Eligibility basics
| Requirement | Second home |
|---|---|
| Minimum FICO | 600 |
| Initial credit check | Soft-pull Experian FICO 9 |
| Maximum line | Up to $750,000, subject to CLTV |
| Full appraisal | Generally not required for lines of $400,000 or less |
A second home is generally a property you occupy for part of the year that isn't primarily rented out. If a property is mainly a rental, it's usually treated as an investment property instead. CLTV limits on second homes are often a bit lower than on a primary residence.
Why borrow against a second home?
- Keep your primary home unencumbered by a new lien.
- Improve the vacation property — updates, furnishings, or repairs.
- Fund other goals such as renovations, education, or reserves.
Things to consider
- Insurance for vacation areas — coastal, wildfire, or mountain markets — can be expensive and must be maintained.
- Condos and properties in resort communities may have additional eligibility requirements.
- Rental use can change how the property is classified.
Second home HELOC vs primary home HELOC
A HELOC on your primary residence may offer higher CLTV limits and better pricing. A HELOC on the second home keeps the debt tied to the property it benefits. Matthew can help you compare both.
Frequently asked questions
Can I get a HELOC on a vacation home?
Yes. Second homes may be eligible with a minimum FICO of 600, subject to CLTV limits and property eligibility.
What if I rent my second home part of the year?
Occasional rental may still qualify as a second home, but properties used mainly as rentals are usually treated as investment properties. Ask before applying.
Can I get a HELOC on a second home condo?
Possibly. Condominiums may have extra project requirements.