Carolina Roof and Restoration


Government Loans and Rebates for Roof Financing

Federal Housing Administration (FHA) Title I loans can be used for home improvements that will make your home more livable and useful. This includes roof financing. Property owners with good credit and limited home equity qualify for this loan. Banks and other qualified lenders make these loans from their own funds, and FHA insures the lender against a possible loss. This includes new roofs, as well as improvements to luxury items such as swimming pools or outdoor fire places. Check out the program's website for more information about roof financing.

If you are financing a new roof that is energy efficient, be sure to check out the Database of State Incentives for Renewable Energy (DSIRE). This website details state, local, utility, and federal incentives for making energy efficient improvements to your home and can help you in the roof financing process.
You can also search the Department of Energy for tax credits and rebates available now to go towards roof financing.

There are a few different ways to manage your roof financing.

Credit Cards and HELOC for Roof Financing

If you qualify for a new no-interest credit card, you may consider using it for your roof financing. Homeowners should avoid charging anything else to this card, and break up the cost into 12 monthly payments. If you are organized and careful, this is a solid option for financing a new roof.
A Home Equity Line of Credit (HELOC) is a line of credit that uses an owner’s home as collateral. It is generally only used for large expenses, like medical bills and necessary home improvements. You can draw on this line of credit for financing a new roof pay it off over time.

Savings: The Best Way for Roof Financing

Loans and HELOC for roof financing are strong options, but the best option for roof financing is always drawing from your savings. If you know that you will need a new roof in a few years, start putting away $75 - $100 every month. This will help when it's time to pay the large roof bill. Even being able to pay a quarter or a third of your roof's total price with cash from your savings will make a difference in paying for your new roof.