Figure vs. Hometap: Figure HELOC Wins for Fast Funding, Hometap HEA for Eligibility

	4.9 View Rates	4.8 View Rates
Product	Home equity line of credit	Home equity agreement
Product	Product
Home equity line of credit	Home equity agreement
Funding amounts	$15,000 – $400,000	$15,000 – $600,000
Funding amounts	Funding amounts
$15,000 – $400,000	$15,000 – $600,000
Term length	5, 10, 15, or 30 years	10 years
Term length	Term length
5, 10, 15, or 30 years	10 years
Min. credit score	640	500
Min. credit score	Min. credit score
640	500
State availability	46 states	16 states
State availability	State availability
46 states	16 states

About Figure and Hometap 

Figure is a non-bank lender that offers a home equity line of credit (HELOC) with fast funding and a 100% online application. Hometap is an investment company that allows homeowners to withdraw their equity in cash without a loan through a home equity agreement. 

While HELOCs and home equity agreements allow you to leverage your home’s value, they’re two distinct products. Regardless of how you tap into your equity, selecting the right company to work with is important. 

Here’s how Figure vs. Hometap compare and when it might make sense to choose one over the other. 

Figure vs. Hometap: how they work

A home equity line of credit or HELOC is a revolving line of credit that’s secured by your home’s value. HELOCs have a draw period in which you can access your credit line, followed by a repayment period in which you’ll pay back what you borrowed with interest. Your HELOC may have a fixed or variable interest rate. 

A home equity agreement allows you to withdraw some of your equity in cash. In exchange, you agree to pay back the amount you withdraw, plus a percentage of your home’s appreciation, at a future date. Home equity agreements are not loans and there are no monthly payments, nor will you pay interest. 

Here are some key points to know about Figure vs. Hometap:

• Figure offers fixed-rate HELOCs ranging from $15,000 to $400,000. 
• Figure HELOCs have a draw period of two to five years, and repayment can extend up to 30 years. 
• Hometap allows homeowners to withdraw up to $600,000, with repayment due in 10 years. 
• Hometap funding typically takes up to three weeks, while Figure provides funding in as little as five business days. 
• Figure charges an origination fee, while Hometap charges an upfront investment fee. 
• Both companies accept automated valuations to determine your home’s value, rather than requiring in-person appraisals. 

Figure HELOCs are designed for homeowners who have good to excellent credit scores, while Hometap accepts homeowners with lower credit scores. Regarding their geographic footprint, Figure is available in a wider range of states, which may influence your decision about which one to choose. 

Hometap vs. Figure eligibility 

Is it easier to get approved for a HELOC or a home equity agreement? Figure and Hometap consider a similar range of requirements to determine who’s eligible, including:

• Credit scores
• Debt-to-income (DTI) ratios
• Loan-to-value (LTV) ratios
• Employment status
• Property type

Debt to income measures how much of your monthly income goes to debt repayment each month. Loan to value ratio compares the amount of equity being borrowed or withdrawn to your home’s appraised value. 

Here’s what you’ll need to qualify with Figure vs. Hometap, side by side. 

	Figure	Hometap
Minimum credit score	640	500
Maximum DTI	50%	None
Maximum LTV	95%	75%
Employment requirements	Applicants must be employed, self-employed, or retired	None
Eligible properties	Single-family residences, townhomes, planned urban developments, most condos	Single-family, condos/apartments, multi-family homes with 1 – 4 units, manufactured homes
Availability by state	Available in the District of Columbia and 45 states; not offered in HI, KY, NY, WV	Available in AZ, CA, DC, IN, FL, MI, MN, MS, NV, NJ, NY, NC, OH, OR, PA, SC, UT, VA, and WA

Between the two, Hometap offers an easier path to withdrawing equity. You don’t need perfect credit or a low DTI, and employment history isn’t a factor. You will, however, need to have a larger share of equity in your home to get approved and live in an eligible state. 

Figure vs. Hometap customer reviews 

Source	Figure	Hometap
Trustpilot	4.5/5	4.9/5
Google	N/A	4.3/5
Better Business Bureau	1.72/5	4.3/5

Overall, Hometap fares better regarding consumer reviews, based on the ratings we were able to observe. Most of the positive reviews for Figure highlight the simple and streamlined application process. Hometap users, meanwhile, praise the company for its quick response times and willingness to offer help. 

Hometap had fewer consumer complaints registered with the Better Business Bureau, though Figure had closed more of its complaints at the time of writing. Customers on both sides largely complained about being given incorrect information when asking questions about the company’s products and/or their accounts. 

Hometap has been BBB-accredited since 2019 and has a B+ rating. Figure is not BBB-accredited and has a B- rating. 

Scenarios where Figure or Hometap is better

If you…	Winner
Prefer predictability	Figure
Want a simplified application	Figure
Need fast funds	Figure
Would like to avoid monthly payments	Hometap
Can’t meet traditional HELOC requirements	Hometap
Want to avoid credit score impacts	Hometap

Predictability

Fixed-rate HELOCs offer some predictability since it’s easier to calculate your overall repayment cost. With a home equity agreement, you may not know exactly what you’ll have to repay until the agreement expires. That could lead to an unpleasant financial surprise if you’re unprepared to make a large balloon payment. 

Winner

Figure

Application process

Applying for a HELOC or home equity agreement shouldn’t be a headache. An online application process can help speed things along and save time since you don’t need to meet face-to-face. Ideally, you should be able to submit your application and supporting documents from the comfort of your home in 5 minutes or less. 

Winner

Figure

Funding speed

If you need money quickly, then funding speed makes a difference. While you can’t expect funding to happen overnight, it’s not unrealistic to find HELOC companies that offer funding within one week of approval. Based on the wait of five business days vs. three weeks, our choice of a winner in this category was clear. 

Winner

Figure

Monthly payments

Adding a new debt payment to the mix can strain your budget that you may prefer to avoid. Even if your HELOC payment is relatively low, a change to your income could put your ability to cover the bills at risk. Home equity agreements, meanwhile, don’t have monthly payments so you don’t have to worry about an impact on your cash flow. 

Winner

Hometap

Approval requirements

Any time you get a loan, you can expect a lender to consider your credit scores, income, and other financial details. Poor credit, high debt, or limited work history could all be obstacles to getting a HELOC. Home equity agreements, on the other hand, focus more on how much equity you have and your home’s future value for approval. 

Winner

Hometap

Credit Impact

Home equity agreements are technically not loans so they don’t show up on your credit reports the way that a HELOC would. You may get a new credit inquiry on your credit reports when you apply for one, but otherwise, having a home equity agreement doesn’t pose a risk to your credit. And again, perfect credit isn’t required to get approved for one. 

Winner

Hometap

How we rated Figure and Hometap

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Figure and Hometap to several home equity companies, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take on each company is represented in our ratings and best-for designations, recapped below.

Product	Best for	LendEDU rating
Figure HELOC	Best HELOC	4.9/5
Hometap HEA	Best HEA	4.8/5