Second Home HELOC
Tap the equity in a vacation home or other second home with a line of credit. At least one HELOC we offer accepts second homes from a 640 credit score, with lines up to $500,000.
What a second home HELOC requires
Each item below is a requirement of at least one HELOC we offer.
- A credit score of at least 640 at one program, or 680 at another.
- A line from $25,000 to $500,000. Lines above $500,000 are for primary homes only.
- Debt-to-income of 50% or less, or 45% or less with a score under 680.
- At least 75% of the line drawn at closing at one program. The other draws the full line at closing.
- A home that is not listed for sale now and was not listed in the last 60 days.
- Title held by you directly or in an inter vivos revocable trust. LLC title is not accepted at the 640 program.
Borrow against a vacation home
Lines up to $500,000
Condos and townhouses eligible
Co-borrowers at one program
One has no prepayment penalty
Automated value on most lines
Can You Get A HELOC On A Second Home?
Yes. At least one HELOC we offer lists second homes as eligible from a 640 credit score, with lines up to $500,000.
Saxton also offers a fixed home equity loan on a second home with at least one program, as well as a home equity line of credit. At one program, at least 75% of the line is drawn at closing. At the other, the full line is drawn at closing. Either way, plan on using most of the money up front.
The programs set different limits. One accepts second homes from a 640 score, with lines up to $500,000, and permits co-borrowers. The other needs a 680 score, takes only one applicant and does not lend on second homes in some states, including Texas and New York. There, second home lines reach $200,000 from 680, $275,000 from 720 and $350,000 from 760.
Single-family homes, condos and PUDs are eligible at more than one program, and one also lists townhouses and mid-rise and high-rise condos. Condotels, co-ops, manufactured homes, log homes, mixed-use properties and agricultural-zoned properties are not eligible at the 640 program. For more on condos, see our condo heloc page.
Why choose Saxton for a second home HELOC
This page is for owners of a vacation home or other second home who want a line of credit against it.
Starts At A 640 Score
At least one HELOC we offer lists 640 as the minimum score for second homes. Another starts at 680.
Lines Up To $500,000
Second home lines run from $25,000 to $500,000 at one program. Lines above $500,000 are for primary homes only.
Bring A Co-Borrower
One program permits co-borrowers, so two owners can apply together. The other takes one applicant only.
Condos Are On The List
Condos are eligible at more than one program, including mid-rise and high-rise condos at one. Condotels are not eligible at the other.
Automated Value On Most Lines
At one program, lines from $25,000 to $500,000 are valued with an automated model. An appraisal may still be required in some cases.
Pay It Down Early
At least one program charges no prepayment penalty if you pay the line down early.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about HELOCs on second homes.
At least 640 at one HELOC we offer and 680 at another. At the 640 program, a score under 680 also lowers the debt-to-income limit to 45%.
Up to $500,000 at one program, which keeps lines above $500,000 for primary homes. At the other program, second home lines reach $350,000 with a 760 score. How much equity you can use depends on the home’s value, your existing mortgage and your credit score.
No. At least one program does not lend on second homes in some states, including Texas and New York. We also have to be licensed in the state where the home is.
Both can work, with limits. One program accepts an inter vivos revocable trust but not an LLC. The other accepts a trust (not in New York) or an LLC, with one applicant who owns at least 25% of the LLC, has a 700 score and meets that program’s other LLC conditions.
Most of it. One program requires at least 75% of the line drawn at closing, and the other draws the full line at closing.
Yes. Condos are eligible at more than one program we use, including mid-rise and high-rise condos at one. Condotels and co-ops are not eligible at the other.
Yes, if the home has no mortgage. One program allows first or second lien position. The other lists first-lien lines for second homes from a 680 score.
Find out what you qualify for
Tell us about your second home, what you owe on it and your credit score, and we will show you the line 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.