The dream of homeownership is becoming harder for many, especially for younger generations. According to a 2024 National Association of Home Builders report, 52% of Millennials say they struggle to save enough for a down payment, leading to delayed homeownership. But what if there’s a faster, more accessible way for your clients to buy a home?
At Figure, we listen. Partners have been asking so we’ve launched a piggyback HELOC product to help make homeownership accessible for those who thought it was out of reach. For Loan Officers like you, this tool is a game-changer.
Just a few months ago, my husband and I were not unique in being in the renter's forever stage of life. Buying our first house felt like a distant dream, especially with California's high cost of living eating up every bit of our savings. But working at Figure was the gateway to making it happen. And I don’t mean my paycheck. So, how did Figure help? As the self-appointed queen of content, I write, live, and breathe HELOCs - by educating our customers, I’ve become educated on Home Equity Lines of Credit and what it can do. It’s what Figure’s good at—and don’t just take my word for it. Thousands of people sing our product's praises, so if you think I’m biased (okay, fine, I totally am), just look at our reviews. Cool, now that I’ve gotten that out of the way, let me tell you the story of how my husband and I finally broke the mold and became homeowners.
So, Where Does a Piggyback Fit Into This Story?
Once we knew our home-buying budget and found our dream house, it was time to tackle the loan process. My husband, with his nine years in the mortgage industry, and I, with my three, thought we had it all figured out. But then we ran into some serious roadblocks. We realized that the conforming loan limits in Washington were much lower than what we were used to in California. To our surprise, we were in jumbo loan territory, which meant stricter requirements and higher interest rates. Fortunately, a piggyback HELOC allowed us to keep our first mortgage within the conforming loan limit and made homeownership possible. This could be a game-changer for your clients too. Many may not even know this option exists, but it’s an effective way to help them secure their home while avoiding the challenges of a jumbo loan.
How’s Figure’s Piggyback Different?
Figure’s piggyback HELOC process is all about efficiency and savings. Figure crafted it to help you close more conventional purchase loans while saving your customers money on low down payment transactions. Plus, Figure’s piggyback HELOC process gives Loan Officers better transparency and visibility at every step, making it a major upgrade from the old broker or non-delegated models.
Why does this matter to you?
As a Loan Officer, you’re already working with clients who want to buy a home but struggle with down payments or face challenges like reserve requirements. With Figure's piggyback HELOC process, you can provide a better solution that helps them close the gap. With Figure’s Piggyback HELOC process, you’re not just getting a smarter solution, you’re making it easier to save your clients money and close more deals. Already working with Figure but don’t offer the Piggyback HELOC? Talk to your leadership about adding it to your portfolio.
Ready to become a partner? Visit us at figure.com/partner-heloc for more information.
