Homeowner Resource

Exploring Financing Options for Home Repairs

Home maintenance in Portland, as in other places, might unexpectedly demand attention, frequently at the least opportune moments. This could stem from the city’s well-known rainy climate causing roof issues, the regular aging of your property, or sudden problems such as plumbing or electrical faults.

The challenge extends beyond mere repair to include financing these necessary fixes. Fortunately, Portland homeowners have access to a variety of financing solutions, each with distinct advantages. Our blog will explore these options, covering everything from conventional bank loans and government initiatives to an attractive option available through SFW Construction.

Financing Home Repairs Through Banks

Securing home repair financing through a bank loan is one of the most straightforward strategies. Homeowners with solid credit scores can seek personal loans, home equity loans, or home equity lines of credit (HELOC).

Personal loans, which are unsecured and don’t necessitate your home as collateral, typically carry higher interest rates. Conversely, home equity loans and HELOCs, secured by your home’s equity, often come with more favorable rates but necessitate a predefined equity level in your property.

Though the application process includes credit checks and the duration can vary, this route is a dependable means to secure substantial funds for significant repairs. Before diving into this financial commitment, it’s crucial to evaluate the terms of the loan, including the interest rate, repayment period, and any potential fees, to ensure it aligns with your financial situation and goals. Additionally, consulting with a financial advisor can provide personalized insights and strategies, helping you make the most informed decision regarding your home repair financing options.

Government Programs for Home Repair Loans

In Portland, The Home Repair Loan Program offers a 0% interest loan aimed at assisting homeowners with low to moderate incomes in making essential repairs, ensuring they can continue to live safely in their homes. This program is designed to enhance home livability and safety by fixing electrical hazards, leaky roofs, malfunctioning furnaces, collapsing porches, and more. It also supports making homes more accessible, enabling homeowners to live independently, and provides aid to those who need to address housing code violations, helping correct the specified conditions.

Financing Home Repairs Through SFW Construction

For many homeowners in Portland, the most convenient and sensible option for financing home repairs comes directly through SFW Construction. We understand the stress and financial strain that unexpected repairs can bring, so we offer tailored financing solutions to fit your needs. With our two-tier financing options, we cater to a wide range of credit scores, ensuring that more homeowners have access to the funds they need to keep their homes safe and comfortable.

Tier 1 Financing

For those with credit scores of 680 and above, we offer loans of up to $100,000 (with a 730 FICO score). This tier includes:
Repayment terms of up to 20 years**
Loans ranging from $1,500 to $100,000
This option is perfect for homeowners looking to undertake significant repairs or renovations, offering the flexibility to manage costs over an extended period.
For current rates, please see our financing page.

Tier 2 Financing

Homeowners with credit scores of 679 and below aren’t left out. Our Tier II financing provides the following:
Repayment terms of up to 10 years**
Loan amounts ranging from $1,500 to $30,000
This tier ensures that even those with less-than-perfect credit can access the funds they need for essential repairs.
For current rates, please see our financing page.

Why Choose SFW Construction

Choosing to finance your home repairs through SFW Construction offers several advantages:

Simplicity: Our straightforward application process eliminates the hassle and wait times often associated with bank loans or government programs.
Flexibility: With two tiers of financing, we accommodate a broad spectrum of credit scores and repair needs.
Peace of Mind: Financing directly through your contractor means one less thing to worry about. We manage the repairs and the financing, ensuring a seamless and stress-free experience.

Having a reliable method to finance home repairs is crucial. While banks and government programs offer viable options, financing directly through SFW Construction provides the ease, flexibility, and peace of mind that homeowners value. Don’t let financial constraints delay necessary repairs that can prevent further damage, like dry rot, down the line. Explore your financing options with SFW Construction and ensure your home remains a safe and beautiful place to live. Have questions? Reach out today for a free consultation!

*APR= Annual Percentage Rate. Rates are subject to change and credit approval.
**Repayment terms depend on the amount borrowed and individual credit qualifications.
***SFW Construction, LLC (“SFW”) is neither a broker nor a lender. Financing is provided by a third-party lender unaffiliated with SFW under terms and conditions arranged directly between the homeowner and such lender, all subject to credit requirements and satisfactory completion of finance documents. Furthermore, any finance terms advertised are estimates only. SFW does not assist with, counsel, or negotiate with finance.