First-Lien HELOC
Own your home free and clear? A first-lien HELOC puts your line of credit in first position. At least one program offers lines from $25,000 to $750,000, with a 600 minimum score on a primary residence and 700 for lines over $500,000.
Quick answer
Saxton Mortgage does. A first-lien HELOC is a line of credit that is the first loan on your home, with no mortgage ahead of it. At least one program we offer treats the line as first lien when nothing is owed on the property, and does not count a leftover balance of $1,000 or less when it sets lien position.
What a first-lien HELOC requires
Each item below is a requirement of at least one HELOC we offer.
- The line takes first position when nothing else is owed on the home.
- At least one program ignores a balance of $1,000 or less on the property when it sets lien position.
- At least one program offers first-lien lines from $25,000 to $750,000; it needs a 600 score on a primary residence, 640 on a second home, and 700 above $500,000, where only a primary residence qualifies.
- At least one other program offers first-lien lines on a home you live in up to $125,000 with a 640 score, up to $400,000 at 680 and up to $750,000 at 760.
- At least one program pulls a second automated value from a different provider on first-lien lines, and the value it uses can come in lower than the first estimate.
- At least one program requires a full ALTA title policy on any line over $350,000, and its rate sheet calls for one on every first-lien line. We confirm which applies before you apply.
Line in first position
Lines from $5,000
600 score on a primary home
Fixed-rate option
No prepayment penalty option
Line drawn at closing
What Is A First-Lien HELOC?
A home equity line of credit that is the first loan on your home, with no mortgage ahead of it.
With a first-lien HELOC, the line of credit is the first loan on your home instead of sitting behind a mortgage. At least one program we offer treats the line as first lien when nothing is owed on the property, and it ignores a leftover balance of $1,000 or less when it sets lien position. Several HELOC programs we offer can place a line in first position.
At least one program offers lines from $25,000 to $750,000, with a 600 minimum score on a primary residence and 640 on a second home. Lines above $500,000 there are for a primary residence only and need a 700 score. At least one other program offers first-lien lines on a home you live in up to $125,000 with a 640 score, up to $400,000 at 680 and up to $750,000 at 760. At least one program draws the full line at closing; another requires at least 75% drawn at closing. At least one first lien HELOC we offer goes up to $3,000,000, with higher score and reserve requirements. It is not available in Texas.
Still have a small mortgage? At least one program can pay off an existing lien at closing and give the new line credit for lien position. That payoff option is still rolling out to a limited group of applicants, so ask us whether it applies to you. If you would rather replace your mortgage with a new mortgage, see our cash-out refinance page.
Why choose Saxton for a first-lien HELOC
This page is for owners of a paid-off or nearly paid-off home who want a line of credit in first position.
Two Programs Allow First Lien
Both HELOC programs we offer can place your line in first position. We compare them on your score and the line size you need.
600 Score On A Primary Home
At least one program accepts a 600 score for a first-lien line on a primary residence; second homes need 640 there. Lower scores can limit how much of your equity you can use.
Small Balances Do Not Count
At least one program ignores a balance of $1,000 or less on the property when it sets lien position.
Big Lines Need A Primary Home
Lines above $500,000 are for a primary residence only at the programs that offer them, with a score of at least 700 at one and 760 at the other.
Fixed Or Variable Rate
At least one program lets you choose a fixed rate. Another uses a variable rate.
Line Drawn At Closing
At least one program draws the full line at closing. Another requires at least 75% drawn at closing, so plan to use most of the line right away.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about first-lien HELOCs.
Saxton Mortgage does. A first-lien HELOC is a line of credit that is the first loan on your home, with no mortgage ahead of it. At least one program we offer treats the line as first lien when nothing is owed on the property, and does not count a leftover balance of $1,000 or less when it sets lien position.
Yes. When nothing is owed on the home, the line takes first position, and both HELOC programs we offer allow a first-lien line.
600 on a home you live in, with at least one program; second homes need 640 there. Another starts at 640 and requires 680 for first-lien lines above $125,000 on a home you live in.
From $5,000 up to $750,000. Lines above $500,000 are for a primary residence and need a 700 score at one program and 760 at another. Your home’s value and your credit score set the final amount.
Possibly. At least one program can pay off an existing lien at closing and give the new line lien position credit, but that option is still rolling out to a limited group of applicants. Ask us whether it applies to you.
Plan on it. At least one program requires a full ALTA title policy on any line over $350,000, and its rate sheet calls for one on every first-lien line. We confirm which applies before you apply.
All of it at one program, which draws the full line at closing, and at least 75% at another.
At least one program allows a first-lien line on a rental up to $400,000 with a 680 score. It is not available in some states, including Texas and New York.
Find out what you qualify for
Tell us what you owe on your home, if anything, and how much you need, and we will show you the first-lien options that fit.
Get Pre-Qualified- Consumer Financial Protection Bureau, home equity loan compared with a HELOC
- Consumer Financial Protection Bureau, mortgages
Loan amounts, rates, terms, and eligibility are subject to credit approval, asset and income verification, appraisal, and program guidelines. Draw requirements and variable rate terms apply. Program availability varies by state. Not all applicants will qualify. Saxton Mortgage, LLC is an Equal Housing Lender.