Hiring a roofing contractor can be expensive, especially when it’s time to replace your roof. Being one of the largest, most important parts of your home, it isn’t something that can be put off too long without risking disaster no matter how much it costs.
Many homes have roofs that are outside of their warranties or have problems that make repairs ineligible for insurance coverage, it’s cases like these, where the homeowner pays out of pocket, that can be extremely stressful to those of us not in the “1%”.
When you’re short on cash, putting off a roof repair or new roof may seem to make economical sense, but in reality, it’s anything but! You may save a few hundred in the short term, but as the problem worsens, so do the costs, not to mention the safety risks of having a failing roof system.
The good news is, even if you are strapped for the cash, you have options when it comes time to repair or replace your roof!
Apply for a loan
Some 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 (or cannot) go through the hassle of obtaining an outside loan yourself and have decent credit, some roof contractors may offer, or contract with 3rd parties to offer, financing options that’s great for qualified homeowners.
Ask your roof contractor what financing option they have available, not everyone does but it never hurts 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.
Grants or Contests
You even have the chance to get the things you need done for free! Entering contests such as the 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!
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 find it!
Just be sure to do your homework and don’t rush through anything, as many financing options that are available, there are an equal amount of scams ready to take your money and run!