If your tax returns show low income because of write-offs, a HELOC lender sees that small number and not your real cash flow. Point is the one to check first, because it has no income requirements and it starts at a 500 credit score.
The catch is the price. Point and Splitero skip the monthly payment, but you give up a share of your home’s future value when you settle. Below is who gets approved for what, what each one costs and the HELOC route if your income can be documented.
Quick answer
No income requirements and credit scores from 500. Point works for self-employed owners who can’t show much income on paper.
Also no income documents. It wants at least 25% equity and covers 17 states.
Each button checks your state first. If the company you pick doesn’t serve it, you could land on another lender that does, so read the state lists below before you click.
Stated income HELOC: why it’s hard to find
A stated income HELOC means you tell the lender what you make and they skip the proof. That isn’t how a HELOC from a lender like Figure works. A HELOC has a monthly payment, so the lender verifies that your income can carry it. For a freelancer, that often comes back to the tax returns, and write-offs shrink the number on them.
So skip the hunt for a stated income HELOC and look at products that never ask for income in the first place. Those are home equity investments.
HELOC with no income verification: how a home equity investment works
A home equity investment gives you a lump sum today in exchange for a share of your home’s value later. There’s no monthly payment and no interest. You settle when you sell, refinance or hit the end of the term. Our guide to getting equity out of your home without a loan walks through the mechanics.
Point is the best fit for most self-employed owners. It funds $30,000 to $600,000 over 30 years, takes credit scores from 500 (scores under 600 max out at $500,000) and has no income requirements. Point’s own marketing says you don’t need perfect credit. Your home needs to be worth $155,000 to $4,500,000. Point says it can fund up to about 71% of your home’s value combined with your mortgage if your score is 550 or higher, and 67.5% for scores of 500 to 549. Our Point review has the full breakdown.
Splitero is the second stop. It also asks for no income documents, funds $50,000 to $600,000 (up to 25% of your home’s value), takes credit from 500 and runs up to 30 years. You need at least 25% equity and a home worth $200,000 to $5,000,000. It serves 17 states.
Here’s the cost side, because it matters. Both charge an upfront fee, and then they take a share of the home’s value when you settle. If your home climbs a lot, that share can cost more than a HELOC would have. If it stays flat, it often looks better.
Start with your state
This decides more than anything else on the page, so check it before you read the rest.
In both (14 states)
Get both offers. Companies can price the same home very differently.
- Arizona
- California
- Florida
- Missouri
- Nevada
- New Jersey
- Ohio
- Oregon
- Pennsylvania
- South Carolina
- Tennessee
- Utah
- Virginia
- Washington
Point only (16 states plus D.C.)
Point also isn’t available for manufactured homes, co-ops or homes owned by an LLC.
- Colorado
- Connecticut
- Georgia
- Hawaii
- Illinois
- Indiana
- Iowa
- Kentucky
- Maryland
- Michigan
- Minnesota
- Mississippi
- Nebraska
- New York
- North Carolina
- Wisconsin
- Washington, D.C.
Splitero only (3 states)
Splitero wants at least 25% equity and a home worth $200,000 to $5,000,000.
- Idaho
- Montana
- Wyoming
If your state isn’t on any of these lists, look at the HELOC route below or our HELOC alternatives.
Home equity loan with no income verification
A standard home equity loan is a lump sum with a fixed monthly payment, so it gets underwritten on income the same way a HELOC does. If you want a home equity loan, self employed income that looks small on paper is the same obstacle. The no-income-documents version is the investment route above.
Hometap is a third investment to price. Its home equity investment could give you $15,000 to $600,000 over a 10-year term, among other qualifying criteria, if your home is located in an eligible state. Hometap looks for credit scores from 575 and at least 25% equity, and it covers 26 states. A 10-year term means you could need to settle the investment sooner than with Point or Splitero, so plan for that. Ask Hometap what documents it asks for, because we don’t list an income rule for it here.
HELOC for self-employed: Figure, if your income documents well
If your returns do show enough income, a HELOC usually costs less over the long run than an investment, and you keep all your future appreciation. Figure is the one to price. Credit starts at 600 in most states (640 in a few), checking your rate is a soft pull and it can fund in as few as 5 days. The origination fee is up to 4.99%, and you draw the full amount at closing.
