Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity Best USAA Home Equity Loan and HELOC Alternatives for Military Members Updated Mar 25, 2025 9-min read Expert Approved Expert Approved This article has been reviewed by a Certified Financial Planner™ for accuracy. Written by Emily Batdorf Written by Emily Batdorf Expertise: Credit cards, home equity, mortgages Emily Batdorf is a personal freelance writer and copywriter based in northern Michigan. A self-proclaimed finance nerd, Emily loves learning and writing about banking, mortgages, investing, and anything else personal finance-related. When not writing, she loves to ski, hike, and swim in Lake Michigan. Learn more about Emily Batdorf Reviewed by Kerry O'Brien, CFP® Reviewed by Kerry O'Brien, CFP® Expertise: Financial planning, retirement planning, tax planning, education planning, small business planning Kerry O'Brien, CFP®, is passionate about financial planning and going beyond the numbers to help people live the life they want. Her mission is to help people gain and maintain optimal financial health—and to support living with overall wellness and intention. Learn more about Kerry O'Brien, CFP® United Services Automobile Association (USAA) supports military families with a wide range of financial services, but home equity loans and HELOCs are no longer among them. Military members and veterans can still access excellent alternatives to tap into their home equity for major expenses. Table of Contents Skip to Section Military-focused alternativesNonmilitary-focused alternativesHow to choose the best option Company Specific to military? Rates (APR) View Rates Yes Loans start at 6.64%; HELOC at 8.250% View Rates View Rates Yes 7.99% after intro 4.99% APR View Rates View Rates No 6.55% – 15.54% View Rates View Rates No Intro APR of 7.49%, then 8.00% View Rates Military-focused alternatives to USAA home equity loans If you’re a USAA member needing funds for a major expense, such as home renovations, college tuition, or medical bills, you’ll need an alternative to USAA’s discontinued home equity products. Home equity loans and home equity lines of credit (HELOCs) can offer: Borrow against the equity in your home. Use funds for significant expenses. Below, we’ll review the best military-focused alternatives to USAA’s home equity loans and HELOCs. Navy Federal Credit Union 3.9 /5 View Rates Why we like it for military families For military families seeking an alternative to USAA’s discontinued home equity loans and HELOCs, Navy Federal Credit Union stands out as a strong option. As the largest credit union in the U.S., it caters exclusively to military members and their families with specialized financial services and competitive home equity products. Navy Federal offers home equity loans and HELOCs with no application or origination fees—ideal for families looking to access their home equity affordably. These products include competitive interest rates, repayment terms of up to 20 years, and a generous loan-to-value ratio of up to 100%, making it easier to borrow the funds you need. Under the Servicemembers Civil Relief Act (SCRA), eligible accounts benefit from a maximum 4% interest rate (APR), offering meaningful savings for active-duty members. For military families who relied on USAA for home equity solutions, Navy Federal’s combination of low rates, flexible terms, and military-focused benefits makes it a compelling alternative. No fees: No application or origination fees for home equity products Generous borrowing limits: Up to $500,000 with 100% LTV Flexible repayment terms: Choose between 5, 10, 15, or 20 years Rates (APR)Starting at 7.34%HELOC amounts$10,000 – $500,000Repayment terms5, 10, 15, or 20 years Eligibility requirements Navy Federal membership is open to the following: Army Marine Corps Navy Air Force Coast Guard National Guard Space Force Delayed Entry Program Department of Defense Officer Candidates and Reservists, veterans, retirees, annuitants, and family members of active duty, retired members, and veterans are also eligible. Armed Forces Bank View Rates Why we like it for military families Armed Forces Bank offers military families a versatile alternative to USAA’s discontinued home equity products. With over a century of experience serving active-duty service members, veterans, Department of Defense personnel, and their families, this full-service bank specializes in financial solutions tailored to the unique needs of the military community. Its HELOC features a six-month introductory rate of 4.99%, followed by a variable rate of 7.99%. Military borrowers can access up to $200,000 with an 85% loan-to-value (LTV) ratio, and amounts over $250,000 are available with LTV limits of up to 70%. The $50 annual fee is waived for those who set up autopay, and low or no closing costs make this an affordable way to unlock home equity for significant expenses, such as home improvements or medical bills. While it doesn’t operate in Texas, Armed Forces Bank’s HELOC is a strong choice for military borrowers looking for an affordable way to access home equity with military-focused support and competitive terms. Introductory rate: Low fixed rate for the first six months Flexible limits: Borrow up to $200,000 with LTVs up to 85% or higher amounts with adjusted LTVs Affordable fees: $50 annual fee waived with autopay and low or no closing costs Rates (APR)Starting at 5.99% for 6 months, then 7.74% variableDraw period10 years Eligibility requirements Armed Forces Bank offers a HELOC of up to $200,000 with a loan-to-value ratio of up to 85%. It also offers lines of credit of up to $250,000 with LTVs of up to 80%. While these limits are relatively low, it also lets you borrow up to 70% of your home’s value on loans over $250,000 with no specific limit on the loan amount. Read More List of Home Equity Companies Nonmilitary alternatives to USAA home equity loans and HELOCs Military lenders cater to service members but don’t always offer home equity products. Exploring nonmilitary options may give you access to better features: Some banks, credit unions, and alternative lenders specialize in home equity products. You could find more competitive rates and terms outside military-focused institutions. Below, we’ll explore the top nonmilitary alternatives to USAA home equity