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loanDepot Opens Its Digital HELOC to Credit Scores From 600 in 47 States

By SurfGirl

Updated October 31, 2026 2 min read
Finance
loanDepot Opens Its Digital HELOC to Credit Scores From 600 in 47 States

Disclosure: This page may contain affiliate links. They do not influence our editorial conclusions. Read the disclosure.

Key facts

Who may qualify
homeowners with a minimum credit score of 600, subject to loanDepot's credit and property approval.
Where
47 states for now.
Line size
$25,000 to $750,000.
Borrowing limit
up to a combined 90% of the home's value, including the existing mortgage balance.
Rates and terms
fixed or adjustable rates; repayment terms of 10, 15, 20 or 30 years, with an interest-only option during a three- to five-year draw period.
Process
online application with electronic verification and automated property valuation that can, in many cases, replace an in-person appraisal.
Properties
primary homes, and second homes and investment properties outside Texas and New York, according to loanDepot's HELOC page.

Mortgage lender loanDepot is loosening the credit bar on its online home equity line of credit, branded the 5x5 HomeLoan. In an announcement dated October 29, 2026, it said applicants scoring 600 or higher may now be eligible, in 47 states so far, with the rest to follow. The selling point is speed: loanDepot says a qualified borrower can be approved within five minutes and receive money within five days.

Screenshot of the loanDepot HELOC page explaining how a home equity line of credit works

What changed, and the fine print

The change is eligibility, not the product. A 600 score threshold widens the pool of homeowners who can apply. loanDepot did not publish rates in the announcement; since pricing depends on the borrower's profile, applicants near the cutoff should not assume they will see the best advertised terms.

loanDepot's own disclosures add details worth knowing:

  • The full line is drawn at closing. Both the fixed and adjustable versions are described as open-end products where the full amount, minus the origination fee, is 100% drawn at origination. You can redraw as you repay during the draw period, but you start paying interest on the whole amount from day one.
  • The origination fee varies with the rate you choose and comes out of your initial draw.
  • Later draws can cost more. On the fixed version, each additional draw is priced at the WSJ Prime Rate for the prior month plus a margin, so it may be higher than the first draw.
  • Checking offers is a soft inquiry, but submitting an application triggers a hard credit inquiry.

Check your options

See loanDepot's HELOC terms

Editorial disclosure

SurfGirl may earn a commission if you apply through links on this page. That does not affect our coverage. We are not a lender and do not provide financial advice.

References

  1. loanDepot, Inc. (2026, October 29). loanDepot Expands Access to Fast, Fully Digital Home Equity Line of Credit (HELOC) with Broader Eligibility [Press release]. Business Wire, via StockTitan. https://www.stocktitan.net/news/LDI/loan-depot-expands-access-to-fast-fully-digital-home-equity-line-of-byfldys90z75.html
  2. loanDepot. (n.d.). 5x5 HomeLoan HELOC [Product page and disclosures]. Retrieved October 30, 2026, from https://www.loandepot.com/heloc
  3. Consumer Financial Protection Bureau. (n.d.). What You Should Know About Home Equity Lines of Credit (HELOC). https://files.consumerfinance.gov/f/documents/cfpb_heloc-brochure.pdf

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