Before You ApplyBack to top
What type of properties are eligibile?
Figure offers loans on single family residences, townhouses, and most condos. The following properties are not eligible: co-ops, commercially zoned real estate, planned urban developments (PUDs), multifamily (2+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed use properties.
The property may be the applicant's primary or secondary residence.
What type of home ownerships are eligible?
Figure lends to individuals whose subject properties are held solely or jointly with others, or by revocable trusts. In order to obtain a loan from Figure, your name must appear in the county records as the owner of the property.
Do you lend to investment properties and second/vacation homes?
The property may be the applicant's primary or secondary residence. The minimum required credit score is 680 for investment properties.
Do I need to have insurance coverage?
Figure requires hazard insurance for all properties and flood insurance for properties located in flood zone A or V. You may be required to provide proof of insurance after your loan is closed.
What can I do with a home equity line of credit?
Home equity line of credit can be used for purposes such as debt consolidation, home improvement or major purchases.
Is Figure Home Equity Line tax deductible?
You may be able to deduct interest paid on a home equity product if the loan is used for home improvement. You should consult a tax advisor regarding the deductibility of interest and charges.
Can I get a loan on my paid off home?
Yes, Figure offers both first and subordinate liens.
Is my personal information secure?
Keeping your data safe and private is our top priority. We use a range of security and encryption techniques to keep your data secure. For more details on what we do with your information, please visit https://figure.com/privacy/.
How is my account secure during the application process if I don’t need a password?
Figure provides you a magic link via email to access your account. To log in to your dashboard, enter your email address when prompted at www.figure.com. You’ll receive an email with a link to authenticate. Once authenticated, return to the browser or application you logged in from to access your account.
Will checking my rate impact my credit?
Checking your pre-qualified offers from Figure won’t impact your credit score. It generates what is called a soft inquiry. You may see a soft inquiry on your credit report, but it’s only visible to you, not to other creditors or users of your credit report. However, submitting your application will result in a hard inquiry and may affect your credit score.
How long does it take to get approved for a loan?
Most applicants can complete the application in 5 minutes and will receive approval immediately.
What are the employment requirements?
All applicants must be employed, self-employed or retired and are subject to verification of employment if applicable. We do not lend to unemployed borrowers at this time.
What discounts are available?
We offer a combined discount of up to 0.50% APR rate reduction. We give a discount of 0.25% to customers that opt in to Autopay, which allows your monthly payment to be automatically deducted from your payment account. Another way to get a discount is to opt-in for a credit union membership which will give you a 0.25% APR reduction. Members will receive a new agreement in the document signing stage for opting in. Applicants can get up to a 0.50% reduction for opting in to both.
What Credit Unions has Figure Partnered with and what benefits are offered?
Figure partners with Quorum Federal Credit Union Opens a new window., Valley Strong Credit Union Opens a new window., and Teachers Federal Credit Union Opens a new window. to offer you Figure’s lowest rates. You’ll receive a 0.25% APR discount on your loan if you consent to becoming a member. This means the Partner Credit Union may open a basic savings account in your name, pre-loaded with the account minimum, to establish your membership - at no cost to you. Read the Terms Opens a new window..
What if I want to opt out of being a credit union member later?
After you agree to become a member at Quorum Federal Credit Union Opens a new window., Valley Strong Credit Union Opens a new window., and Teachers Federal Credit Union Opens a new window., you will receive a welcome letter with the terms and conditions of your savings account along with Truth-In-Savings and other disclosures. This will include information about ending your membership. There is no cost to maintain membership, as your savings account will be funded with the minimum value required.
I just refinanced my property with another lender, how long should I wait before applying for a Figure Home Equity Line of Credit?
We recommend waiting 30-45 days after your refinance has been successfully recorded with your county before applying for additional financing with Figure. This is to ensure your liens are correctly reporting on both your credit profile, as well as our property data vendors which we use to calculate various details of your qualified offers.
AccountBack to top
How do I access my account?
