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8 min. read
08/29/2022

Here’s a list of 100% LTV HELOC lenders in every state

Tim Lucas Photo
Senior Editor
Here’s a list of 100% LTV HELOC lenders in every state
Tim Lucas Photo
Senior Editor
8 min. read · 08/29/2022

Can you borrow 100% of your home equity?

Many homeowners assume that 100% cash-out refinance loans disappeared in the late 2000s. 

While many options vanished, there are still ways to take all of the equity out of your home, and you can use the cash for whatever you want.

The best part: you may not have to refinance your existing first mortgage if it has a low rate.

What’s in this article?

List of 100 LTV lenders in every state
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Pros of a 100% HELOC
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Cons of a 100% HELOC
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HELOC vs home equity loan
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100 LTV HELOC alternatives
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Estimating max HELOC amount
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100 LTV HELOC FAQ
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Check you HELOC eligibility
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Where to find 100% LTV HELOC lenders

A 100% LTV HELOC (home equity line of credit) is a separate mortgage that goes on top of your existing first mortgage. With it, you can access more of your home’s equity. 

One challenge to getting a 100% loan-to-value (LTV) HELOC is finding a lender that offers them.

The best place is typically a local credit union that operates in your state or area. Keep in mind that you’ll have to qualify as a credit union member to access programs. 

Often, the only requirement for membership is being a resident of the state. Other credit unions require you to be an employee or member of an organization. 

To make things easier on you, we’ve compiled a list of 100% HELOC lenders in each state at the time of this writing. Check with the lender on their guidelines and if you qualify for membership (if it’s a credit union) and for the loan itself. This list doesn’t contain affiliate links, and we’re not endorsing any lender. We’re just trying to be helpful. Lenders that don’t offer 100% financing are noted. 

We found one 100% LTV HELOC lender that appears to lend nationwide, Signature Federal CU. On its website, it states it will sign you up for a membership with a participating organization for free, which qualifies you for membership to the credit union.

If a listed lender can’t help you, we can try to connect you with a 100% LTV HELOC lender here.

Alabama – Redstone Federal CU (95% LTV)

Alaska – Matanuska Valley CU (80% LTV)

Arizona – Arizona Central CU

Arkansas – Arkansas Federal CU (75% LTV)

California – Mission Fed CU

Colorado – CU of Denver

Connecticut – American Eagle Financial CU

Delaware – Dover FCU

District of Columbia – CommonWealth One

Florida – Florida CU

Georgia – Powerco FCU

Hawaii – HFS FCU

Idaho – America First CU

Illinois – U of I Community CU

Indiana – Elements Financial

Iowa – GreenState CU

Kansas – Mazuma

Kentucky – Commonwealth CU

Louisiana – La Capitol FCU

Maine – Infinity CU

Maryland – Tower FCU

Massachusetts – Freedom CU

Michigan – Consumers CU

Minnesota – Spire CU

Mississippi – Powerco FCU

Missouri – First Community CU

Montana – Whitefish CU (90% LTV)

Nebraska – Centris FCU

Nevada – Great Basin FCU

New Hampshire – Triangle CU

New Jersey – Greater Alliance FCU

New Mexico – America First CU

New York – Greater Alliance FCU

North Carolina – Coastal CU

North Dakota – Capital CU (90% LTV)

Ohio – Glass City CU

Oklahoma – Tinker FCU

Oregon – OnPoint Community CU

Pennsylvania – AmeriChoice FCU

Rhode Island – Rhode Island CU

South Carolina – SC FCU (90% LTV)

South Dakota – Black Hills FCU (above 90% LTV available)

Tennessee – Old Hickory CU (80% LTV)

Texas – Greater Texas CU (80% LTV)

Utah – America First CU

Vermont – Vermont FCU

Virginia – Signature Federal CU

Washington State – Evergreen Direct CU

Washington, D.C. – Commonwealth CU

West Virginia – Citizens Bank of WV (90% LTV)

Wisconsin – UW CU

Wyoming – WyHy FCU

There you have it. The ultimate state list of 100% loan-to-value home equity line lenders.

Advantages of a HELOC

You don’t lose your first mortgage rate: Most people refinanced their primary mortgage at 2-3% in 2020 and 2021. Now, rates are closer to 6%. To get a cash-out refinance, you have to replace your existing mortgage and lose your ultra-low rate.

