When considering a HELOC in Florida, you’ll find plenty of options, from top national lenders to smaller regional banks and credit unions. The local choices are worth a look if you appreciate a more personal touch and a lender with an in-depth knowledge of your area’s housing market. There are also solid nation-wide options that serve your state.
Here’s a closer look at your options.
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What to know about HELOCs in Florida
Before getting a HELOC in Florida, consider these state-specific factors:
- Many areas in Florida (especially coastal communities) are at a high risk of floods and storms. If you live in one of these zones, proper insurance coverage is extra important for loan approval.
- The Florida Fair Lending Act means lenders must provide disclosures on APR, payment terms, and the home’s role as collateral.
- Florida’s Homestead Exemption protects your primary residence from most creditors. Mortgages and HELOCs are exceptions, but lenders may still be extra careful when they verify the lien and the property’s equity before approving a HELOC.
Local lender recommendations
JetStream Federal Credit Union
Why it’s a good Florida HELOC option
Based in Miami Lakes and serving Miami-Dade County, JetStream FCU is a fairly small credit union that nevertheless offers competitive HELOC terms. Borrowers pay no application, origination, or annual fees, but must repay the closing costs if they choose to pay the HELOC in full and end the credit line within three years.
Like many other lenders, JetStream gives the choice between two HELOC payment plans: interest-only (with larger payments after the interest-only period) and principal plus interest (with payments shrinking over time). It requires an initial draw of $15,000.
The advertised HELOC terms are for primary residences only. JetStream states it offers separate plans for secondary and investment properties, but these involve closing costs.
| Service area | Miami-Dade County and some locations in Puerto Rico |
| Intro offer | 2.99% APR for 6 months |
| APR | From 7% |
| Max. LTV | 80% |
Seacoast Bank
Why it’s a good Florida HELOC option
Seacoast Bank is a large community bank that operates across Florida. While it currently gives no introductory offer, its terms are otherwise fair for borrowers with strong credit – the advertised rates assume a credit score of 780.
The bank offers two HELOC plans:
- Structured: An interest-only draw period of 10 years, followed by a 20-year fixed repayment period
- Flexible & Fixed: A 15-year draw period, interest-only or 1.5% principal plus interest, with a balloon payment due at the end
The second option allows borrowers to fix a rate for part or all of the credit line, while the first remains variable during the draw period. HELOCs are available only for primary or secondary residences, and not for manufactured homes. The bank may charge a cancellation penalty if the credit line closes within two years.
| Service area | Statewide |
| Intro offer | N/A |
| APR | From 7% |
| Max. LTV | 80% |
Florida Credit Union
Why it’s a good Florida HELOC option
Florida Credit Union (FCU) serves over 160,000 members in 48 counties, mainly in the north and center of the state. It offers affordable HELOCs with no closing costs (for loans $10,000 and up), but require title insurance for lines over $250,000.
FCU HELOCs have a 10-year draw period followed by a 10-year repayment period.
| Service area | North and Central Florida |
| Intro offer | 4.99% APR for the first 6 months |
| APR | From 7% (minimum $10,000 loan amount) |
| Max. LTV | 80% |
Space Coast Credit Union
Why it’s a good Florida HELOC option
Space Coast Credit Union (SCCU) is Florida’s third-largest credit union, with over 60 branches in 34 counties. With a minimum loan of only $5,000, no closing costs for loans up to $250,000, and no prepayment penalties, it’s a strong HELOC option for homeowners in Brevard, Broward, Miami-Dade, and other counties on Florida’s Atlantic coast.
SCCU’s HELOC plans are:
- Principal-and-interest (7/7): 7-year draw period with monthly payments of 1.5% of loan balance, 7-year repayment period with potential balloon repayment at the end.
- Interest-only (10/10): 10-year draw period, 10-year repayment period with monthly payments and a balloon payment of any remaining balance.
| Service area | Florida’s east coast |
| Intro offer | From 4.24% APR for the first year |
| APR | From 6.5%; 7.25% for the entire period for interest-only lines |
| Max. LTV | N/A |
BrightStar Credit Union
Why it’s a good Florida HELOC option
BrightStar Credit Union serves 23 counties, mostly in South Florida (see full list here). It gives no introductory offer and don’t disclose its HELOC rates beyond stating that they’re tied to the Prime Rate (so probably around 7%-7.5%). Borrowers may fix their rate after opening the HELOC.
BrightStar charges no annual fees and no closing costs on lines up to $250,000. From $250,000, members may pay for property appraisal ($75 – $550).
| Service area | South Florida |
| Intro offer | N/A |
| APR | Not specified, tied to prime rate (approx. 7.00% – 7.50%) |
| Max. LTV | 80% |
Community Credit Union of Florida (CCU Florida)
Why it’s a good Florida HELOC option
Based in Brevard County, CCU Florida also serves surrounding counties (Indian River, Orange, Osceola, Polk, and Volusia). While the credit union gives no introductory period, it otherwise offers competitive terms, with an APR starting from 6.75% and no closing costs for primary residences.
