Roof Financing for Homeowners
With a new roof, everything is
looking up again.
What roof financing options do you have?
Many financing options for new roofs require long approval times, excellent credit scores, or short repayment terms. When your new roof can’t wait, we offer the perfect combination of 100% financing, long repayment terms, and fixed interest rates. All without any minimum FICO requirement. Use the chart below to compare new roof financing options.
|Home Run Loans||Home Equity Line of Credit (HELOC)||Credit Card|
Up to 30 Years
Up to 25 Years
Up to 30 Years
Fixed or Variable
Up to a Month or Longer
|Approval Based on Credit Score|
|Obligation Shows on Credit Report|
|Lien on the Property|
|Tax Deductible Interest|
Consult Your Tax Advisor
Consult Your Tax Advisor
3.99% Rate / 6.58% APR1
3.99% Rate / 6.2% APR2
Dependent on Credit Score
12.99% – 21.99% APR4
|Enhanced consumer protections|
Getting a new roof through Home Run PACE financing
It was really scary. The roof was going to cost $30,000 and we don’t have that money sitting in the bank. Where were we supposed to come up with that money?Jessica and Christopher – Broward County, FL
What to consider before you finance a new roof
Replacing your roof can be a significant and expensive undertaking. However, it is important to consider both the short and long term benefits when assessing options for either repairing your roof or upgrading to a new roof entirely. While quick fixes, such as patching leaks, may be enough to get you through the next storm, these short term repairs often won’t last and may end up costing you more in repairs down the road.
Home Run Financing can often help homeowners get enough home improvement financing for a high quality roofing upgrade that will serve them well for decades to come. In addition to providing safety and coverage from heat and storms, there are several other benefits to consider when upgrading your to a new roof.
Improve energy efficiency
Modern roof technology has become much more energy efficient. A new roof will help keep your home cooler in the summer and warmer in the winter. This not only makes your home more comfortable, but can also help reduce your energy bills.
Enhance curb appeal
A new roof can greatly enhance the appearance of your home from the street. This not only upgrades the appearance of your home, but also helps your entire community.
Increase resale value
While often hard to estimate, a new roof may help you get a higher resale value if you decide to sell your home. This can vary significantly from market to market, but at a minimum a new roof can be a strong selling point to homebuyers and may put your home over the top relative to other homes in your market.
Check for insurance discounts
Many home insurance providers offer policy discounts when a new roof is installed. A new roof may help reduce the chance of an insurance claim due to leaks, wind, hail, or fire. While every policy is different, if you do decide to upgrade your roof, be sure to check with your insurance provider to see if you may qualify for a roof related discount on your coverage.
Approved in multiple states and more than 830 communities
Click a state below to confirm PACE roof financing is available in your area.
Frequently Asked Roofing Questions
How can I pay for my roof with no money?
If you are facing an unplanned roof repair or roof replacement there are several roof financing options that may allow you to install your roof today, with no upfront costs. PACE financing can be a great option. PACE provides 100% financing for roofing projects, up to 20% of the value of your home. There are no upfront payments with PACE and depending on when your roof installation occurs, you may not have to make your first payment for up to 18 months. Visit the How PACE Works page for more information.
Will insurance pay for a new roof?
Insurance policies will often cover roof repairs or replacement if your roof was damaged from a sudden accident or act of nature, such as a falling tree, hurricane or hail damage. However, if your roof needs to be replaced due to general wear and tear over time, your insurance will most likely not cover the cost. We encourage you to check with your insurance provider for the specifics of your policy relative to covering the cost of a new roof.
How can I get a new roof with bad credit?
PACE isn’t a traditional roof loan, so we don’t use your credit score to determine if you are eligible for new roof financing. Approval is based on the amount of equity you have in your home, your mortgage payment history, and your ability to repay your PACE assessment. PACE rewards you for the years you spent saving for a down payment and for responsibly paying your mortgage on time.
Can I pay monthly for a new roof?
Yes! If you choose to finance your new roof with PACE, you will pay off the cost of your roof gradually as part of your ongoing property tax payments. Many people choose to pay their property taxes monthly using an escrow account that is tied to their monthly mortgage payments. This is a great option if you are hoping to make monthly payments over time to cover the cost of a new roof.
Can I get a government grant for a new roof?
There are government programs that may help cover some or all of the costs of a new roof. The Weatherization Assistance Program, Single Family Home Repair Loans and Grant Program, The Tribal Energy Program, and the The Housing Preservation Grant are all designed to help offset the cost of a new roof.
These programs have strict regulations around how to apply and who qualifies and funding can be limited. If you don’t qualify for any of these government programs, Home Run Financing can be a great option to help you pay for your new roof.
APR example uses a $25,000 project with 30 year term. Base rate is 3.99% and requires a 13.99% homeowner buydown fee that is financed as part of the PACE property tax assessment. Final APR will vary on based total project cost, selected term, and rate choice. Rates are current as of August 1, 2021 and are subject to change without notice. Not all rates and terms are available in all states.
APR example uses a $25,000 project with 25 year term. Base rate is 3.99% and requires a 14.99% homeowner buydown fee that is financed as part of the loan. Final APR will vary on based total project cost, selected term, and rate choice. Rates are current as of August 1, 2021 and are subject to change without notice. Not all rates are available in all states.
30 year repayment terms are not available for all project types. Repayment terms are determined by estimated useful life of the product and manufacturer product warranty period. Repayment term options may vary by state. Not all term options are available in all states. Term options are subject to change at any time.
Rate range is for Discover Card and is based on data compiled in February 2021 from the Discover website.
Maximum financing amounts vary by state, city and county. Depending on local regulations, there may be max financing restrictions that limit the maximum PACE financing eligibility to less than 20% of your estimated property value.