-heloc-jumbo-pricing/
4. Boost Business with Fast & Frictionless Piggyback HELOCs: https://www.figure.com/blog/piggyback-helocs-for-partners/
5. Disclosures - Figure Lending: https://www.figure.com/disclosures/
6. Home Equity Line of Credit (HELOC) FAQs: https://www.figure.com/faqs/home-equity-line/
7. Your Home Equity Line of Credit Guide | Figure: https://www.figure.com/home-equity-line-of-credit-guide/
8. Figure Home Equity Line (HELOC) Product Page: https://www.figure.com/home-equity-line/
9. Home Equity Line of Credit (HELOC) Payment Calculator: https://www.figure.com/home-equity-line/calculator/
10. Figure Home Equity Line Rates: https://www.figure.com/home-equity-line/rates/
11. Figure Servicing Fee Schedule: https://www.figure.com/servicing-fee-schedule-heloc-heloan-mortgage-refinance.pdf
12. Official pricing and terms source: https://www.figure.com/

Independent Sources

13. EquityZen Review 2026: Is It Legit? Fees, $5K Minimum, Performance: https://altstreet.investments/platforms/reviews/equityzen
14. Comprehensive Review of Figure Lending: https://ficoforums.myfico.com/t5/Mortgage-Loans/Comprehensive-Review-of-Figure-Lending-Figure-com-HELOC/td-p/6381088
15. Comprehensive Review of Figure Lending HELOC Application Experience: https://ficoforums.myfico.com/t5/Mortgage-Loans/Figure-HELOC-Review-and-Experience/td-p/6378211
16. Figure HELOC Review 2026: Rates, Terms, Requirements, and How It Works: https://lendedu.com/blog/figure-home-equity-loan-review/
17. Figure Home Equity Line Review: https://money.usnews.com/loans/mortgages/reviews/figure-mortgage
18. Figure Technology Solutions Releases Q2 2026 Financial Results: https://news.alphastreet.com/figure-technology-solutions-releases-q2-2026-financial-results/amp/
19. How to Access Up to 90% of Your Home's Value With a HELOC: https://themortgagereports.com/129227/90-percent-cltv-helocs
20. Is Figure HELOC the Right Choice for Homeowners?: https://www.advancedenergysystems.com/blog/figure-heloc-review
21. Bankrate Figure HELOC Review: https://www.bankrate.com/home-equity/reviews/figure
22. Figure Mortgage Review: https://www.benzinga.com/money/figure-review
23. Figure HELOC review 2026: Lightening fast approval and funding: https://www.cnbc.com/select/figure-heloc-review/
24. Figure Reviews: Written By Customers: https://www.consumeraffairs.com/finance/figure.html
25. Figure Review: Fast HELOC Similar to Home Equity Loan (2026: https://www.finder.com/home-equity/figure-heloc-review
26. Figure Home Equity Line Of Credit (HELOC) Review: https://www.forbes.com/advisor/home-equity/figure-heloc-review/
27. Master Figure HELOC Matrix 5.22.2024: https://www.loanstreammortgage.com/wp-content/uploads/2024/05/Master-Figure-HELOC-Matrix-5.22.2024.pdf
28. Figure HELOC x Lowe's Partnership: https://www.lowes.com/l/about/figure-heloc
29. EquityZen Review 2026: Is It Worth It?: https://www.modernalts.com/platforms/equityzen
30. Figure HELOC Review 2026: Rates, Requirements & Is It Legit?: https://www.moneyatlas.com/review/figure
31. Figure Technology Solutions Reports Strong Second Quarter 2026 Results: https://www.nasdaq.com/press-release/figure-technology-solutions-reports-strong-second-quarter-2026-results-2026-08-13
32. Figure HELOC Review 2026: https://www.nerdwallet.com/mortgages/reviews/figure-heloc-review
33. Best HELOC Lenders 2026: 7 Top Lenders by Rate & Fees: https://www.rateroots.com/library/best-heloc-lenders-2026
34. Reddit Scenario: Hardest HELOC scenarios and Figure's AVM process: https://www.reddit.com/r/lenders/comments/scenarios_heloc_figure
35. Figure Technology Solutions posts strong Q2 2026 profit: https://www.stocktitan.net/sec-filings/FIGR/10-q-figure-technology-solutions-inc-quarterly-earnings-report-53537f2bad47.html
36. Figure Technology Solutions (FIGR) doubles revenue and profit on surging Q2 2026 volumes: https://www.stocktitan.net/sec-filings/FIGR/8-k-figure-technology-solutions-inc-reports-material-event-fd5ed66b645f.html
37. Figure Review for 2026: https://www.themortgagereports.com/67526/figure-mortgage-review-rates-loan-products-credit-score
38. Figure Review 2026 - Pros, Cons, & How to Apply: https://www.unitedcapitalsource.com/business-loans/lender-reviews/figure-review/