Figure Review for Second Homes and Vacation Properties

The research in brief

Figure is a mixed-to-uncertain fit for accessing equity in a vacation or second home. Four of seven platforms named Figure during the ranking stage (57% of included platform responses), with an average listed rank of 2.75 and a best rank of 1. The strongest reason to consider it: Figure publicly states the property may be a primary or secondary residence, and it offers fast digital funding, fixed-rate options, and lines up to $750,000 ^[8]. The main limitation: Figure does not clearly publish second-home maximum CLTV, seasonal-occupancy underwriting, or second-home rate adjustments, and several sources conflict on loan caps and credit minimums ^[5].

Research Snapshot

Why Figure Qualified for This Study

Questions explored

• Why did Figure qualify for a second-home and vacation-property equity lender study?
• How many AI platforms named Figure for accessing equity in a vacation or second home?

Figure qualified because four of the seven included platforms named it during ranking discovery for second-home and vacation-property equity lending, and every platform that evaluated it treated its HELOC as a candidate product for this use case. Google ranked Figure first; Grok ranked it second; DeepSeek and Kimi each ranked it fourth (platform ranking data). Figure's own materials state the property may be the applicant's primary or secondary residence, which places it inside the study's eligibility scope rather than outside it ^[8].

Qualification is not the same as verified fit. Figure was included because platforms surfaced it and because it publishes a HELOC product relevant to this buyer, not because any platform confirmed second-home terms in full. The platform fit ratings split: Claude and Gemini rated Figure a "good" fit, Perplexity rated it "mixed," and ChatGPT, DeepSeek, Grok, and Kimi each rated it "uncertain" (platform fit-research responses).

The mortgage offering in focus

Questions explored

• Which Figure product should a second-home owner apply for to access equity in a vacation property?
• Does Figure's HELOC let a vacation-home owner choose a fixed or variable rate?

The relevant product is the Figure HELOC, also described as the Figure Home Equity Line of Credit, offered with fixed-rate and variable-rate options ^[1]. Figure's fixed-rate home equity line is an open-end product whose full approved amount, less the origination fee, is drawn at origination; additional draws during the draw period may carry a rate set when drawn ^[5]. Independent reviews describe the same structure — a HELOC that functions more like a lump-sum loan because the borrower must draw 100% of the line at closing ^[30].

Figure's public HELOC guide states the property may be the applicant's primary or secondary residence ^[8]. A separate Figure loan-officer FAQ lists qualifying property types and repeats the primary-or-secondary-residence language ^[3]. Figure's own blog on occupancy discusses second-home HELOCs in general terms but does not confirm Figure-specific second-home rules ^[2].

Line sizes are reported inconsistently. Figure materials and some reviews cite $15,000 to $750,000 ^[32], while a Forbes review cited a $400,000 cap and one independent source cited a $250,000 cap for second homes specifically ^[26]. Buyers should treat the applicable cap as unconfirmed until Figure quotes it in writing.

What the AI Platforms Agreed About

Questions explored

• What do AI platforms agree on about Figure for second-home equity borrowing?
• Is Figure's HELOC process faster than a traditional bank for a vacation property?

Platforms agreed on several points. First, Figure offers a real, active HELOC product with a digital application and fast funding. Figure advertises approval in about five minutes and funding in as few as five days ^[1], and independent reviews repeat the roughly five-business-day funding timeline using automated valuation instead of an in-person appraisal ^[14].

Second, platforms agreed that Figure's HELOC requires the full approved line to be drawn at closing, which makes it behave more like a home equity loan than a revolving line ^[30].

Third, platforms agreed that Figure offers a fixed-rate option alongside variable-rate pricing, which is unusual among HELOC lenders ^[30].

Fourth, platforms agreed that Figure does not publish a second-home-specific maximum CLTV, seasonal-occupancy underwriting rules, or a second-home rate adjustment ^[5]. This is agreement about a gap in disclosure, not agreement that Figure is a poor lender.

Where the AI Platforms Disagreed or Were Uncertain

Questions explored

• Do AI platforms disagree about Figure's maximum CLTV or loan cap for second homes?
• What is Figure's minimum credit score for a second-home HELOC, and why do sources conflict?

The platforms disagreed on the numbers that matter most to this buyer.

Maximum CLTV for second homes. Google reported a 70% cap for second homes and investment properties ^[13]. Anthropic reported 80–85% "depending on credit profile, property type, and location" ^[32]. Kimi noted Figure advertises up to 85% CLTV generally but could not confirm whether that applies to second homes ^[1]. OpenAI found no published second-home CLTV at all and flagged that Figure's advertised 90% CLTV applies to certain piggyback structures, not standalone second-home HELOCs ^[5].

