If you have enough home equity already in your home equity amount, you may be able to borrow against your existing mortgage, take out a second mortgage, or apply for a home equity line from a bank or credit union. For those with good credit, a home equity loan may be better than other roof financing options. Government insured loans from Federal Housing Administration (FHA) approved lenders can be an other financing option even for homeowners with lower credit scores. They can offer fixed rate loans with better terms than an unsecured personal loan.
You may also be able to do a cash out refinance that lets you pay for roofing projects without a line of credit. Some lenders also offer a revolving, credit card or account secured by your home equity. But for many homeowners, the loan terms are simply too tough, That’s why online lender Mr. Roofer offers roof financing bad credit for all buyers, regardless of their financial situations.