Florida HELOC
Florida HELOC and Home Equity Loans for Primary and Second Homes
Travis Penny, Mortgage Broker, NMLS 1649161, Vision Mortgage, LLC NMLS 1286953. NMLS Consumer Access
Reviewed by Travis Penny, NMLS 1649161
Last reviewed October 7, 2026
Quick answer: Yes, you can get a HELOC on your Florida home. Travis Penny (NMLS 1649161), a mortgage broker with Vision Mortgage (NMLS 1286953), arranges Florida HELOCs on primary homes up to 90% combined loan-to-value and on second homes up to 85%, with lines from $50,000 to $1,000,000. Own a Florida rental instead? That is a DSCR HELOC.
I started in 2004 and I'm still here, and I'm licensed in Florida for home loans on the house you live in and your second home. A Florida HELOC lets you borrow against the equity in that home without touching the first mortgage you already have. If your first mortgage has a low rate, that matters.
All loans are subject to credit and underwriting approval. Not all applicants will qualify. Program terms and availability can change. This page is for general education and is not a loan offer or a commitment to make a loan. Travis Penny, NMLS ID #1649161, is a mortgage broker with Vision Mortgage, LLC, NMLS #1286953. Equal Housing Opportunity.
How a Florida HELOC works
A HELOC is a home equity line of credit. It sits behind your first mortgage as a second lien. On the Florida HELOC I arrange, here is how it runs:
- Line size: $50,000 to $1,000,000.
- Draw at closing: at least 80% of the line comes out when you close, so plan the amount around a real need.
- Payments: 5 years of interest-only payments during the draw period, then 25 years of principal and interest.
- Rate: variable, tied to the Wall Street Journal Prime rate plus a margin.
How much can you borrow?
The limit is set by combined loan-to-value, meaning your first mortgage plus the new line, compared with the home's value.
- Primary home: up to 90% combined loan-to-value with a 720 or higher credit score on a line up to $500,000.
- Second home: up to 85% combined loan-to-value at the same score and line size.
- Lower scores and bigger lines: the limit steps down. The minimum score is 660, where the cap is 70% on a primary home and 60% on a second home.
- Recently bought: second homes need 6 months of ownership. A primary home owned less than 6 months loses 10% off the maximum.
Florida condos
Warrantable condos qualify up to 80% combined loan-to-value, and non-warrantable condos up to 75%. Condotels, 55+ age-restricted communities, leasehold properties, modular homes and log homes do not qualify for this line. If your condo was turned down somewhere else, read my page on non-warrantable condos and send me the building name.
Florida insurance comes first
In Florida, insurance can make or break a HELOC. Your hazard policy has to cover 100% of the home's replacement cost, enough to protect both the first mortgage and the line. Flood insurance is required when the home is in a flood zone. Get a current quote before you count on any equity number, especially on the coast in Miami, Tampa, Jacksonville or anywhere wind and flood premiums have climbed.
Who does not qualify
Foreign nationals and ITIN borrowers do not qualify for this line. Neither does a home that was listed for sale in the last 6 months. Rural homes and properties over 2 acres have lower limits, rural second homes don't qualify, and the cap is 10 acres. Investment and rental properties go on the DSCR HELOC instead.
Start with three things
Text me at (207) 615-7770 or use my contact page with the Florida address, your current first mortgage balance and a rough idea of your credit score. I will tell you plainly how much line the home supports and whether a HELOC or a cash-out refinance fits better.
Florida HELOC FAQs
Can I get a HELOC in Florida?
Yes. Travis Penny arranges Florida HELOCs on primary homes up to 90% combined loan-to-value and second homes up to 85%, with lines from $50,000 to $1,000,000 and a minimum credit score of 660. The line sits behind your first mortgage, so you keep that loan and its rate.
What is the difference between a HELOC and a home equity loan in Florida?
A home equity loan is usually one lump sum at a fixed rate, and a HELOC is a line of credit at a variable rate. The Florida HELOC Travis Penny arranges sits in between: at least 80% of the line comes out at closing, and the rate is variable, tied to Prime. If you want one fixed payment on the whole balance, a cash-out refinance may fit better, and I will compare the two for you.
Can I get a HELOC on my Florida second home?
Yes. Travis Penny arranges HELOCs on Florida second homes up to 85% combined loan-to-value with a 720 or higher credit score, once you have owned the home for at least 6 months. A second home is one you use yourself part of the year. If you rent it out full time, it is an investment property, and that goes on the DSCR HELOC.
How are Florida HELOC rates set?
Florida HELOC rates from Travis Penny are variable and tied to the Wall Street Journal Prime rate plus a margin. Your margin depends on your credit score, your combined loan-to-value and the line size. Rates change with Prime, so I quote your actual rate when you are ready instead of posting a number that will be stale tomorrow.
HELOC or cash-out refinance: which is better for a Florida homeowner?
If your first mortgage rate is lower than today's rates, a HELOC from Travis Penny usually makes more sense, because you keep that first mortgage and only borrow the new money at the new rate. If your first mortgage rate is high, or you want one payment and one fixed rate, a cash-out refinance can be the better move. I run both against your numbers before you choose.
What insurance do I need for a Florida HELOC?
For a Florida HELOC through Travis Penny, your hazard policy has to cover 100% of the home's replacement cost for both the first mortgage and the line, and flood insurance is required if the home is in a flood zone. Ask your agent whether wind is included or written as a separate policy, because in Florida it often is separate. Get a current quote first, because the premium counts in your payment.
Want a real human to walk you through this?
I'll lay out your options in plain English. No pressure, no scripts.