Maximum loan amount. Sources cited $250,000 ^[13], $400,000 ^[26], and $750,000 ^[32]. Perplexity explicitly flagged this conflict and noted it may be product- or date-dependent ^[26].

Minimum credit score for second homes. Anthropic reported 640 ^[14]. Google reported 680 ^[26]. Perplexity reported 680 for second homes or investment properties ^[23]. EquitySquirrel reported a 600 floor generally with 640 for second homes ^[14].

State availability. Sources cited 48 states plus D.C. excluding Hawaii and New York ^[14], 44 states plus D.C. ^[26], and exclusions of New York, Hawaii, Kentucky, and West Virginia ^[12]. Figure's own FAQ states its mortgage products are not for use for New York mortgage applications or products ^[5].

Rate ranges. Figure's FAQ lists initial APRs of 7.25% to 14.70% ^[5]; The Mortgage Reports cited 6.55% to 15.54% ^[20]; Perplexity reported roughly 6.25% to 15.95% or higher ^[23]. These are platform-reported figures collected on different dates and should not be treated as current quotes.

Mortgage features for this borrowing need

Questions explored

• Does Figure underwrite seasonal occupancy or short-term rental income on a vacation home?
• What property types and states does Figure's second-home HELOC cover?

Figure's public materials do not explain how seasonal occupancy, part-time owner occupancy, short-term rentals, rental income, or vacancy periods are underwritten ^[5]. Independent sources note that lenders generally require a second home to be suitable for year-round living and located a meaningful distance from the primary residence, but Figure's specific rules are not published ^[16].

Property-type limits are partially documented. Figure materials and reviews indicate eligibility is limited to certain property types such as single-family residences, condos, or townhouses, and one review says multifamily properties are not eligible ^[3]. Figure's FAQ states loan amounts generally range from $15,000 to $750,000, with higher minimums in Alaska and Texas, and that amounts above $400,000 require an appraisal ^[5].

Figure's digital process uses automated valuation models where available, with an AVM fee of $180 if an AVM is unavailable, and electronic notarization where permitted ^[5]. Figure's own site advertises approval in five minutes and funding in as few as five days ^[1].

Rates, fees, and ongoing costs

Questions explored

• How much does a Figure HELOC cost for a second home, including origination fees?
• Does Figure charge annual fees, prepayment penalties, or early closure fees on a vacation-property HELOC?

Figure's pricing is not published at second-home-specific levels. Figure's FAQ lists initial APRs of 7.25% to 14.70% for the reviewed product range and states that APR depends on occupancy status, credit profile, combined loan-to-value ratio, loan term, state, and origination-fee choice ^[5]. That language confirms occupancy affects pricing but does not disclose a second-home premium. Industry practice is a 0.25% to 0.75% rate premium for second homes over primary residences ^[28], but no source confirms Figure applies it.

Known costs reported across sources:

Autopay discounts of about 0.25% are reported by independent reviews ^[30]. Figure's draw period is reported as 2–5 years, shorter than the 5–10 year draw periods common at traditional HELOC lenders ^[14]. Repayment terms are reported as 5, 10, 15, 20, or 30 years depending on source and configuration ^[32].

Best Suited For

Questions explored

• Who is Figure's HELOC best suited for among second-home and vacation-property owners?
• Is Figure a good choice for a second-home owner who needs fast funding and a fixed rate?

Figure is best suited for a second-home owner who wants a fast, fully digital process and payment certainty rather than maximum borrowing flexibility. Figure explicitly supports secondary residences in its public materials ^[8], and independent reviews describe second-home availability ^[30]. The fixed-rate option appeals to buyers who want predictable payments ^[20].

It also suits owners of standard, readily valued properties — single-family homes, condos, or townhouses — where an automated valuation is likely to be accepted and no in-person appraisal is needed for loans under $400,000 ^[5]. Borrowers who plan a single large equity extraction, such as a renovation or a one-time expense, fit the full-draw structure better than borrowers who want a standby line ^[30].

Probably Not Best Suited For

Questions explored

• Who should not choose Figure for accessing equity in a vacation or second home?
• Is Figure a poor fit for a second-home owner who wants to draw funds gradually over time?

Figure is probably not best suited for a second-home owner who needs a traditional revolving line with draw-as-needed access over many years. Because the full approved amount is drawn at closing and interest accrues on the full amount from day one, a borrower who wants staggered access pays interest on money they have not used ^[30].

