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Tips for Financing Your Residential Roof Repairs

by Jun 4, 2020Blog

Roof repairs are important for the health of your family and the integrity of your entire home, which is why they usually can’t wait. If your finances are getting in the way of essential repairs, you have a few options to finance the repair costs instead of paying in one lump sum. If you have an insurance claim, financing can still help you pay your deductible over time if you can’t afford to pay it all at once. There are multiple financing options available to help you cover the cost of your repairs, so we’ve put together a list of the most common and useful resources.

Contractor Financing

Many contractors offer simple, speedy financing options for roofing costs, and they usually accept many different payment methods. With a contractor, you might be able to finance your repairs with credit cards or a wide range of loan options. Contractor financing is a quick and easy way to get necessary repairs taken care of now.

VA Loans

If you or your spouse is a veteran or an active service member, the U.S. Department of Veterans Affairs offers a guaranteed loan to help you purchase a home or make improvements to a primary residence. These loans come with low-interest rates and no loan limit, and they’re easy to qualify for, even if you have low credit or have declared bankruptcy at any time in the past. VA loans usually require no down payment, and you can get started on yours by applying for a Certificate of Eligibility.

Title 1 Property Improvement Loan Program

The FHA Title 1 loan is a great option for homeowners with limited home equity who don’t qualify for an equity loan. This loan is fixed-rate, and it’s really easy to obtain as long as you own the home or have a long-term lease on it. All you have to do is fill out an application which shows you’re a good credit risk, and then write out a note promising to repay the loan. Loans under $7,500 are usually unsecured and only require a signature, while anything over that may require you to put your house up as collateral.

Personal Loan

You can also finance your repairs with a personal loan, but this comes with more downsides than other payment options. The rates and terms of your loan will depend on your income, credit score, how much you borrow, and other factors. You’ll most likely also have a higher rate on a personal loan, and the money you get might not be enough to cover the entire cost of your repairs.

Residential Roof Repairs With First Out Roofing

First Out Roofing is one of the most trusted names in the roofing business. We value hard work and stellar customer service every time, and our team of licensed roofers always diagnose and treat the entire problem with every roof. For fast, quality roof repairs at a reasonable price, call First Out Roofing today!

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