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Last Updated: 04/18/2025

Washington Federal HELOC

in Home Equity Lines of Credit from Washington Federal

Last Updated: 04/18/2025

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Highlights

Credit Score Range

650 - 850

Amount Range

Up to $700,000

Maximum LTV

80%

Minimum Draw

N/A

Loan Term (Years)

Washington Federal HELOC Review

Washington Federal HELOC is offered by Washington Federal (NMLS #410394), a bank founded in 1917 and based in Seattle, WA. Washington Federal HELOC are available in 8 states.

Key Takeaways

Fair credit accepted. Borrowers with a credit score as low as 650 may qualify for Washington Federal HELOC.
Only primary residences considered. Washington Federal HELOC does not offer financing for vacation homes or investment properties.
Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Maximum LTV. Washington Federal HELOC has a maximum loan to value ratio of 80%.

Washington Federal HELOC Pros & Cons

Pros

Cons

Considers applicants with fair credit.

Charges an origination fee.
Charges prepayment fees.
No co-sign option available.
Only available in 8 states.

Washington Federal HELOC FAQ

How much can you borrow with a HELOC?

HELOCs are lines of credit secured by your home. Once approved, you can access funds by check, phone, credit card, or online up to your credit limit.

Borrowers can apply for lines of credit of up to $700,000. The maximum amount depends on property value, existing mortgage balance, and creditworthiness.

The maximum loan-to-value (LTV) ratio goes up to 80%. This means total debt secured by the property cannot exceed this percentage of its value. For example, on a $100,000 home with a $20,000 mortgage balance, you may qualify for up to $60k in credit.

What are the terms for Washington Federal HELOC?

HELOCs include a draw period followed by a repayment period. During the draw period, borrowers can access funds as needed up to the credit limit.

Washington Federal HELOC offers home equity loans with terms ranging from 10 to 10 years.

Is there a minimum draw requirement?

No, there is no minimum draw requirement.

What fees does Washington Federal HELOC charge for a HELOC?

Washington Federal HELOC may charge an origination fee.

What types of property can you use as security for a HELOC with Washington Federal HELOC?

Washington Federal may consider HELOCs secured by the following property types:

Primary residences

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Message from Washington Federal HELOC

Use your home’s equity to finance your next big project. Whether it’s to pay for a home renovation or remodel, pay consolidated medical bills or help pay for your child’s education, a no annual fee HELOC from WaFd Bank is often more affordable than using credit cards or other loans. You’ll also receive a discount on your interest rate when you make automatic payments from your WaFd checking account. We’ll pay closing costs for our existing WaFd home loan clients on lines of credit up to $250,000. HELOCs are available for primary, second home & investment properties, including jumbo HELOCs up to $700,000. Apply online, where you can securely upload your documents and receive status updates in our secure portal. Get started with a versatile HELOC today.

Contact

Headquarters

425 Pike Street

Seattle, WA 98101

(800) 324-9375

Visit Site

Email Support

Hours of Operation

Sunday

Closed

Monday

9:00AM - 5:00PM

Tuesday

9:00AM - 5:00PM

Wednesday

9:00AM - 5:00PM

Thursday

9:00AM - 5:00PM

Friday

9:00AM - 5:00PM

Saturday

9:00AM - 6:00PM

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SuperMoney Net Recommendation Score

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-1000+100

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Everyone recommends

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