5 Workable Financing Options When Using A No Money Down Roofer Services
Do you need to replace your roof but can't afford it? This scenario can happen to anyone in the event of a disaster. Fortunately, some roofers understand this predicament and are willing to work with homeowners who don't have immediate cash. No money down roofer services can start working on your roof even as you organize for financing. They will typically do a free roof inspection and quote you can take to lenders. What viable financing options do you have in such an arrangement?
1. Use a Title 1 Federal Backed Loan
The Federal Housing Administration (FHA) guarantees Title 1 home improvement loans for property repairs and improvements. Essentially, these are risk-free loans for lenders, making them more flexible because the FHA cannot default on its guarantee. This option is great for people who have failed to qualify for other financing options.
2. Use Home Equity Financing
Your property acts as collateral for a home equity loan. Home equity is the value of your property minus the mortgage balance. For example, your home equity is $200k if your mortgage balance is $150k, and your home's current value is $350k. This value acts as the collateral. This type of financing attracts low-interest rates because of the solid collateral.
3. Do Cash-Out Refinancing
Cash-out refinancing is taking out cash from your second mortgage. You use the second mortgage to pay off the existing balance, and the lender offers you the remainder in cash. For example, on a balance of $150K, you could have a $200K refinancing and be left with $50k in cash.
Cash refinancing works great when doing major roof repairs. Even if you are using no money down roofer services, you still need cash for miscellaneous expenses. It is especially handy when you have maxed out your credit cards.
4. Do Crowdfunding
Crowdfunding is appealing to well-wishers for help in solving your predicament. There are several crowdfunding platforms on the internet that accept appeals for emergency help. However, the reception of your appeal depends on how articulately you express your plight.
5. Apply For a Grant
You can apply for various grants from government and non-governmental agencies to special classes of people like veterans, seniors, and low-income households. The biggest advantage of using a grant is that it is non-repayable. But you are not assured of qualifying for a grant.
Do you need to do emergency roof replacement but don't have ready cash? Contact no money down roofer services. They can provide a flexible financing option to enable the replacement.