loans and HELOCs. Figure Best Overall 4.9 /5 View Rates Why we like it for USAA members For military families seeking a fast and modern alternative to USAA’s discontinued home equity products, Figure offers a tech-forward solution. Known for its quick funding and streamlined process, Figure’s fixed-rate HELOC allows borrowers to apply online and get funds in as little as five days—ideal for those who need fast access to their home equity. Figure’s HELOC stands out for its flexibility and affordability. Borrowers can redraw up to 100% of the loan amount, enjoy flexible repayment terms, and avoid prepayment penalties. It also offers a discounted rate for autopay enrollment, making it even more cost-effective. However, borrowers must draw the entire loan amount at origination, which may not suit those with fluctuating cash needs. While not exclusive to military members, Figure’s rapid application process and competitive terms make it an excellent option for homeowners in 45 states, including many military families looking for fast and efficient funding. The main challenge may be credit score, as it almost exclusively approves applicants with a FICO score of 720 or higher. Fast funding: Get funds within 5 days of approval Affordable terms: Fixed rates with discounts for autopay enrollment Flexible repayment: Terms of 5, 10, 15, or 20 years without prepayment penalties Generous limits: Borrow up to $400,000 with up to 95% combined LTV Rates (APR)7.45% – 16.15%*HELOC amounts$20,000 – $400,000Repayment termsDraw: 5 years / Repayment: 5, 10, 15, or 20 years*Includes autopay and credit union membership discounts, as well as payment of an origination fee in exchange for a reduced APR. Terms and conditions apply. Visit Figure.com for further details. Figure Lending LLC is an equal opportunity lender. NMLS #1717824 Figure’s innovative HELOC solution offers military families an easy way to unlock home equity for major expenses, with rapid access to funds and competitive terms. For those searching for a streamlined alternative to USAA, Figure provides an excellent tech-driven option. Eligibility requirements Property must be a single-family residence, townhome, or planned urban developmen. Most condos are eligible properties Ineligible properties include co-ops, commercially zoned real estate, and others mentioned in the outline Title changes within the last 90 days or properties in below-average condition are also ineligible Eligible in 45 U.S. states and Washington, D.C. You must have 30% or higher equity in your home Excluded states are Hawaii, Kentucky, New York, Texas, and West Virginia. Maximum loan-to-value (LTV): Up to 95% LTV—this is a combined LTV among all home loans Maximum debt-to-income: Up to 50% Minimum credit score: 640 (720+ preferred) Minimum income: Not specified FourLeaf Federal Credit Union Best Credit Union 4.7 /5 View Rates Why we like it for USAA members FourLeaf Federal Credit Union offers a competitive HELOC that military families can rely on to access their home equity affordably. While not exclusive to military members, FourLeaf serves members nationwide and has an easy membership process open to all, making it accessible for veterans, retirees, and active-duty service members seeking an alternative to USAA’s discontinued home equity products. FourLeaf’s HELOC stands out for its affordability, with no application, origination, or appraisal fees, and flexible repayment terms. Borrowers with strong credit (VantageScore 720 and up) can secure an attractive 12-month introductory rate, followed by a variable rate. Homeowners can borrow up to $1 million, but it’s worth noting that FourLeaf isn’t the fastest option, with funding taking around 45 days on average. Affordable terms: Low 12-month introductory rate with no closing costs or fees Flexible borrowing limits: Loan amounts from $10,000 to $1 million Rates (APR)12-month intro rate of 6.99% for VantageScores of 720 and up; then a variable rateHELOC amounts$10,000 – $1 millionRepayment termsDraw: 10 years / Repayment: 20 years FourLeaf Federal Credit Union provides an excellent HELOC option for military families seeking a low-cost and flexible alternative to USAA. While it lacks a military-specific focus, its generous borrowing limits and fee-free structure make it a solid choice for homeowners nationwide. Eligibility requirements FourLeaf doesn’t disclose every eligibility requirement, including which properties qualify and the income or DTI you need to be approved. However, several eligibility requirements are listed on the FourLeaf website: For FourLeaf’s introductory rate, the maximum LTV is 75% Minimum credit score for borrowers is 670 Membership at FourLeaf is required Hazard insurance and/or flood insurance is required for loans secured by property How to choose the best alternative to a USAA home equity product The variety of loan options can feel overwhelming. Narrow down your choices by focusing on your top priorities. Ask yourself the following questions: Do you need a home equity loan (fixed expenses) or a HELOC (flexible cash needs)? Does your credit score qualify you for the product? Do you need military-specific loans or financial products? Does the lender operate in your state? Is fast funding essential? Can you qualify for an introductory rate? Military vs. nonmilitary lenders Military lenders offer discounts and tailored services. Nonmilitary lenders may offer faster funding and more product variety. Tip Consider prequalification: You can see your potential rates and loan amount without affecting your credit score. (Confirm that the lender uses a soft credit check.) How we selected the best USAA alternatives for military families Since 2018, LendEDU has evaluated home equity companies to help readers find the best home equity loans and HELOCs. Our latest analysis reviewed 850 data points from 34 lenders and financial institutions, with 25 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives. These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once. Recap of the best USAA alternatives Company Specific to military? Rates (APR) View Rates Yes Loans start at 6.64%; HELOC at 8.250% View Rates View Rates Yes 7.99% after intro 4.99% APR View Rates View Rates No 6.55% – 15.54% View Rates View Rates No Intro APR of 7.49%, then 8.00% View Rates