Roof Financing Florida Program? What You Need to Know
Heating and cooling your Florida home is more expensive than you think. Like most homeowners in the state, HVAC expenses account for up to 50 percent of your monthly utility bills. Using Roof Financing Florida may help you to solve these problems and get a new roof over your head.
Replacing your roof can slash your energy costs, but it isn’t a small project. On average, a new roof can cost between $5,000 and $11,000. However, overburdened by high utility bills, homeowners often struggle to scrape together the funds they need for a new roof.
It can seem like a hopeless Catch-22.
That’s where PACE comes in. So, Financing Roofs with Pace Program and financing can help you put a new, energy-efficient roof on your home for no money down. If you keep reading now, you will learn how.
What Is PACE Financing – Roof Financing Florida
PACE stands for Property Assessed Clean Energy. The PACE program is a joint effort between state and local governments and private businesses. Therefore, It is a financing program that provides no-money-down loans to homeowners for home improvement projects.
For this reason, the program helps homeowners afford improvements which:
- Increase the value or equity of the property
- Increase a home’s energy efficiency
- Install or upgrade renewable energy systems
- Implement water-saving technology or hurricane protection measures
PACE funds can help homeowners access the money they need to replace their roofs and cut their utility bills in half. But keep in mind that there are several requirements.
Different localities use different names for the PACE program. So, depending on where you live, the program is also called the Home Energy Renovation Opportunity (HERO) program or Ygrene instead. Planet Roofing is one of the roofing companies that finance your roofing projects and more.
What PACE Is Not
PACE funds are not unlimited. PACE is not a governmental incentive program, and it does not provide “free money.”
In Reality, PACE financing is a government-subsidized loan. But, It lends money to homeowners at low-interest rates and allows them to conveniently repay the debt over a 20- to 30-year period through their property taxes.
Who Qualifies for Roof Financing Florida Using PACE?
To qualify for new roof financing through PACE, you must own the home you are applying to put a new roof on. In most cases, you must also be in good financial standing related to your property, which means you must be current on your property taxes and mortgage.
While you will undergo a credit check as part of the program, there is generally no minimum score that you have to meet to get approved.
How Does Roof Pace Financing Florida Works?
Qualifying homeowners can receive up to 20 percent of their home’s value in the form of a low-interest loan. Also, they can then use the money to pay for approved home upgrades.
Can you finance a new roof using PACE? Yes! With PACE funds can fund a new roof since new roofing is energy-efficient and increases a home’s value.
Usually, homeowners agree to use their property as collateral for the loan and pay the money back in installments. These installments are charged simultaneously as property taxes, usually once or twice per year, depending on where you live.
Positive thing is that the homeowners are not required to pay any money upfront. Therefore, no cost to apply for the program and no need to pay the contractors who install your roof directly.
You complete the application process with the help of the contractor who will do the work. Then the contractor completes the work and submits the necessary verification paperwork to your local government body. In the meantime, automatically you receive a bill for your periodic installment payments and instructions for paying them alongside your property tax bills a few times a year.
How Do You Apply for PACE Financing?
Financing a new roof via PACE works a little differently than most other loan programs. Instead of looking for a lender, you begin by contacting the contractor who will do the work your home needs. At this time, the contractor will then assist you in walking through the following steps to finance the roof.
- Start Your Application
Finally, Planet Roofing will help you complete the initial application paperwork. Also, we can provide forms and assist you in selecting qualifying roofing products, and answer any questions you may have along the way.
- Provide Documentation
You will need to provide evidence that you qualify to participate in the program. This means showing that you own your home and are current on your mortgage and property taxes. You will also need to submit a credit check.
- Talk to Your Mortgage Lender and a Program Representative
If you have a mortgage, you will need to advise your mortgage lender of your PACE application. Also need to speak to a PACE program representative to clarify any questions you may have and confirm that you understand the loan and its repayment terms.
- Sign Your Contract and Get Your New Roof
When all the terms have been finalized, you will be ready to sign your contract. Once the contract is signed, you can get your new roof installed right away!
- Sign the Certificate of Completion
When your new roof is complete, you will sign the PACE Certificate of Completion. At that moment, that form will complete the process!
- Pay Back Your Loan
Whenever you receive a bill for your property taxes, you will be charged for your PACE installment payment as well. Throughout your loan, make your payments on time, while enjoying monthly savings on your energy bills!
Other Important Details About Roof Financing Florida
PACE can be the best way to get the roof loan that you need. Before signing up, however, there are a few more things that it is essential to know.
First, PACE approvals tend to come through quickly, so apply when you’re ready for your new roof.
Second, it’s vital to communicate with your Mortgage Company and insurance provider about your project. Remember that your new roof may qualify you for lower homeowner insurance premiums.
Third, PACE installment payments stay with your property rather than following you as the signer of the contract. If you sell your home, the buyer will become responsible for those payments. Should you sell the house before the loan is paid off, you must ensure that information is reflected in the sale contract.
See If You Quality for a PACE Roof Today
If you need a new roof, PACE financing may be the answer. Finding out if you qualify is quick and easy, so contact us today and let our in-house experts help you discover if you are eligible for PACE funding. The only thing you have to lose is a bad roof and steep utility bills!
Contact us to learn more about these excellent financing deals!
- 0-Money Down
- Low Monthly Payments
- Easy Approvals
- No Penalty for Selling Early
- Roofing
- Windows
- Solar Panels
- Air Conditioning
- Water Heater
- Etc..
