When the unexpected roof problem occurs, many homeowners can be stressed on how to pay to have it repaired or even replaced. Especially in cases where warranties or insurance won’t cover the costs, shouldering the costs of roof work is stressful for many homeowners every day.
Fortunately, there are several ways to get the money you need to fix or even replace your roof without having a 6 figure income and perfect credit! From loans provided by nonprofits to grants and contests, if you are in need of roof repairs or even a full roof replacement you have options.
Apply for a loan
You may knock this suggestion, especially if you have questionable credit or have already been rejected by your bank, but there are nonprofits designed to help low-income and middle-class homeowners get the home repairs they need.
These loans mainly cover crucial infrastructure repairs, such as your roof or ventilation but not improvements or new appliances as they are for needed repairs and not general loans.
NeighborWorks (www.nw.org) is one such organization that can help you find the loan you need via it’s network of housing organizations around the country including Georgia. If you think you may qualify, check them out or use the internet to find others!
If you don’t want to go through the hassle of obtaining an outside loan yourself, some roof contractors have financing options available. These usually require better credit scores and such but contact your local roof contractors to see if they have a solution available.
Refinance Your Home
Specifically with the Federal Housing Administration 203k refinance loan. This program allows homeowners to consolidate their existing mortgage and the costs of a renovation or repair project. As long as you are using it for needed repairs and not a new pool or deck you have a decent shot at qualifying. Your local mortgage lender can help you with more information and to apply.
Grants or Contests
You even have the chance to get the things you need done for free! Entering contests such as our recent No Roof Left Behind program, can get you the roof you need for no cost! Granted these don’t happen often but when they do, sign up!
There are even grants such as the Very Low-Income Housing Repair Program offered by the USDA which provides loans and grants to repair, improve and even modernize homes!
The Rural Housing Repair and Rehabilitation Grant is available to Seniors (62+) and can be used for repairs to make your home safer, healthier or even to make accessible to those with disabilities!