Small HELOC
Need a smaller line of credit? The HELOCs we offer start at $5,000. A small line still goes through credit, income and property checks, and most or all of it is drawn at closing.
What a small HELOC still requires
Each item below is a requirement of at least one HELOC we offer.
- The smallest line is $5,000, and state rules can change the minimum; at least one program requires $35,000 in Texas.
- At least 75% of the line is drawn at closing with one program, and the full line is drawn at closing with the other.
- A 600 credit score works on a primary residence with at least one program; second homes need 640 there.
- Your debt-to-income ratio can be up to 50%, or up to 45% with a score below 680, under at least one program.
- The home must be worth at least $100,000 under at least one program.
- On a second-lien line of $350,000 or less, at least one program needs only a legal and vesting report rather than a full ALTA title policy.
Lines from $5,000
Automated value on most lines
600 score on primary homes
No prepayment penalty
Lighter title rules on small seconds
Fixed-rate option
What Is The Smallest HELOC You Can Get?
$5,000 with the HELOCs we offer, though at least one program requires $35,000 in Texas.
A small HELOC is a home equity line of credit for a modest amount, for a project or bill that does not call for a large line. With the HELOCs we offer, the smallest line is $5,000. State rules can change the minimum; at least one program requires $35,000 in Texas.
A small line still goes through the standard checks: credit score, debt-to-income ratio, income verification and property eligibility. At least one program draws the full line at closing, and another requires at least 75% drawn at closing, so size the line to what you plan to use now.
Smaller lines usually skip a full appraisal. At least one program uses an automated value on lines from $25,000 to $500,000, and another on lines up to $400,000, though an appraisal or another kind of valuation can still be required. Read more on our HELOC without an appraisal page.
Why choose Saxton for a small HELOC
This page is for homeowners who want a line of credit at the low end, starting at $5,000.
Lines From $5,000
The smallest line with the HELOCs we offer is $5,000. State rules can change the minimum.
Automated Value On Most Lines
The programs we offer usually value smaller lines with an automated model instead of a full appraisal.
Lighter Title On Small Seconds
At least one program needs only a legal and vesting report on a second-lien line of $350,000 or less.
Fixed-Rate Option
At least one program lets you choose a fixed rate on the line.
No Prepayment Penalty
At least one program has no prepayment penalty.
Plan To Use Most Of It
At least one program draws the full line at closing, and another requires at least 75% drawn at closing, so size the line to what you need now.
Hear From Homeowners Like You
Frequently Asked Questions
Straight answers about small HELOCs.
$5,000 with the HELOCs we offer. State rules can change the minimum; at least one program requires $35,000 in Texas.
Usually not. At least one program uses an automated value on lines from $25,000 to $500,000, and another on lines up to $400,000. If no automated value is found, that program orders a broker price opinion or residential evaluation instead, except in West Virginia, where the application is declined. An appraisal may still be required in some cases.
Not always. On a second-lien line of $350,000 or less, at least one program needs only a legal and vesting report. Lines over $350,000 there need a full ALTA policy.
Yes, if the home is worth at least $100,000 under at least one program and you have enough equity for a $25,000 line.
At least one program accepts a second home with a 640 score. Another accepts second homes and rentals with a 680 score, but not in some states, including Texas and New York.
With at least one program, yes, on a home you live in: a third-lien line can go up to $100,000 with a 680 score, or $150,000 at 760. It is not available in some states, including Texas and New York, or on 2 to 4 unit homes.
At least 600 on a primary residence with at least one program, and 640 under another program’s main guidelines. Lower scores can limit how much of your equity you can use.
Find out what you qualify for
Tell us how much you need and what your home is worth, and we will show you the small-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.