Best HELOC Lenders in Florida 2026
Florida homeowners averaged substantial equity gains through the post-2020 migration surge, with average tappable equity now at $188,000 per property. HELOC rates in Florida run near 8.7%, with Miami, Tampa, and Orlando metros offering the densest lender competition. Florida homestead protection rules affect some lenders' willingness to extend the highest LTV ratios, and borrowers should confirm the lender operates under Florida homestead exemption guidelines.
Updated June 2026 · Editorial Independence Policy
Best HELOC Lenders in Florida 2026
| Lender | Rate Type | Max LTV | Draw Period | Best For |
|---|---|---|---|---|
| Figure (Editor's Choice) | Fixed | 95% | 5 years | Fastest funding (5 days) |
| PenFed Credit Union | Variable | 90% | 10 years | Lowest variable rates |
| Bethpage Federal | Variable | 90% | 10 years | No closing costs |
| Bank of America | Variable | 85% | 10 years | Preferred Rewards discount |
| U.S. Bank | Variable | 85% | 10 years | High credit limits |
| Navy Federal | Variable | 95% | 20 years | Military & veterans |
All six lenders above operate in Florida. Rate data current as of June 2026. Your actual rate depends on credit score, combined LTV, draw amount, and property type. Texas residents: state constitutional rules cap HELOCs at 80% combined LTV.
Frequently Asked Questions
HELOCs in Florida: FAQ
HELOC rates in Florida currently average around 8. 7% for well-qualified borrowers, but your actual rate depends on credit score, combined LTV, and the amount you draw at closing.
Borrowers with FICO scores above 740 and combined LTV below 70% typically qualify for the lowest rates. Figure offers a fixed-rate HELOC starting around 8.
25% APR for top-tier applicants. Variable-rate products from PenFed, Bank of America, and U.
S. Bank track the prime rate plus a margin, so they shift as the Fed adjusts rates.
Most lenders in Florida will extend a HELOC up to 85% combined LTV, meaning your existing mortgage balance plus the HELOC cannot exceed 85% of your home's appraised value. On a home worth $500,000 with a $250,000 mortgage balance, 85% combined LTV allows up to a $175,000 credit line.
Florida homeowners average $188,000 in tappable equity, though amounts vary significantly by city and neighborhood.
Most HELOC lenders in Florida require a minimum FICO score of 680 for approval, with 720 or higher needed to access the best rates and highest LTV ratios. Figure and PenFed both offer HELOCs down to a 640 score with reduced LTV limits.
Bank of America Preferred Rewards members (Platinum Honors tier) can qualify for a 0. 625% rate discount on top of their score-based pricing.
If your score is below 680, paying down revolving balances to reduce credit utilization can often move the score into qualification range within 30-60 days.
Figure is the fastest option in Florida, with a 5-business-day funding guarantee from application to first draw for fully digital applications. PenFed and Bethpage Federal typically close in 2-4 weeks.
Bank of America and U. S.
Bank take 3-6 weeks due to full branch-based underwriting. Navy Federal averages 30-45 days for non-military applicants and 20-30 days for active duty and veterans.
If you need funds quickly for a time-sensitive opportunity, Figure is the clear choice in Florida.