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Comparison

FLYP vs. HELOC — which is right for your renovation?

Short answer: If you're selling within 12 months, FLYP wins almost every time: $0 upfront, no monthly payment, no credit pull, and it's repaid only from the sale proceeds. If you're staying long-term and can qualify, a HELOC is usually cheaper because you pay interest only on what you draw and rates are tied to prime.
Choose FLYP when…
  • You're planning to sell within 12 months.
  • You can't qualify for a HELOC (DTI, credit, frozen AVM, self-employed).
  • You don't want a monthly payment during the renovation.
  • You want the renovation managed end-to-end, not coordinated yourself.
Choose HELOC when…
  • You're staying in the home 5+ more years.
  • You have strong credit (700+), low DTI, and steady W-2 income.
  • You want to do the renovation yourself or pick your own contractor.
  • You only need partial draws on a long-running project.

Side-by-side comparison

FLYP
HELOC
Upfront cost to homeowner
$0
$0 to draw — closing costs $0–$500
Monthly payment
None
Interest-only or P+I on drawn balance
Credit qualification
Not required
Required — usually 680+, DTI < 50%
Time to fund
1–3 weeks
4–8 weeks
Renovation managed for you
Yes — FLYP coordinates everything
No — homeowner manages
Lien on home
No traditional lien
Second lien on title
Repayment trigger
Only when home sells
Monthly, regardless of sale
If home doesn't sell
$0 owed
Still owe full balance
Total cost on a $60K renovation
Renovation cost only, paid at closing
Renovation cost + interest over draw period
Right for staying long-term
No — only for sellers
Yes
The bottom line

HELOCs are great products for staying-and-renovating homeowners. They are bad products for sellers, because you take on debt, monthly payments, and qualification overhead to fund a renovation whose entire purpose is to be reimbursed at closing 4–6 months later. FLYP exists for the seller use case specifically.

Frequently asked questions

Is FLYP cheaper than a HELOC for a pre-sale renovation?

For a pre-sale renovation, almost always yes. A HELOC charges interest from the day you draw, plus origination costs and the time you spend qualifying. FLYP charges a single fixed renovation fee at closing. On a 4-6 month hold, FLYP's all-in cost is typically lower than a HELOC's.

Do I need a HELOC and FLYP together?

No. FLYP funds the renovation in full — you don't need a HELOC alongside it. Some homeowners do use a HELOC plus FLYP renovation management together (see /renovate) when they want to renovate and stay rather than renovate and sell.

Will using FLYP affect my ability to get a HELOC later?

No. FLYP's renovation services agreement is not reported to credit bureaus and does not appear as debt on a future HELOC application.

Can I switch from a HELOC to FLYP if I decide to sell?

Yes. If you've started a renovation with a HELOC and decide to sell, FLYP can take over the renovation management and the HELOC payoff is settled in escrow at closing alongside the FLYP fee.

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