You can log in to your Figure account directly from the “Log in” option on the top right of the Figure website, or through our mobile app. Primary applicants will log in using their email address, and additional signers will use the “Have an access code” feature from the same log in page. Once you log in you will be able to find details on your application and/or loan, including your documents, statements, and tax forms.
When is my payment due?
Payments and due dates vary depending on when your loan closed. You can find your next payment due date and amount by logging into your Figure account or refer to your periodic statement. If you have additional questions, please contact us at email@example.com Opens a new window. or 1-888-819-6388 Opens a new window. (Not for use by New York borrowers).
What payment options do I have?
Figure only accepts Automatic Clearing House (ACH) payments. Customers can submit one-time payments or participate in Autopay. You can manage your payments by logging in to your Figure account on our website or through our mobile app.
Where can I find my periodic billing statement?
Your dashboard has all of your billing documents. Simply log in to your account to see your dashboard.
What if I change bank accounts?
You can log in to your Figure account on our website or through our mobile app to update your account information and set up the new account for Autopay.
Who will service my loan?
Figure or one of our approved sub-servicers will service your loan. For servicing related questions, please contact us at firstname.lastname@example.org Opens a new window. or 1-888-819-6388 Opens a new window. (Not for use by New York borrowers).
Click here to view Figure's Servicing Fee Schedule Opens a new window..
What do I do if I don't see a payment I made?
If you are signed up for Autopay, your payment will show up on your account on the payment due date after 10 AM PT. If you made a one-time payment on a business day before 9PM PT through your Figure account, you should see the payment immediately. If your one-time payment was made after 9PM PT or on a holiday then you should see your payment at 10AM PT on the next business day. For payment-related questions, please contact us at email@example.com Opens a new window. or 1-888-819-6388 Opens a new window.(Not for use by New York borrowers).
ApplicationBack to top
How do you know how much my property is worth?
Figure uses an Automated Valuation Model (AVM) to assess the value of your property. This model takes into account metrics such as recent sales of similar properties, public data records, and historical price trends in the housing market to reach an assessment of your property’s worth.
Can I apply for multiple loans with Figure?
Yes. However, the aggregate amount of the loans is subject to a limit of $300,000 per borrower and $300,000 per property depending on your credit score. (The minimum required credit score is 620 in most states, and 720 in Oklahoma.) Please contact us at 888-819-6388 Opens a new window. if you have any questions regarding required CLTV or property criteria.
How do you calculate the equity in my home?
Equity is calculated by subtracting the total outstanding debts secured by your home from its current market value.
How does the draw work?
At the time of funding, your initial draw will be equal to your credit limit, minus the origination fee. As you repay the initial draw, you can make additional draws up to 100% of your total loan amount, or credit limit. Additional draws must be at least $500 and may be up to 100% of the total loan amount or the available capacity on your line.
If you received a loan from us before September 21, 2020, your additional draw limit will likely be less than the full 100%. Please review the terms of your HELOC Agreement signed at the time of closing for the exact amount of your additional draw limit.
What is the term for additional draws?
The term for additional draws will be from the date of the additional draw to the end of your original term.
How is my payment applied to my loan?
Payments are applied in the following order
To the outstanding Periodic Finance Charge; To any amount that is in excess of your Credit Limit; To any charges you incur, other than a Draw or FINANCE CHARGE; and To the principal balance of each Draw and the origination fee.
What is an origination fee?
An origination fee is the cost for us to provide you with a loan. Some members may qualify for an option at a 3% or 4.99% origination fee of the initial draw amount based on their credit profile and the state where their property is located. In the case you are eligible for one or more of the origination fee options, you may be able to reduce your fixed APR and monthly payment offers. The origination fee is amortized (included) in the loan payment schedule. Depending on your credit score and state where you live, you may or may not be eligible to choose your origination fee. If you live in a state with a capped origination fee, you will receive the 3% option and/or applicable origination fee for your location.
How does eNotary work?
