In roofing, money shouldn’t be everything. You should pick the roofers that have demonstrated their ability to do right by you and your property. Realistically, though, we understand that roofing costs are always going to impact the final decision. With the Florida PACE program, though, you can cover roof replacement and repair costs with no hassle and no money down.
It may sound too good to be true, but the PACE program is a government-operated loan service that makes roofing services much more accessible to the average Florida homeowner. We’re PITCH Roofing, and as your local roofing partner, we consider it our job to explain your roof financing options. Stick with us as we walk you through everything that the PACE program has to offer!
How Does the Florida PACE Program Work?
The PACE program allows homeowners to pursue home improvements even if they don’t have the money for a major project right now. PACE (Property Assessed Clean Energy) was created in 2010 to allow homeowners to get up-front financing for hurricane hardening and clean energy improvements to their homes.
What sets this program apart from other lending options is that PACE does not require a down payment. This makes roof financing much more available to low-income homeowners who may not be able to afford a large up-front cost when the time comes to repair or replace their roofs. Additionally, there is no credit score requirement for the PACE program.
Rather than looking at your credit score, PACE eligibility depends on your home equity and income. Without steady income, it is unlikely that a homeowner will qualify for a PACE loan due to lending concerns about paying off the loan. However, by basing the requirements in income rather than credit score, PACE loans are available to more homeowners than a home equity line of credit (HELOC).
This covers the rough idea of how the PACE program operates. But what can it do for your roof?
What Home Improvements Qualify for PACE Funding?
The PACE program is very broad in the types of home improvements it will fund. These include things like HVAC units, new windows, water heaters, etc. When it comes to roofing services, the PACE program provides funding for:
- Roof replacements
- Roof repairs
- Roof insulation
- Cool roofing features
- Skylight installation
- Gutter repairs and installation
- Attic ventilation
- Energy-efficient roofing upgrades
In addition to this wide variety of services covered, the PACE program allows you to choose your own roofers. This means that you can choose roofers you trust and make your own decisions about who works on your property.
As you can see, there are very few limitations when it comes to using the PACE program to fund roofing services! No matter what roofing problem you’re experiencing, you can get relief from PACE funding. If you’re feeling like this is too good to be true, you’re not alone. Many Florida homeowners are wary of any new program that claims to offer easy, accessible funding. Let’s talk about the potential downsides of the PACE program to make sure you know what to expect when signing up!
What Are the Downsides of the PACE Program?
The Florida PACE program doesn’t have any downsides in the sense that the program is exactly what it claims to be: a readily available loan service provider for home improvements. It provides exactly what it claims and is not a scam. However, there are a few important things to know before signing up for PACE funding.
PACE program loan rates range from 6% to 12.99%, with most homeowners paying somewhere between 6 and 8 percent. When repaying your loan, you pay through your property taxes. This means that, like with any HELOC, failure to pay could cost you your home. For this reason, it is extremely important that you completely understand the terms and interest rate of your loan so that you can be certain that you will be able to repay this loan.
Another potential “downside” of this program is that it’s not available everywhere. To receive PACE funding, your property must be in a county or city that has approved use of the PACE program. You can check out their service areas to see if PACE funding is available in your area.
To qualify for the PACE program, a homeowner must meet all four of the following requirements:
- Be up-to-date on property taxes and not have been delinquent on property taxes in the past 3 years
- Be up-to-date with mortgage payments
- Have received no notices of default in the past 3 years
- Have no involuntary liens on your home
While the PACE program is perfect for some, it simply isn’t right for others. At PITCH, our concern is always with getting you high-quality roofing services, not with who services your loan. To make sure you’ve got great roof financing options available, let’s talk about your other options!
Roof Financing Alternatives to the PACE Program
Whether PACE funding isn’t available where you live or it just isn’t the right fit for you, you still have great roof financing options available. In Florida, there are two main ways that people get roof financing: through their chosen roofing company and through a HELOC.
PITCH Roofing Financing
At PITCH, we proudly provide low-interest roof financing. In fact, we even offer 0% roof replacement financing for the first year of your loan. This allows local homeowners to get essential roofing services and pay them off on a more comfortable timetable!
To qualify for a loan through PITCH, you don’t need a huge down payment or perfect credit. Most of our financing plans don’t even require upfront payment! While it’s important not to take out a loan that you can’t pay back, roofing services are a necessity that we want to provide to as many people as possible.
Home Equity Line of Credit
A HELOC is a great roof financing option for some homeowners. With low interest rates, these are some of the most sought-after loans for financing roof replacements. The only drawback is that HELOCs have some of the highest requirements to qualify.
For a HELOC, you’re borrowing directly against the equity that you have in your home. This means that if you don’t have equity, or not enough to cover the costs of your roofing project, you won’t be able to use a HELOC. Additionally, HELOCs require good credit. While lower credit scores may qualify for a HELOC, to get the best rates, you will want a credit score of at least 650.
Get High-Value Roofing Services for Your Investment
Figuring out roof financing is rarely fun. But whether the PACE program or another roof financing option is right for you, PITCH will be here to make sure that you get your money’s worth in high-quality roofing services. When you’re ready to start the roofing process, we’ll be here to give you a free, no-obligation roofing estimate.
For your free roofing cost quote, call us at 727-677-4824 or schedule your estimate online. Our estimates are thorough, covering the full scope of work for your job. This leaves no room for hidden fees or guesswork! When you want transparent communication and high-quality workmanship, PITCH Roofing is the natural choice!
Heather Ware is an In-House Roofing Specialist at PITCH Roofing. Working daily alongside our internal roofing teams, she translates complex Florida building codes and roofing techniques into clear, actionable advice for homeowners. With 4 years of experience in the Florida roofing industry, her goal is to ensure property owners have the exact facts they need to protect their investments.
