Financing is a big part of roofing, and for many homeowners, it’s a must when it comes to installing a new roof.

Whether you need financing to get a new roof installed on your home or you’re just not ready to pay for an entire roof all at once, we’ve got you covered. This guide will help new homeowners and first-time re-roofer’s learn how to finance a new roof with ease.

Before we get into financing options, you’ll need some information about your roof.

How Much Will a Roof Replacement Cost?

how to finance a new roof insepction

Before we get too far into how you’ll pay for your roof, it’s important that you have a good understanding of how much a roof replacement will cost. The math to determine your roof’s cost is pretty simple.

On average, an asphalt shingle roof will cost anywhere from $2 to $7 per square foot. At Red Canyon, we can help you estimate the total cost of your roof, or you can get a pretty close estimate by taking the cost per sqft by the number of sqft your roof is.

Other factors that will commonly impact the cost of a roof replacement are:

  • Time of year
  • Quality of materials that you choose
  • Disposal of the preexisting roofing materials

These factors can play into slight cost variations, but an average home reroofing project will cost around $15,000 to $30,000. In some cases, roofs might be a bit cheaper than that, and in others, it could cost more.

To be clear, this is simply a roof replacement estimate. If you want a more specific quote, you should get in touch with a local roofer.

Once you know about how much your new roof will cost, you’re ready to start the financing process.

5 Ways To Finance A New Roof

how to finance a new roof replacement


There are several ways that you can pay to have your roof replaced. And, while there isn’t necessarily a right way to pay for your roof, there might be a way that works better or is more effective for you. Here are the options.

1. Insurance Coverage

If you have good roofing insurance, you should look into the requirements for getting your roof replaced. If you’re replacing your roof because it’s gotten too old or has reached the end of its life, then you probably won’t be able to get insurance to pay for it. Your chances are better if your roof has storm damage from hail, high winds, or debris hitting it. In the instance of storm damage, your insurance company will need a roofing inspection report and proof that your roof was damaged in a recent storm. From there, they’ll offer to pay for a certain percentage of your roof replacement based on how old your roof is.

2. Roofing Company Payment Plan/Financing

If your roof has aged out and it’s time to replace it at the end of its life, then a payment plan might help you afford it. Red Canyon offers roof financing for any of our customers who qualify. We believe that it’s essential to get your roof repaired quickly because waiting too long could cause more damage to your home.

Contact us today for a roof inspection or to see if you qualify for our roofing finance program.

3. FHA Title 1 Loan

Another way you can secure a loan for your roof is through the federal FHA Title 1 loan program. It’s easier to get loans through this program because the government insures the loan and reduces the lender’s risk. Keep in mind that you can only borrow up to $25,000, and if you borrow more than $7,500, you’ll need to secure the loan with the deed, trust, or mortgage on your home.

If you default on the loan, your lender could seize your assets. Be sure to shop around when looking for a private lender loan because interest rates often vary.

4. Home Equity Loan

Home equity loans are always an option if you need extra finances to get through home improvements or repairs. If you need an especially large loan, this is a great way to get one. In most cases, you can borrow up to 85% of the equity that you have in your home. But, like the FHA Title 1 loan, it will need to be secured by the mortgage on your house.

If you were to default on this loan, you could lose your house. Because of this, the interest rates are lower, but it’s a high-stakes loan for you as a homeowner.

5. Personal Loan

Last but not least is a simple personal loan. If you have good credit, getting a personal loan shouldn’t be too difficult, but it will probably have higher interest rates. With a personal loan, you can work with a bank, credit union, or other financial institution to receive a loan of up to $100,000 or more.

Be careful when taking out a personal loan because interest rates can be very expensive, which can really hurt your financial future.

Get Started With Your Roof Replacement

If you’re ready to get your roof replaced, reach out to Red Canyon today! We serve most of Colorado with professional roofing services and exceptional customer service.

We’re happy to inspect your roof, give you a quote, and point you in the right direction for financing.