Lower or no closing cost: HELOCs come with much lower closing costs than refinances. Some lenders offer zero closing cost HELOCs, while refinances cost thousands of dollars to complete.

Higher LTV maximums: Most cash-out refinance loans have a maximum 80% LTV. As shown in the above list, most many HELOC and home equity loan (HEL) lenders go up to 100%.

HELOCs are “open-ended”: A HELOC gives you an available limit from which to borrow. You can borrow and pay down the balance as needed over a set period of time. 

Pay interest only on what you borrow: If you have a $100,000 home equity line, but you only borrow $50,000, you only pay interest on $50,000. 

Great for emergencies. Once you need emergency cash, you can no longer qualify for it. That’s why it’s smart to open a HELOC while you don’t need it. If you don’t draw anything from it, you don’t pay interest. That way you have it for an unexpected job loss or another unforeseen event.

Cons of a 100% LTV home equity line

Makes selling more difficult: If you have no equity in the house, you will have to pay money at closing to sell the home. Selling a home costs about 9-10% of the sales price for agent fees and third-party fees like title and escrow.

Harder to refinance the first mortgage. You’ll have to obtain a subordination agreement from the HELOC lender if you ever refinance the primary mortgage. That’s a document allowing title to put the HELOC back in 2nd position behind the new primary loan.

Variable rate: Most HELOCs come with a variable rate that’s based on the prime rate. For instance, the rate could be prime + 0.25%. At the time of this writing, prime is 5.5%, so the rate you pay would be 5.75%. However, the Federal Reserve is trying to slow inflation and is raising rates by 0.50-0.75% every few months. The rate could easily jump to 6.5% soon, and keep going up. Be sure you can afford the payment, even at higher rates.

HELOC vs home equity loan (HEL)

A HELOC is like a credit card. You have an available limit. You charge and pay off the balance as needed, and only pay interest on what’s currently borrowed.

A HEL gives you a lump sum upfront, and you start paying interest on the full amount immediately.

The typical advantage to a HEL is that it can come with a fixed rate, and eliminates the risk of the variable HELOC rate. 

100% LTV home equity line alternatives

It’s not always the best choice to take out a home equity line or loan. Here are alternatives. 

VA cash out: Military veterans may have access to a 100% cash-out refinance. This replaces your current first mortgage with a bigger loan, issuing you the difference at closing.

Reverse mortgage: For those 62 and older, a reverse mortgage pays off existing loans and gives you a lump sum or monthly payment, or simply eliminates your monthly mortgage payment.

Personal loan: These loans are not attached to any hard asset, so they may come with higher rates. Still, it’s a viable solution for those who don’t need a large balance and do not want to encumber their property with more loans.

Hard-money loan: You can receive a hard money loan quickly without all the hoops of traditional financing. These are best for situations in which you’ll pay the loan back quickly.

Estimating your maximum loan amount

It’s fairly easy to calculate the amount of money you might get from a 100% HELOC.

Formula for 100% HELOC loan amount:

Home value – Existing loan – Closing costs = HELOC amount

For example:

Home value$500,000
Existing loan balance$350,000
HELOC closing costs$500
HELOC loan amount$149,500

Keep in mind that the home value will be determined by the lender, either via an appraisal or an automated valuation model (AVM) used by the lender. Also, you must qualify for the full payment to be eligible for the full amount.

100% HELOC FAQ

Are 100% LTV HELOCs available in my state?

Most states have at least one credit union that offers 100% LTV HELOCs. See our list of 100% HELOC lenders in every state here.

Is it hard to qualify for a 100% LTV HELOC?

It’s often easier to qualify for a HELOC than a traditional loan. Often, less income and asset documentation is needed and closing costs are typically lower compared to a standard refinance.

How much cash can I get from a 100% LTV HELOC?

A simple formula is: Home value – Existing loan – Closing costs = HELOC amount and cash available. You must qualify for the payment and meet other guidelines to be eligible for the full amount available.

What credit score is needed for a 100% LTV HELOC?

You will likely need decent credit to be approved for a 100% HELOC. Each lender’s minimum score will vary. Because you’re borrowing 100% of your home’s value, a lot of emphasis is placed on your creditworthiness.

Check your 100% HELOC eligibility

If this loan program sounds right for your situation, move to the next step and check your eligibility.


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