Our Figure eNotary will connect with you via an audio enabled video session. The eNotary will confirm your identity via the ID you provided during the application process and ask you a set of knowledge based authentication questions. Once you have authenticated, you will be able to review your mortgage document and electronically sign the document during the session. Once you sign, the eNotary will electronically notarize your document.
How long does eNotary take?
We designed a simple and efficient process for you to complete our eNotary session. The entire session can be completed in minutes.
When can I complete my eNotary session?
Our eNotaries are available Monday-Saturday from 6am - 6pm Pacific Time. If you apply after hours, you can resume your session during business hours.
Why do I pay a higher interest rate if I do not sign up for Autopay?
Autopay allows your monthly payment to be automatically deducted from your payment account. We give a discount of 0.25% to customers that opt in to Autopay.
Why do I have to connect my accounts?
We use connected accounts to verify your income and set up your loan for disbursement. At minimum, you need to connect at least one checking account. If you opt in to Autopay, the same account will be used for your monthly payment.
What accounts do I need to connect?
You should connect all accounts in which you receive or maintain your income. Once you connect your first account, you will be given the option to add additional institutions.
How long will it take to connect my accounts?
Connecting an account may take up to a minute. We will alert you once it is complete.
What are qualified assets?
Figure accepts Retirement, 401k, IRA, Roth, Savings, Brokerage, Money Market and CD accounts.
How do you verify my income?
We analyze inflow in your connected accounts to verify your stated income. We can perform this analysis through connected bank accounts, qualified asset accounts, tax returns and/or paystubs. All sources must be connected during the application process.
What is an additional signer?
An additional signer is anyone, such as a spouse in certain states, additional person on title, or additional trustee, whose signature is required on the mortgage or deed of trust.
If there is more than one person on the title of my home, does everyone on the title need to be on the loan?
Figure only allows one owner to apply and sign for the loan; however, additional owners on title will be required to sign the mortgage document.
How long do I have to wait to get a loan?
Most applicants can complete the application in 5 minutes. Once the full loan process is complete, the loan is typically funded within 5 days.
How long do I have to complete the loan process?
Identity and income verification must be completed within 14 days. After a credit report is pulled, your expiration date will be extended by 29 days.
Rate and CostBack to top
What line of credit amounts does Figure offer?
For most states, Figure offers lines of credit starting at $15,000 up to $300,000. If your property is located in Alaska and Wisconsin, the minimum loan amount is $25,001.00. (The minimum required credit score is 620 in most states, and 720 in Oklahoma.) Please contact us at 888-819-6388 Opens a new window. if you have any questions regarding required CLTV or property criteria.
For 5,10, and 30 Year Terms, the Loan Limits are as follows:
- FICO Score of 620-850, minimum loan of $15,000
- FICO Score of 620-679, maximum loan of $125,000
- FICO Score of 680-699, maximum loan of $200,000
- FICO Score of 700-739, maximum loan of $250,000
- FICO Score of 740-759, maximum loan of $275,000
- FICO Score of 760+, maximum loan of $300,000
What CLTV am I eligible for?
For Primary, Owner-Occupied Properties:
- Figure loan occupying First or Second lien position:
- CLTV cap of 75% - FICO 620-659
- CLTV cap of 85% - FICO 660-699
- CLTV cap of 90% - FICO 700-759
- CLTV cap of 95% - FICO 760-850
- Figure loan occupying Third lien position:
- CLTV cap of 70% - FICO 620-850
For Secondary/Non-Owner Occupied Properties (occupied less than 6 months out of the year)
- All lien positions:
- CLTV cap of 70% - FICO 680-850
What loan terms does Figure offer?
Figure offers loan terms of 5, 10, 15 and 30 years.
What type of interest rate does Figure offer?
Figure offers fixed rate† navigates to disclosure † loans. In other words, the rate that applies to each draw is fixed at the time of the draw and won’t change over time.
What are the fees?
