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 when balancing profits and competitive pricing.
What this means for homeowners is repairs are rarely cheap and many simply cannot afford even the smallest repairs. While it may seem wise to wait until you can afford to fix your roof, for the most part this only makes things worse! Often, what would have been a small repair turns into disaster as the homeowner waits for a windfall.
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.
NeighborWorks 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 have decent credit, you can get a home repair loan from a variety of sources including banks and other financial institutions. If you don’t want to shop around, some roofing contractors offer financing through arrangements with financial institutions to simplify the process.
Atlanta Roofing Specialists has made this process even easier by providing easy access to apply for the Home Projects Visa Card!
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, 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. This provides loans and grants to repair, improve and even modernize homes!
There is also the Rural Housing Repair and Rehabilitation Grant. This 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!
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.