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Financing Roof Replacement

Roof replacement is a hefty burdensome process that requires extensive attention towards the selection of best roofer and appropriate roofing material. But the task becomes even more straining if the finances to carry out the replacement are inadequate.

But with various lending options available for the purpose, one does not have to worry about having low capital. Below are some roof lending options that you can avail:

Governmental roofing loans

Federal Housing Authority (FHA) provides a loan option to local residents who are looking for a financially burdening renovation. It is termed as Title I loan. If you have a good credit history but your equity is limited, you can easily qualify for Title I loan.

In some states there are incentives and tax rebates available as well, if you choose to go for energy efficient roofs. Department of Energy can be accessed to review all the information regarding this matter. Database of State Incentives for Renewable Energy can also be visited to find all the policies and incentives available in your state.

Home Equity Line of Credit

Home equity line of credit (HELOC) is also an alternative for people with strict financial conditions. In this loan you put your home as collateral and secure a loan through it.

This financing option is usually preferred for large expenses. You can use it to afford the new roof for your home and pay the installments over time.

New Credit Line

Another great alternative is to avail a new credit card. If you can go for this option, there are plenty of credit cards available that offer interest free first 12 months to the customers.

This card can be used to solely pay new roof expense. You can easily find loan options that will be interest free if you choose a short term payment option. Thus, in the end, you will have a loan that you will be paying off with the help of the credit card. And neither the credit card nor the principal loan will be charging any interest from you.

Other Options

The above options require you to have a good credit history. In case you don’t qualify for the above alternatives, you can go for a loan from a local lender. Here are some tips that will help you in selection of a good local lender:

Searching online:

You can easily find many lenders in your locality by searching for them online. While seeking a lender online, make sure that:

  • The lender has BBB profile that you can visit and review their information.
  • Online reviews, in many cases, are not the actual depiction of the business. Thus, if you can talk to any referrals about the lender instead, it would be a much more trustable option.

Asking around:

If you cannot find any good local lenders online, you can rely on word of mouth. Asking your family and friends about reputable local lenders would be helpful and you might even end up finding a lender that is way better than any of the options.


When choosing a particular lender, make sure that you know how much interest you will be paying and whether it be fixed or not. It is better to get at least five offerings and then select the more appropriate one amongst them. For more information regarding roof replacement visit Fix My Roof

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