It is also a weak fit for borrowers who need clearly published second-home eligibility rules, a published second-home maximum CLTV, or documented seasonal-occupancy underwriting before applying ^[5]. Borrowers in New York cannot use Figure at all ^[5], and sources also exclude Hawaii, Kentucky, and West Virginia ^[12]. Borrowers with less than 15% equity, or who need CLTV above Figure's reported second-home range, should look elsewhere ^[18].

When Another Option May Be Better

Questions explored

• What is a better alternative to Figure for a second-home owner who needs a longer draw period?
• When should a vacation-home owner choose a DSCR lender or primary-residence HELOC instead of Figure?

Another option may be better in several defined situations. If the borrower needs a traditional revolving line with a 5–10 year draw period, banks and credit unions that offer draw-as-needed access are a better structural match than Figure's 2–5 year draw period ^[14]. If the borrower wants to minimize upfront cost, lenders charging 0–1% origination are cheaper than Figure's fee of up to 4.99% ^[30].

If the property is seasonal, frequently rented, unusual, rural, or difficult to value, a lender that explicitly underwrites seasonal or rental occupancy is a better fit ^[5]. If rental income must be used to qualify, DSCR lenders specialize in that underwriting ^[15]. If the vacation home itself does not qualify, using a primary-residence HELOC to fund vacation-property expenses is a documented alternative strategy ^[15]. If the borrower is in New York, Hawaii, Kentucky, or West Virginia, Figure is unavailable and another lender is required ^[5].

Questions to ask before choosing a lender

Questions explored

• What should a buyer confirm with Figure before signing a second-home HELOC contract?
• Which Figure terms must be confirmed in writing before paying third-party costs?

Confirm these items directly with Figure before committing:

1. Is this specific property eligible as a second home in its state and county ^[5]?
2. What maximum CLTV applies to this property as a second home, including the existing first mortgage and the full HELOC limit ^[5]?
3. Does Figure classify the property as a second home, investment property, or another occupancy category if it is occasionally rented ^[5]?
4. Are short-term-rental income, lease income, seasonal vacancy, HOA restrictions, and property-management arrangements allowed or counted ^[5]?
5. What exact APR, margin, rate floor, rate cap, and fixed-versus-variable terms apply to initial and subsequent draws ^[5]?
6. What are the draw period, repayment period, minimum payment, and amortization rules ^[5]?
7. Must the full line be drawn at closing, and can unused proceeds be returned without a fee or interest adjustment ^[5]?
8. What exact origination fee applies, and are there discounts or alternate fee choices ^[5]?
9. Will an AVM be accepted for this property, or is a full appraisal required ^[5]?
10. Are there any early-closure, payoff, inactivity, annual, modification, or draw fees under the current agreement ^[5]?
11. Is the product available if the property is in New York or another restricted state ^[5]?
12. Can Figure provide the applicable underwriting guideline or written eligibility decision before the borrower pays nonrefundable third-party costs ^[5]?

The consensus assessment

Figure is a candidate for quote comparison, not a verified best lender, for accessing equity in a vacation or second home. Four of seven platforms named it during ranking, and its public materials confirm secondary-residence eligibility, fast digital funding, fixed-rate options, and potentially large lines. But the criteria this buyer most needs — confirmed second-home eligibility in a specific state, second-home maximum CLTV, seasonal-occupancy underwriting, and second-home rate adjustment — are not clearly published, and platform sources conflict on loan caps, credit minimums, and state coverage. Treat Figure as worth a written quote, and verify every term before paying nonrefundable costs.

How This Review Was Produced

This review was produced from platform-reported research collected on 2026-09-29 for the topic "Best Home Equity Lenders for Second Homes and Vacation Properties." Seven platforms evaluated Figure for the use case of accessing equity in a vacation or second home: ChatGPT, Claude, DeepSeek, Grok, Kimi, Perplexity, and Gemini. Four of those platforms named Figure during ranking discovery. Each platform supplied its own fit rating, use-case findings, pricing observations, and verification questions. Company-owned sources and independent sources were separated and are labeled in the Sources section. No personal testing, customer experience, or independent verification was performed.

Research limitations

Platform-reported research dates differ from the authoritative run date. Deepseek's research date is 2026-06-01; all other platforms reported 2026-09-29. Platform-reported dates are provenance metadata and do not independently prove freshness.

All included platforms evaluated fit, but the platform-mention count reflects only platforms that named Figure during ranking discovery. The supplied URLs were collected from platform responses and were not independently validated. Citations are platform-reported evidence, not independently verified facts. Deepseek's response was produced with search disabled, so its claims require explicit verification before being described as current facts.

Sources conflict on Figure's second-home maximum CLTV, maximum loan amount, minimum credit score for second homes, state availability, and APR range. These conflicts are preserved rather than resolved. Figure's public materials do not disclose a second-home-specific maximum CLTV, seasonal-occupancy underwriting rules, or a second-home rate premium. Agreement among AI platforms does not prove product quality or eligibility.

