Home / HELOC / The line is based on the house a buyer would take, not the house you plan to build.
Updated September 2026
HELOC guide
The line is based on the house a buyer would take, not the house you plan to build.
HELOC value is current condition, not after the renovation you want the line to pay for. Peeling roofs, missing HVAC, open walls, and unpermitted additions get marked down or made subject-to repairs. Safety issues can stop the file until they are fixed. A condo needs the project to be acceptable to that screen, and non-warrantable projects belong on the bank-statement program that allows them, not on a wish. Tell us the bad news first. We structure around the truth. We do not insure over it.
Sending a file is not an approval and not a credit pull. We text the same business day. We do not call. If we can structure it, we name the door. If we cannot, we say so.
The screen
| Condition | Effect |
|---|---|
| Livable, normal wear | Standard value |
| Repair you plan to fund | Value is as-is, not after |
| Safety issue | May have to be fixed first |
| Condo project | Warrantable or a screen that allows non-warrantable |
What we fund
- Houses that appraise as-is
- A repair that is ugly but habitable
- Condos on the right screen
What we still need. Short list.
- The first mortgage balance, rate, and whether it can stay.
- A value we can support, and the cash you actually want.
- The property state. HELOC is only GA, FL, TN, AL, NC, and SC.
- Income path: full doc, bank statements, or rent on a DSCR HELOC.
Questions
Can I use the after-repair value?
Not on a standard HELOC. Renovation loans are a different product. Do not blend them.
Does a desktop value skip condition?
No. If the desktop is wrong, a full appraisal replaces it. Condition still counts.
What about an ADU with no permit?
It may not count as living area. Permits are not optional just because the unit exists.
Related
These are the guidelines we screen. They are not a promise that your file hits the maximum. Credit-event seasoning, occupancy, and property condition still have to be confirmed. Not a commitment to lend. We text. We do not call.