During these times of rising inflation and threat of recession, the last thing homeowners want to deal with is an expensive roof repair or replacement. Especially in cases where warranties or insurance won’t cover the costs for whatever reason.
Shouldering the costs of roof work is stressful for many homeowners especially nowadays when those costs seem to just keep going up and up.
For homeowners that aren’t flush with cash, paying for a roof repair or getting a new roof may seem almost impossible. Fortunately, there are several ways to get the money you need to fix or even replace your roof without being a millionaire and having perfect credit!
From loans provided by nonprofits to grants and even contests, if you are in need of roof repairs or even a full roof replacement you have options.
Apply For A Home Rehab Loan
You may dismiss this suggestion if you have less than perfect credit or have already been rejected by your bank, but there are nonprofits offering rehab loans designed to help low-income and middle-class homeowners get the home repairs they need without needing a spotless credit record.
Rehab loans are usually easier to get than general loans as they are restricted to pay for crucial infrastructure repairs only, such as your roof or ventilation system and not things like home improvement projects or new appliances. They are meant specifically for required repairs and are not general loans.
NeighborWorks (www.nw.org) is one such organization, offering many homeowner services not just loans. They 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 offering home rehab loans!
If you don’t want to go through the hassle of obtaining an outside loan yourself, some roof contractors have “in-house” financing options available either through a partnership with a third-party or actually financing the work themselves. These usually require better credit scores and stringent requirements but contact your local roof contractors to see if they have a solution available, you may qualify!
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!
For more information or to schedule your free estimate in Metro Atlanta call Atlanta Roofing Specialists in Metro Atlanta at 770-419-2222.