HELOCs by CCU Florida come with an especially long term (15-year draw and 15-year repayment periods), although members may choose to repay their balance early. A borrower who closes their line of credit within three years will pay a fee of $300.
HELOCs are available for single-family homes, 2-4 family residences, townhouses, and condos, as well as rental properties. The credit union may require property appraisal.
| Service area | Brevard and surrounding counties |
| Intro offer | N/A |
| APR | 6.75% – 12.25% |
| Max. LTV | 80% for primary residences, 75% for rental properties |
Suncoast Credit Union
Why it’s a good Florida HELOC option
Suncoast CU, the largest credit union in Florida, serves over 1.2 million members across 39 counties, mostly in Central and Southwest Florida. Like several other lenders we highlighted, it forgoes an introductory offer and focus on a basic, solid HELOC product for primary residences.
Suncoast CU’s variable HELOCs come with a 10-year draw and a 15-year repayment term, with no transaction or annual fees. Suncoast contributes up to $1,000 toward closing costs, but will collect these if the borrower repays the line of credit within 25 months. Otherwise, it charges no prepayment penalties.
| Service area | Central and Southwest Florida |
| Intro offer | N/A |
| APR | From 7.00% |
| Max. LTV | 100% (higher rates for LTV over 80%) |
SouthState Bank
Why it’s a good Florida HELOC option
Based in Winter Haven, SouthState Bank serves clients across Florida, with a strong presence around Tampa Bay. It offers HELOCs for primary residences.
The bank states that some borrowers may qualify for a HELOC with no closing costs, but doesn’t specify requirements. SouthState’s two HELOC options are:
- Fixed: 60-month term, interest-only payments, and a final balloon payment
- Variable: 120-month term, interest-only or 1% of outstanding balance payments, and a final balloon payment
SouthState Bank requires a minimum draw of $10,000 at closing. Borrowers will repay any closing costs covered by the bank if they end the credit line within 30 months.
| Service area | Statewide |
| Intro offer | 5.75% APR for the first 12 months |
| APR | From 6.85% fixed or 7.25% variable |
| Max. LTV | 85% |
The best nationwide HELOC lenders for Florida
In addition to Florida-based banks and credit unions, several nationwide lenders also offer HELOCs to homeowners in the state. These lenders tend to focus on scale and convenience, with online applications, broader availability, and a wide range of loan amounts and terms.
For Florida homeowners who want to compare multiple options quickly, or who don’t need in-person service, nationwide HELOC lenders can be an efficient place to start. Many offer competitive rates, higher borrowing limits, and standardized underwriting that isn’t tied to a specific local market.
Here are our top recommendations for the best nationwide HELOC lenders that serve Florida homeowners.
Our firm will often recommend clients evaluating local banks or credit unions along with some of the bigger national lenders. At times, we find that some of the local banks and credit unions have more flexibility in their lending standards and interest rates, which is often beneficial, especially for business owners.
Local or nationwide lender: Which is better?
Homeowners exploring their HELOC options often start with leading nationwide lenders, and that choice comes with clear advantages. Larger lenders may offer broader availability, a wider range of credit line options, and competitive rates. Some even advertise rate-match guarantees, promising to meet comparable lower offers from other lenders.
On the other hand, a Florida-based bank or credit union could offer:
- Better knowledge of the local housing market
- More personal, community-oriented service
- Sometimes more flexibility and faster underwriting
- Member perks (with credit unions)
The value of the service benefits of a local lender typically come down to the specific needs of the client. If the client is fairly self-sustaining, then there likely isn’t much benefit on the service side of going local vs. national. for either older or clients with more specific needs, the service piece can play a part in the decision process.
Recap: Choosing the best Florida HELOC lender
When it comes to HELOCs, big nationwide lenders aren’t automatically better than smaller banks and credit unions. Both can offer competitive rates, flexible terms, and excellent service. It comes down to comparing options and choosing the deal that works for you.
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- JetStream FCU, Home Equity Line of Credit (HELOC)
- Seacoast Bank, Florida Home Equity Line of Credit (HELOC) Loans
- Florida Credit Union, Home Equity Line of Credit (HELOC)
- Space Coast Credit Union, Home Equity Line of Credit
- BrightStar Credit Union, South Florida HELOC
About our contributors
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Written by Anna TwittoAnna Twitto is a money management writer passionate about financial freedom and security. Anna loves sharing tips and strategies for smart personal finance choices, saving money, and getting and staying out of debt.
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Edited by Amanda HankelAmanda Hankel is a managing editor at LendEDU. She has more than seven years of experience covering various finance-related topics and has worked for more than 15 years overall in writing, editing, and publishing.
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Reviewed by Rand Millwood, CFP®Rand Millwood, CFP®, CIMA®, AIF®, is a partner at Guardian Wealth Partners in Raleigh, North Carolina. His firm assists clients of all ages and areas of life (with a strong background in the medical and legal fields) in planning, investing, and preparing for retirement and other financial goals.