How to Finance a Roof Repair

You might be considering a roof repair for a number of reasons. Perhaps you have been planning to replace your roof with a new one for a while now, and are prepared for the cost. You may have to move more quickly if you suddenly discover a leak that could lead to further damage if it is not addressed. Another reason might be storm damage that has ripped part of your roof away.

It really doesn’t matter why you need your roof repaired. The fact is that you do, and it is looking to be an expensive proposition. According to, the national average for installing a new roof is over $7,000. This is typically not the kind of cash that we have laying around just waiting to be used in a home repair.

The problem is that roof repairs need to be addressed fairly quickly. Failure to take care of your roofing problem in a timely manner will lead to other problems that will end up costing you a lot more to resolve. If you do not have the cash reserves, you will need to finance the repairs. Here are some ways that you can do that.


Using your savings is the best way to finance a roof repair. If you suspect that you will need a new roof in the next several years, you should start putting away $100 a month toward the eventual cost of your replacement or repairs. You will soon get used to having a little less free cash every month but will be rewarded when the time comes for your repairs by being able to pay in cash without any of the hassles or fees associated with other financing options.

Credit Card

If you do not have the cash on hand to repair your roof, you may be able to use a credit card. Try opening a new account with a card that offers a promotional rate of 0%. Put your roof repair bill on that card, and then don’t use it for anything else until the roof repair is fully paid. By breaking your total cost into twelve monthly payments, you can avoid paying any interest as you essentially finance yourself.

The risk is in not paying the bill off in the first 12 months and then getting hit with the interest payments. Careful budgeting should allow you to avoid this pitfall.

Home Equity Line of Credit (HELOC)

A home equity line of credit is another way to finance your roof repair. When applying to a bank for a home equity line of credit, they will take into consideration the amount of equity that you have in your home. Then an amount of the line of credit is determined, and you borrow against it as you need it. This means you can control exactly how much you are borrowing, as opposed to a loan where you are getting the full value up front.

The flexibility offered by an HELOC may be what you need to make the roof repairs that you need. The best place to start is with your current mortgage holder, who can advise you on their policies regarding HELOCs. If you have sufficient equity in your home to cover your roof repairs, this might be the way to go.

Personal Loans

If you do not have sufficient equity in your home to apply for a line of credit, a personal loan may be the answer for you. Another benefit of a personal loan is that the application process can often take much less time than an HELOC, and in some cases, your roof repair needs to be done very quickly.

Many financial institutions offer personal loans tailored to home improvement. You can obtain roofing loans through these companies based on your own credit history and FICO credit score. In addition to being able to obtain your financing quickly if needed, other benefits are that there are no prepayment penalties with personal loans and you will be paying a fixed amount each month, which makes your budgeting simpler.

Government Grants

There are a number of different government programs designed to assist low-income families according to Depending on the condition of your roof, these programs can help pay for part or all of your roof repair or replacement cost.

The Weatherization Assistance Program is run by the U.S. Department of Energy. It is primarily concerned with helping low-income families maintain a safe and healthy living environment while reducing heating and cooling costs. The Department of Agriculture runs a similar program called the Section 504 Home Repair Program which offers grants for improvements to low-income families living in single-family houses.

There are other programs available, and your local roofing professional may be able to give you more information. These programs all have income restrictions but can be a major help if your finances are not up to paying for a roof repair.

FHA Title I Loans

FHA Title I loans are fixed-rate loans that are backed by the Federal Housing Administration. The federal government does not actually make the loan, but insures loan providers against default and encourages those providers to make loans available to homeowners with little or no equity in their home.

There are restrictions governing who can apply for a Title I loan. You must have lived in the house for 90 days and you must either own it or have a long-term lease on the property. The proceeds of the loan must be used for the specific home improvements that were indicated at the time you applied for the loan. There are no minimum credit scores and you can receive a loan even though you have no equity in the home.


These are some of the ways you can finance a roof repair. When you have roof problems, you don’t want to wait long before addressing them. Using one of these resources, you should be able to get your roof repaired and keep your home dry and protected.

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