Can You Finance a New Roof?

The cost of a new roof can be a significant expense. It’s one of the reasons some potential home buyers won’t even consider purchasing a home that’s in need of a new roof. It’s also why some homeowners wait too long to replace their roof. Trying to hold off on such a big investment can end up costing you more due to structural repairs. After several decades of wear and tear, a full roof replacement is inevitable. Rather than take a risk of the job becoming more than you bargained for, it’s best to think about a new roof sooner rather than later. If money is holding you back, consider your options for financing the project.

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Check Your Insurance Coverage

If you have homeowner’s insurance, you may be able to use your policy to cover the cost of a new roof. There are some circumstances where insurance policies will cover roof repairs or replacement. If some of the damages were caused by a storm, it’s worth a call to your insurance agent. You may be able to claim part of the damage and get some insurance money to apply towards the total needed.

Roofing Company Payment Plans

Some roofing companies offer financing to help make the purchase of a new roof more affordable. With a payment plan option, you can spread your payments out over the course of several months or even years. Most plans charge interest, which can increase the total cost of your new roof in the long run, so calculate it out. It’s important to familiarize yourself with the interest rates and monthly payment to make sure you can afford it. Payment plans will vary depending on the roofing company, so it’s important to ask each company you’re interested in hiring what their specific payment plan terms and requirements are.

Home Equity Loan

A home equity loan allows you to borrow cash against the value of your home. You keep your existing mortgage but take out a new loan with a fixed interest rate that’s typically lower than credit cards or personal loans.

FHA Title I Loan

If you don’t have enough equity to borrow against your home, you may qualify for a Federal Housing Administration (FHA) Title I loan instead. These fixed rate loans are insured by the government and designed to fund home improvements that substantially improve the home’s basic livability, like a new roof for example. These types of loans are available through FHA-approved lenders.

Personal Loan

Another financing option is to take out a personal loan. You’ll pay more in interest compared to a home equity loan, but it’s still better than a high interest credit card. Personal loans are unsecured, meaning there’s no asset backing them, so lenders usually charge higher interest rates. If you have great credit, you may qualify for a reasonable rate. If approved for a personal loan, you’ll receive the money in a lump sum, then pay it back in fixed monthly installments.

Credit Cards

Credit cards can be an option if you open a card with a substantial zero percent interest rate introductory period. You’ve got to be real with yourself here, though, because if you won’t be able to pay off the card entirely before the intro period is up, they’ll tack on all that interest you saved, and likely charge you a hefty interest rate for the remainder of your balance due.


Paying for a new roof, especially if you weren’t expecting to replace it, can be very overwhelming. However, there are plenty of viable financing options available if you know where to look and who to talk to. We know you don’t get a new roof every year, so it’s only natural you don’t really know much about getting a new roof or how to pay for such a big ticket item. Contact us with your questions. Armorvue Home Exteriors offers financing options and decades of experience to help guide you through this process.


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