Three Ways To Finance Your Roof Repairs

Fixing or replacing a damaged roof will likely be one of the most expensive purchases you'll make for your home. Depending on the roof type and quality of materials, you'll pay as much as $25,000 for a new roof. If you're strapped for cash, there are a few places where you can get money to make improvements on your home.

Government Assistance

The federal government and many state governments have funds set aside to assist homeowners with keeping and/or maintaining their houses. These funds may be disbursed in the form of loans, loan guarantees or grants. Here are two worth looking into:

  • Property Improvement Loan Insurance – This program is administered by the Department of Housing and Urban Development. HUD insures loans made by private lenders, making it easier for homeowners to obtain money to make necessary home improvements. The maximum amount the agency will guarantee is $60,000.
  • If you live in a rural area and the damage to your roof presents a safety or health hazard, you may qualify for the Rural Repair and Rehabilitation Loans and Grants offered by the United States Department of Agriculture. The program is for very low income persons who need to make repairs to correct a hazardous situation in their home. You can get a loan of up to $20,000 and/or a grant of $7,500. It is restricted to people 62 years of age or older.

You can search and apply for federal grants through the Grants.gov website. To locate state programs, contact the social service agency or housing authority in your area for assistance.

Non-Profit Organizations

There are a number of non-profit organizations that either give money to homeowners to make repairs to their houses, or who have volunteers that will do the work for free.

For example, NeighborWorks is a network of organizations across the United States dedicated to providing assistance to homeowners in their respective communities. You can visit their website to find a member organization near you who may be able to fund the repairs or fix your roof for no cost.

The Internet is a great place to research other organizations in your area that may provide assistance with home repairs.

Loans Through Contractors

Some roofing contractors offer financing for roof repairs to customers. Sometimes these are private loans financed by the contractor. More commonly, the loans are provided by a third-party bank or financial institution.

While this is a convenient way to pay for necessary repairs or roof replacement costs, you need to take care to ensure you can afford the loan. Take note of the interest rate and monthly payment and make sure both fit into your budget or do not negatively impact your financial goals.

For more information about roofing loans or to get estimates for repairing or replacing your roof, contact a roofing company in your area. For more information, talk to companies like Homestead Roofing Co.


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