Foundation repairs can be expensive, and often, homeowners aren’t ready for such a large, unexpected expense. However, leaving your foundation untreated is never a good idea, so here are five financing options for a foundation repair.
- Payment Plans
When paying the whole amount upfront is hard, look for contractors who offer payment plans or monthly payments. For example, your contractor may ask you to pay a 10% down payment and the rest in installments.
- Personal Bank Loans
Get a personal loan through a bank or a private financing company. Choosing a private financing company might help you get loan approval faster. However, banks might offer better interest rates. Factors like a low credit score, poor repayment history, or unstable employment might generate a loan denial.
- Federal Grants
There are some federal grants and loans available for selected homeowners. The Title 1 Property Improvement Loan Insurance Program of the U.S. Department of Housing and Urban Development (HUD) helps homeowners finance the light or moderate rehabilitation of properties, including foundation repairs.
The Single-Family Housing Repair Loans & Grants offered by the Department of Agriculture helps low-income homeowners make home repairs and improvements. To be qualified for these federal loans and grants, homeowners must meet several requirements.
- Homeowners Insurance
If you experience foundation damage that is not your fault, you might get your insurance provider to pay the compensation. Obtaining approval for your claim can be tricky, however, as the agents try their best to deny it.
Advanced Foundation Repair understands how crucial it is to repair the foundation of your property. We have certified foundation inspectors and estimators to help you with the right suggestions for your needs.
Our 100-plus years of foundation repairing experience allows us to understand the varied soil types and their issues in the Fort Worth and Dallas metro areas. Our services include foundation repair, drainage, root barriers, foundation watering, under-slab tunneling, and many more! Don’t delay! Experience the Advanced Foundation Repair difference today!