Your roof is critical to the well-being of your home. As your homes main defense against the elements, when something goes wrong, it’s important to get it repaired or even replaced as soon as possible. Even if you don’t think you have the money, getting a roof contractor to give you a free estimate is an important first step to understand the problem and figure a way to resolve it.
The longer a damaged roof goes unrepaired, the more damage it cause,s not only getting more expensive but putting your home, and everything inside of it, at risk. It needs to be fixed, even if it means a new roof, pronto. But if money is the only thing holding you back, you’re not alone. Fortunately, as this is a critical expense that must be made, there are options for those of us not made of money.
The following are a few resources we have found that help homeowners get the repairs they need, even if you’ve been turned down at other places:
Loans From Non-Profits
Homeowners with great credit have numerous options when it comes to loans but what about the rest of us? The good news is, with some “Googling” you’re likely to find any number of local non-profits that help low to middle class homeowners with repair costs even if they’ve been rejected by a bank or have less-than-great credit.
Note that these loans are for infrastructure repairs only. None of the money acquired through most of these programs can be used for anything other than the needed repair.
Neighborworks is one of these programs that offer these special loans throughout the country (including Georgia!). Should you be in need of such a loan, feel free to check them out and look around the internet for others.
In House Financing
Some roof contractors have arrangements with financial institutions or offer in-house financing to help pay for your roof. Most will likely require higher credit scores but it doesn’t hurt to ask!
Refinancing 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.
There are 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 also 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!
When it’s time to repair or replace your roof, know your options, you may be able to get what you need quicker than you thought!