The tradeoff is the one we started with. Figure verifies income, and you owe a monthly payment. Our Figure HELOC review and the list of best HELOC lenders cover the rest. If a lender turns you down, that’s your cue to try Point instead of reapplying.
Side by side
| Feature | Point | Splitero | Figure HELOC |
|---|---|---|---|
| Amount | $30,000 to $600,000 (under 600 score capped at $500,000) | $50,000 to $600,000, up to 25% of home value | Shown in your rate check |
| Credit score | From 500 | From 500 | From 600 in most states (640 in a few) |
| Income documents | None | None | Income is verified |
| Monthly payment | None | None | Yes |
| Upfront cost | Up to 4.9%, $2,000 minimum | 4.99% origination | Origination up to 4.99% |
| What you give up | A share of your home’s future appreciation | A share when you settle | Nothing from your home’s growth, but you owe a monthly payment |
| See your number | Get My Point Offer | Get My Splitero Estimate | Check My Figure Rate |
Splitero also wants at least 25% equity and a home worth $200,000 to $5,000,000. Point isn’t available for manufactured homes, co-ops or homes owned by an LLC.
What the upfront cost looks like in dollars
Here are the three fees on two amounts. This is only the fee, and the share you give up at settlement comes on top for the two investments.
| Amount | Point (up to 4.9%) | Splitero (4.99%) | Figure (up to 4.99%) |
|---|---|---|---|
| $50,000 | Up to $2,450 | $2,495 | Up to $2,495 |
| $150,000 | Up to $7,350 | $7,485 | Up to $7,485 |
Our arithmetic from each company’s stated fee, rounded to the dollar. Closing items and your exact fee come in your offer.
On Point’s smallest amount, $30,000, 4.9% would be $1,470, so the $2,000 minimum applies. Small draws feel the minimum the most.
Home equity loan for business: using your house to fund a business
Plenty of self-employed owners want equity for the business itself, whether that’s inventory, ad spend, equipment or a slow stretch of cash flow. A home equity investment fits that better than a HELOC in one way: with no monthly payment, the business isn’t on the hook for a new bill while the money is still working. A HELOC payment has to be covered by income the lender will count.
Point has a page built for small business owners, and its pitch is simple. Point for business owners has no monthly payments, a flexible 30-year term and no income requirements. Point contrasts that with small business loans, which it says need constant payments, usually run 5 to 10 year terms and require proof of income.
Two things to check before you apply. First, if your home is owned by an LLC, Point won’t work, so look at who holds the title. Second, plan the exit. You settle when you sell, refinance or reach the end of the term, so the share has to come from sale proceeds or a refinance.
The bigger risk is putting your home behind a business that may not earn it back. Use the home equity calculator to see how much equity you have first. If the goal is clearing high-rate debt instead, read how to use home equity to pay off credit card debt. If you’re eyeing a rental or a second property, see how to use home equity to buy another house.
Which one fits you
Go with Point if your returns show little income, your credit is anywhere from 500 up and you want no monthly payment. Check it first.
Go with Splitero if you’re in one of its 17 states, you have at least 25% equity and you want a second offer to compare against Point.
Go with Figure if your income is documentable, you can handle a monthly payment and you want to keep all your home’s future gains.
Skip all three if you’re selling soon. The upfront cost doesn’t have time to pay for itself. And get at least two offers whichever way you lean, since companies can price the same home very differently.
Get your numbers
Checking is free, and you can compare the offers side by side before you decide.
More to read: the Point review, the Splitero review, the best home equity investment companies and the HELOC alternatives.
Home equity for self-employed FAQs
Not from a lender like Figure, which verifies income. If you want cash without income documents, Point has no income requirements and starts at a 500 credit score.
Not really, since a HELOC carries a monthly payment and lenders verify income. A home equity investment skips the payment. Splitero also asks for no income documents and needs at least 25% equity.
A home equity loan is underwritten on income, so thin tax returns are a problem. A home equity investment gets around it. Point has no income requirements, funds $30,000 to $600,000 and takes credit from 500.
Yes, if your income can be documented. Figure starts at a 600 credit score in most states (640 in a few) and a rate check is a soft pull. If write-offs leave your returns looking low, Point is the better fit.
Yes. A home equity investment like Point has no monthly payment, which helps business cash flow, but it can’t be used if an LLC owns the home. The cost is a share of your home’s value when you settle, which can cost more than a HELOC if your home rises a lot.
