Let’s face it, hiring a roofing contractor can be expensive. With overhead costs, insurance costs, permits, regulations, not to mention materials and equipment, roofing contractors have their work cut out for them balancing profits and competitive pricing. What this means for homeowners is repairs are rarely cheap and many simply cannot afford even smaller repairs. The bad news is, while it seems wise to wait until you can afford to fix your roof, many times during the wait the problem grows and many find out that $500 repair has turned into a $1500 job or worse! The good news is you don’t have to wait until you can pay cash to get your roof fixed or replaced, you have options when it comes to financing your roof project and you just may be surprised what you can get!
1) 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.
NeigborWorks (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!
2) Financing
If you don’t want to go through the hassle of obtaining an outside loan yourself, Atlanta Roofing Specialists offers financing for qualified homeowners with approved credit.
3) Refinancing
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.
4) Grants or Contests
Sure, you even have the chance to get the things you need done for free! Entering contests like our recent No Roof Left Behind, 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! There is also the Rural Housing Repair and Rehabilitation Grant that’s 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!
There are more out there, go online and search around. If you don’t think you can afford to fix or replace your roof today, think again, the solution is out there you just need to grab it!
Just be sure to do your homework and don’t rush through anything.