Primary · Second home · Investment · Non-warrantable condos
Florida HELOC — 5-day close
A Florida home-equity line on a primary residence, second home, or investment property — houses and condos, including many non-warrantable condos. Appraisal, income, and title run electronically so complete files close in five business days.
- Who it fits
- Florida owners of a primary home, second home, or 1–4 unit rental who want a revolving line and to keep the first mortgage in place.
- Typical down / structure
- Equity / CLTV based — typically a second lien
A HELOC (home equity line of credit) is a revolving second mortgage against the equity in a Florida property you already own — primary residence, second home, or investment (1–4 unit rental). You keep the current first mortgage. You draw what you need, pay interest on the balance, and reuse the line during the draw period. That is different from a cash-out refinance, which replaces the first loan, and different from a HECM reverse mortgage.
Five business days to closing because the file runs electronically: valuation (AVM or hybrid appraisal when the overlay allows — no wait for a full interior inspection), income (electronic verification and uploaded documents, not a week of paper), and title (e-title / remote search and e-closing when the county and title company support it). You still send ID, the first-mortgage statement, and insurance on day one. A full interior appraisal, a condo HOA estoppel, a title defect, a first lender that blocks a subordinate lien, or a flood-zone surprise can add days.
Closing is not always the same as the first draw. On a Florida primary residence, federal law generally gives you three business days after closing to rescind before the line can be drawn. Second homes and investment properties typically do not have that rescission wait — so a clean rental or vacation-home file can fund closer to the five-day close. If you need money in the same week for a hard deadline, say occupancy and the date on day one.
Florida insurance is still underwriting. Wind deductibles, flood, and HOA master policies change CLTV math as much as the note rate. Occupancy can be primary, second home, or investment. This HELOC is not limited to Fannie/Freddie warrantable projects — many Florida non-warrantable condos (investor concentration, short-term rental rules, incomplete warrantability questionnaire) can still fit the second-lien overlay. Send the address and how you use the property; we confirm the overlay. HOA estoppel and a weak master policy still add time. Condo-hotels, heavy litigation, and uninsurable associations are a different conversation. If you would rather refinance the first mortgage on a rental using rent, that is DSCR — this HELOC is the second-lien line of credit.
- Five business days to close on a complete file
- Electronic appraisal (AVM / hybrid), income, and title when the overlay and county allow
- HOA estoppel and title issues can add time on some condos
- Primary, second home, or investment occupancy
- Single-family, warrantable condos, and many non-warrantable condos
- Primary residence: three-business-day rescission after close; second/investment typically fund without that wait
- Florida consumer origination — Tampa-based, statewide
This is a Florida HELOC (primary, second home, or investment), not a nationwide consumer line. Five-day closing uses electronic appraisal, income, and title on complete files that fit the current overlay.