Search for a HELOC in Virginia and you mostly get one lender’s pitch. Virginia Credit Union, Navy Federal, a handful of others. That’s fine, but none of them will tell you when a different route is the better one.
So here are all three. A local credit union line, an online line from Figure or Upstart Home Lending, and a home equity investment like Hometap, which has no monthly payment at all. I’ll run the payment math on $50,000 and $100,000, then cover the parts that are actually Virginia: the recordation tax, the credit line deed of trust, and what the VA does and doesn’t do.
Quick answer
HELOCs from Upstart Home Lending are available for credit scores starting at 600, with an easy, online application.
Among other qualifying criteria, Hometap looks for a credit score of 575 or higher and at least 25% equity in your home.
Both serve Virginia homeowners. A credit union quote is still worth getting first, so you have something to compare these against.
Three ways to tap your equity in Virginia
Start with a local credit union. Virginia Credit Union and First NRV both show up when you search this, and so does Navy Federal if you can join. I’m not listing their rates because rates move and a real quote beats my number. Get one anyway. It gives you something to beat.
Next is an online line. Figure offers its Home Equity Line in Virginia, but only the fixed-rate version, because its variable-rate product isn’t offered here. Lines run $15,000 to $750,000, the origination fee is up to 4.99% of your initial draw, and you draw the whole line at closing. Credit starts at 600 in most states. Our Figure HELOC review has the rest.
Upstart Home Lending is the other online option. Its HELOC offers $26,000 to $250,000 with 10 and 15 year terms, and the APR runs 6.52% to 18.00%.1 Know the catch before you apply. You have to draw at least 80% of the line at closing, so a $100,000 line means $80,000 on day one. More in our Upstart HELOC review, and the best HELOC lenders list compares both.
The third route isn’t a HELOC. A home equity investment gives you cash today, and the company earns a share of your home’s future value. No monthly payment, and you settle the investment when you sell, refinance or reach the end of the term.
I ran my own house in Virginia through Hometap. I am weighing one for myself.
Virginia options side by side
| Option | Monthly payment | Credit score | Key catch | See your number |
|---|---|---|---|---|
| Local credit union HELOC | Yes | Set by each credit union | Membership rules, and your own quote has the real terms | Ask for a quote |
| Upstart Home Lending HELOC | Yes | From 600 | Draw at least 80% at closing. APR 6.52% to 18.00%1 | Check My Rate |
 Figure HELOC | Yes | 600 in most states | Fixed rate only in Virginia. Full draw at closing, origination up to 4.99% | Check My Rate |
| Hometap | None | From 575 | At least 25% equity, 10-year term, fees of 4.5% up to $20,000 | Get My Hometap Estimate |
 Unlock | None | From 500 | At least 30% equity, 26 states | Get My Unlock Estimate |
 Splitero | None | From 500 | At least 25% equity, $50,000 to $600,000, 17 states | Get My Splitero Estimate |
 Unison | None | About 620 | Shares in your home’s future value, 22 states plus D.C. | Get My Unison Estimate |
 Point | None | About 500 | Cost not published, $30,000 to $600,000 | Get My Point Offer |
Amounts, state lists and credit minimums come from each company, and your own offer has the binding numbers. The investment options also need equity, so a home with a big mortgage on it could rule them out.
What a HELOC payment looks like on $50,000 and $100,000
These are the two numbers people search for, and the honest answer is that it depends on your APR. So here’s a hypothetical. Say the APR is 8.00%. That’s an example, not a Virginia rate and not a quote.
A HELOC works in two stages. During the draw period you can often pay interest only. Then repayment starts and the payment jumps, because you’re paying down principal too.
| Fully drawn line | Interest only, at 8.00% | Repayment over 20 years, at 8.00% |
|---|---|---|
| $50,000 | About $333 a month | About $418 a month |
| $100,000 | About $667 a month | About $836 a month |
Interest only is the balance times the APR, divided by 12. The 20-year column is a standard amortized payment at the same example APR. If your APR is variable, the payment moves when it does.
Watch that jump.
On the $50,000 line it goes from about $333 to about $418, and that’s with the APR staying put. So if you go with Upstart Home Lending on a $100,000 line, you’d draw $80,000 on day one, which is about $533 a month in interest at the same example APR.
The investment route is $0 a month. Too good? Not quite. The cost just shows up at settlement instead.
What’s different about a HELOC in Virginia
The lien is a credit line deed of trust
Virginia secures home loans with a deed of trust, and a HELOC gets its own version. Under Va. Code 55.1-318, a credit line deed of trust has to say THIS IS A CREDIT LINE DEED OF TRUST on its front page and state the maximum principal it secures at any one time. Its priority carries over to later draws, so the lender doesn’t lose its place in line when you borrow more next year.
The recordation tax is charged on the whole line
This is the one that surprises people. Va. Code 58.1-803 puts a state recordation tax of 25 cents per $100 on a deed of trust. For a credit line it’s figured on the maximum amount that can be outstanding, no matter how much you’ve actually drawn. On a $100,000 line that’s $250 to the state, even if you only draw $20,000.
Your city or county may add its own. Section 58.1-814 lets a locality charge up to one-third of the state amount, which would be about $83 more on that same line. The statute also has separate schedules for refinancing and supplemental deeds, so ask the lender for your exact figure and who pays it. The lesson is simple. Ask for the line you need, not the biggest one they’ll give you.