Explore more home equity loan and heloc lenders guidance in the category directory.

Sources

Company-Owned Sources

1. Figure - Official Website: https://www.figure.com/
2. Do I have to live in my home to qualify for a HELOC? | Figure: https://www.figure.com/blog/do-i-have-to-live-in-my-home-to-qualify-for-a-heloc/
3. FAQs: Loan Officers - Figure: https://www.figure.com/blog/faqs-loan-officers/
4. Figure HELOC vs. Fifth Third Bank: Which is Better?: https://www.figure.com/comparison/figure-vs-fifth-third-bank/
5. Frequently Asked Questions: https://www.figure.com/faqs/
6. Home Equity Line of Credit (HELOC) - Apply Online in Minutes - Figure: https://www.figure.com/heloc/
7. Home Equity Line of Credit (HELOC) FAQs - Figure: https://www.figure.com/heloc/faqs/
8. Your Home Equity Line of Credit Guide: https://www.figure.com/home-equity-line-of-credit-guide/
9. Figure HELOC: https://www.figure.com/home-equity-line-of-credit/
10. Home Equity Line of Credit (HELOC) and HELOC Closing Costs: https://www.figure.com/home-equity-line/
11. How the Piggyback HELOC Helps You Avoid Jumbo Loan Pricing: https://www.figure.com/partner/success-center/how-the-piggyback-heloc-helps-you-avoid-jumbo-loan-pricing/

Independent Sources

12. Is Figure HELOC the Right Choice for Homeowners? - Advanced Energy Systems: https://advancedenergysystems.com/is-figure-heloc-the-right-choice-for-homeowners/
13. HELOC Loan Requirements: Essential Tips for Homeowners - Competitive Home Lending: https://chlending.com/heloc-loan-requirements-essential-tips-for-homeowners/
14. Figure HELOC Review 2026: Rates, Fees & Draw Rules: https://equitysquirrel.com/figure-heloc-review/
15. How to Use a HELOC from Your Primary Home to Renovate a Vacation Property: https://home-eq.com/how-to-use-a-heloc-from-your-primary-home-to-renovate-a-vacation-property/
16. Using a HELOC to Buy a Second Home: Costs and Tax Rules - LegalClarity: https://legalclarity.org/using-a-heloc-to-buy-a-second-home-costs-and-tax-rules/
17. The Best Non-Owner-Occupied HELOCs in 2026: https://lendedu.com/blog/best-non-owner-occupied-helocs/
18. What Are the LTV Requirements for a Second Home HELOC?: https://themortgagereports.com/127382/second-home-heloc-ltv-requirements
19. How to Access Up to 90% of Your Home's Value With a HELOC: https://themortgagereports.com/129227/90-percent-cltv-helocs
20. Figure Review for 2026 | The Mortgage Reports: https://themortgagereports.com/67526/figure-mortgage-review-rates-loan-products-credit-score
21. How to Get a HELOC on a Second Home in current_year: https://themortgagereports.com/74142/home-equity-loan-heloc-on-second-home
22. Compare Current HELOC Rates: https://www.bankrate.com/home-equity/heloc-rates/
23. Figure: https://www.bankrate.com/home-equity/reviews/figure/
24. Figure HELOC Review 2026: https://www.cnbc.com/select/figure-heloc-review/
25. Figure HELOC review: An online lender with flexible terms to tap your home equity: https://www.creditkarma.com/home-loans/i/figure-heloc-review
26. Figure Home Equity Line Of Credit (HELOC) Review: Pros, Cons & Verdict – Forbes Advisor: https://www.forbes.com/advisor/home-equity/figure-heloc-review/
27. Figure HELOC Review 2026: Rates, Requirements & Is It Legit? | Money Atlas: https://www.moneyatlas.com/review/figure
28. HELOC on a Second Home or Vacation Property: Eligibility & Requirements 2026 | Mo Abdel: https://www.mothebroker.com/blog/heloc-second-home-vacation-property-2026
29. Best HELOC Rates and Lenders: https://www.nerdwallet.com/best/loans/heloc/heloc-lenders
30. Figure HELOC Review 2026 - NerdWallet: https://www.nerdwallet.com/mortgages/reviews/figure-heloc-review
31. Figure Review: The Fastest Way to Tap Home Equity?: https://www.thetruthaboutmortgage.com/figure-review-heloc/
32. Figure Review 2026 - Pros, Cons, & How to Apply: https://www.unitedcapitalsource.com/business-loans/lender-reviews/figure-review/