Unlike other lenders, Figure doesn’t charge account opening fees, maintenance fees, or prepayment penalties. Figure only charges an origination fee, which is the cost for us to provide you with a loan. Some members may qualify for an option at a 3% or 4.99% origination fee of the initial draw amount based on their credit profile and the state where the property is located. In the case you are eligible for one or more of the origination fee options, you may be able to reduce your fixed APR and monthly payment offers. The origination fee is amortized (included) in the loan payment schedule. You may also be responsible for paying recording fees depending on the county where you live, as well as a subordination fee if you ever ask Figure to change its lien position.
Can I pay back my loan early without penalty?
Yes, you may pay back your loan at any time. There are no prepayment fees.
How long do I have to take an additional draw?
Additional draws will be available for 2-5 years from your origination date depending on your loan term.
TroubleshootingBack to top
How do I complete my eNotary session if my additional signer is in a different location?
You will enter information about your additional signers during the loan process. They will each be sent an email with details on how to log in to complete their own eNotary session.
Why can’t I do an eNotary session?
Signing mortgage documents with an eNotary is new to the lending industry. Although many counties accept eNotary and electronically signed mortgage documents, some counties may still require documents to be signed with an in-person Notary. You will be alerted by one of our team members if you need to schedule an appointment for an in-person Notary session.
How do I file a credit report dispute?
If you believe Figure has provided inaccurate information to consumer reporting agencies, please complete our Credit Reporting Dispute Form Opens a new window. and email or mail it to the following address:
Figure Lending LLC Attn: Credit Disputes PO Box 40534 Reno, NV 84504
Figure will generally respond to your credit bureau within 30 days. The dispute process may be delayed if the information received is insufficient to identify your account or the information being disputed.
What do I do if I disagree with the decision about my dispute?
Once the information provided in your dispute is reviewed and deemed accurate, the decision is considered final. However, you may resubmit the dispute to the address below and provide any missing and/or new documentation that wasn’t submitted at the time of the original dispute.
Figure Lending LLC Attn: Credit Disputes PO Box 40534 Reno, NV 84504
Your resubmitted dispute will be processed using the same process as your original dispute.
What if I don’t have a camera on my device?
You are required to have a camera in order to complete the video session with a Figure eNotary. If you do not have a camera on your desktop or laptop computer, you may need to use your mobile device to complete the loan process.
I entered in my information incorrectly. Can I change it?
Unfortunately, you cannot modify application information once you’ve submitted your application. If you believe you have provided incorrect information, please contact us at 1-888-819-6388 (Not for use by New York borrowers) or firstname.lastname@example.org Opens a new window.
What happens if my verified income is less than my stated income?
If we identify a variance in your verified income compared to the stated income, a Figure team member will reach out to let you know. If you are not self-employed, you will have the option to provide additional documentation (e.g. pay stubs and tax returns. You may also select a lower loan amount based on your verified income. In some cases, we may decline your application if your verified income does not qualify for the loan.
What do I do if my ID is expired?
In order to complete your application, you are required to have an unexpired ID. We accept US Driver’s License, US State IDs and US Passports.
How can I cancel my application?
If you want to cancel your loan application, please contact us at 1-888-819-6388 (Not for use by New York borrowers) or email@example.com Opens a new window. as soon as possible.
Why was my application declined?
Figure evaluates your application based on a number of factors, including credit and property data. If you are declined, you did not meet one or more of our requirements. For the specific decline reasons, please refer to your Adverse Action Notice.
Why was I declined after receiving an offer in the mail?
When you apply after receiving an offer in the mail, we request updated credit and property information. Figure will use this information to evaluate your application based on our criteria. If new data is available, you may not qualify for the same offer you received in the mail.
Can I apply again after a decline?
Yes, your credit history and property value may change over time. If you were declined, you are welcome to apply again.
If I was declined because my property was ineligible, can I try another property that I own?
Yes, we evaluate each application based on the applicant and property selected for financing. You are welcome to reapply with an eligible property type.
If my property was eligible, but I was declined because of my credit, can another owner of the property apply?
Yes, we evaluate each application based on the applicant and property selected for financing. Another owner of your property is welcome to apply.