If you stop paying
Your home secures the line. In Virginia, that means a trustee can sell it under the deed of trust.
For an owner-occupied home, Va. Code 55.1-321 treats written notice mailed by certified or registered mail at least 60 days before the sale as sufficient. That’s a window, not a safety net.
Can you get a HELOC through the VA?
No. The VA’s page on taking cash out of your home covers a VA-backed cash-out refinance. That replaces your current loan with a new one, you go through a private bank, mortgage company or credit union, and you have to live in the home. I didn’t find a VA line of credit on it.
That matters if you have a VA loan with a low rate. A cash-out refinance replaces it, and the rate goes with it. A HELOC or a home equity investment sits next to your first mortgage instead.
The no-monthly-payment route in Virginia
Five home equity investment companies cover Virginia. Hometap is the first to price. It isn’t structured as debt, so it doesn’t affect your debt-to-income (DTI) ratio.
Hometap looks for a credit score of 575 or higher and at least 25% equity in your home, among other qualifying criteria. If your home is located in an eligible state, and Virginia is one of its 25, a Hometap investment could give you $15,000 to $600,000 over a 10-year term, up to 27% of your home’s value. Plan on settling the investment by the end of the term. The Hometap review has the full breakdown.
Unlock takes credit scores from 500 and serves 26 states, Virginia included. It wants at least 30% equity. Splitero also starts at 500, funds $50,000 to $600,000 in 17 states and has a written annual cap of 17.99%. See the Splitero review.
Unison covers 22 states plus D.C. and wants a score around 620. Point covers 30 states plus D.C. and funds $30,000 to $600,000, with scores under 600 capped at $500,000. Point doesn’t publish its share, so you won’t know the cost until you get an offer. More in the Point review.
None of these is free. Hometap’s fees are 4.5% of the investment, up to $20,000, plus third-party costs, and they come out of your proceeds. On $50,000 that’s $2,250 before third-party costs. The bigger cost is the share. The company earns a share of your home’s future value, so a home that climbs a lot costs you more at settlement. The home equity investment roundup has the cost table, and the pros and cons page covers when it’s worth it.
Check who funds your county
Not sure which of these cover you? The home equity calculator lets you pick your state and see who funds it and what you could get.
Which one fits you
So where do you start?
Start with the credit union if a monthly payment is fine with you. Always get that quote.
Go with Figure or Upstart Home Lending if your credit is 600 or above and you know how much you need. Figure is fixed-rate only here, and Upstart Home Lending makes you take at least 80% up front, so neither is a flexible line you dip into.
Go with an investment like Hometap if a monthly payment is the thing that rules a HELOC out, and you’re okay giving up a share of future value. Skip it if you’re selling soon. The upfront cost needs time to earn out.
Bottom line: get the credit union quote, then one online quote, then one no-payment estimate. Three numbers beat guessing.
Get your numbers
More to read: the best HELOC lenders, our HELOC alternatives, the best home equity investment companies and the home equity calculator.
Upstart Mortgage, LLC dba Upstart Home Lending. NMLS #2443873. Equal Housing Opportunity.
1 Terms shown here are subject to change without notice. APRs for initial advances range from 6.52% to 18.00% based on rates offered as of September 2026. The lowest rate is only available to consumers willing to become a member of a credit union and to those who meet a minimum FICO score of 780, CLTV under 70%, and DTI under 45%. Your actual rate will depend on many factors such as your credit history, combined loan-to-value ratio (CLTV), line amount, loan term, lien position, and property state. Origination fee to open an account is between 0% and 4.99% of the approved credit limit. The Annual Percentage Rate (“APR”) is variable and based on the Prime Rate as published in the Wall Street Journal “Money Rates” table plus or minus a margin. Your APR will never be less than 3.99% or greater than 18.00%. Property insurance is required.
HELOC Virginia FAQs
It depends on your APR and which stage the line is in. At an example APR of 8.00% (not a quote), interest only on a fully drawn $50,000 is about $333 a month. Once repayment starts, spreading it over 20 years is about $418 a month. If the APR is variable, the payment moves with it.
At an example APR of 8.00% (not a quote), interest only on a fully drawn $100,000 is about $667 a month. Repaying it over 20 years at the same APR is about $836 a month. A different APR or term changes both numbers.
Your home secures the line, so missed payments put it at risk. In Virginia a trustee can sell the home under the deed of trust, and for an owner-occupied home mailed notice at least 60 days before the sale counts as sufficient. The payment can also jump when repayment starts or if the APR is variable, and closing costs include Virginia’s recordation tax, which is figured on the full credit line.
No. The VA’s page on taking cash out describes a VA-backed cash-out refinance, which replaces your current loan with a new one through a private lender. It doesn’t describe a VA line of credit.
The state tax is 25 cents per $100 of the maximum amount the deed of trust secures, so $250 on a $100,000 line even if you draw less. A city or county may add up to one-third of that amount. Refinances and supplemental deeds follow separate schedules, so ask the lender for your exact figure.
Hometap, Unlock, Point, Unison and Splitero all serve Virginia. None has a monthly payment, and each has its own credit and equity requirements, so get an estimate from at least two.
