Will a Bank Finance a House With Foundation Problems?

So you’ve found the perfect fixer-upper house, one which will serve you well either for investment purposes or as a new residence.

There’s only one problem, though: it has home foundation problems.

Will a bank finance the repair work? Believe it or not, you have options that are worth considering. Federal-backed loans can help to turn your distressed home into a residential gem.

Three ways that Uncle Sam can help

The government knows that real estate is a vital part of the American economy. That’s why it’s happy to encourage and support home repair and investment.

The three primary options offered by Uncle Sam are:

  • A Freddie Mac CHOICE Renovation Mortgage: This program is especially aimed at real estate investors. It’s a good option if you’re interested in “flipping” the home. It does require reasonably good credit.
  • A Fannie Mae Home Style Renovation Mortgage: This program’s primary advantage is the flexibility it offers. You can use any qualified contractor you choose, including Align Foundation Repair. You can also use the funds to pay for other related expenses, such as inspection fees and title costs.
  • An FHA 203(k) Loan: This program is designed for homeowners with challenged credit who need help repairing or improving their residence. While it’s easier to qualify for these loans, they do come with higher interest rates than other programs. Still, they offer a far better option than letting your home’s foundation problems grow worse over time.

How to access these programs

Freddie Mac, Fannie Mae, and FHA loans are provided in partnership with private lenders.

Before applying, you should gather as much information as you can about your personal finances and the home that needs financing for foundation repair. The better organized you are, the quicker and easier the approval process will go.

Align Foundation Repair’s financing option

Another option worth considering is our financing program. It’s specially designed to help residents in the Dallas-Fort Worth area as well as North Texas in general. It offers payments as low as $125 a month and no prepayment penalties. Our customer service experts can give you all the details.

The first step in repairing a bad foundation is to know how much the job will cost. That’s why we invite you to contact us for your free, no-obligation quote.

Having this information on hand will help you to make a fully informed decision. So reach out to us today. We look forward to hearing from you.

What to Do When You Can’t Afford Foundation Repair

Repairing a damaged foundation is essential for living safely and comfortably in your home. Despite this fact, homeowners sometimes delay this important work due to worries about excessive costs.

If that sounds like you, then we have good news. Align Foundation Repair offers financing terms with no prepayment penalty and payments as low as $125 a month. You can get all the details by calling us today.

There are also a number of other ways to access foundation repair financing services. These include home equity loans, cash out refinancing, credit cards, personal cash loans, and government-sponsored loans and grants. Each is worth considering as you explore your options.

Home equity loans

Home ownership is an excellent financial investment. That’s because most homes acquire equity over time, allowing the owner to tap into that value to obtain cash.

Home equity loans vary widely in terms of available amounts, interest rates, and requirements for approval. We encourage you to explore all of these opportunities, even if your credit is less than perfect. You never know what’s available until you look around.

Cash out refinancing

Refinancing offers many potential benefits, such as a lower interest rate and smaller monthly payments. It may also give you cash you need to pay for foundation repair.

Like home equity loans, cash out refinancing programs vary widely. This is another situation in which exploring all of your options can pay off in a big way. Just make sure that you only deal with reputable and established lenders. You may find the perfect opportunity for your needs.

Credit cards

Credit cards are great things to have on hand when the unexpected knocks at your door. If your available credit isn’t enough to cover your foundation repairs, then you may want to ask the company for an increase. In many cases, the bank is happy to grant the request.

Personal cash loans

These are available from banks and finance companies across the country. Usually, all you need is reasonably good credit and a small amount of collateral.

You may also want to reach out to friends or family members for help with foundation repair financing options. A damaged foundation is a serious problem that requires immediate attention for your safety and well-being. The sooner you have the work done, the sooner you can put the problem behind you.

Government-sponsored loans and grants

Uncle Sam offers several programs designed to help homeowners keep their residences in good repair. We recommend contacting the responsible government agency directly rather than working through a third party. That way, you avoid unnecessary service fees and waiting periods.

One more thing: you may find that foundation repair is more affordable than you think. For that reason, we invite you to get in touch with us here at Align Foundation Repair today for your free, no-obligation quote. At the very least, you’ll have the facts you need to make an informed decision.

Home Foundation Repair Financing

How to Pay for Foundation Repair with No Home Equity

A damaged foundation is one of the worst problems a homeowner can face. Left uncorrected, it can ruin your home’s value while exposing you and your family to serious safety risks.

Despite this fact, many homeowners put off having their foundation repaired, often due to fears of high costs.

If this sounds like you, then we have good news. Not only is the work more affordable than you may think, but there are many possible ways to pay for it. This is true even if you have no equity in your home.

Align Foundation Repair offers financing arrangements with low monthly payments, no prepayment penalties, and interest rates as low as 8.9%.

We’ll look more at these financing opportunities in just a bit. For now, let’s consider the high cost of ignoring foundation repair.

What Happens When Good Foundations Go Bad

Here’s what happens when your home’s foundation starts to fail:

  • Creaking doors and cracked windows: One of the first signs of a damaged foundation is a door that no longer fits its frame. As the problem worsens, you may notice your windows cracking or falling out altogether.
  • Unlevel floors and out-of-square walls: In a properly built home, corners are an even 90° and floors run straight across with no sagging. A damaged or sinking foundation can destroy these important symmetries, damaging your home’s framework and ruining its aesthetics.
  • Cracked Drywall: Telltale signs of a settling foundation are cracks in the drywall. Cracks may appear horizontally, vertically, or in “stepped” formation. The larger the cracks, the more likely they are due to foundation issues.
  • Collapsing chimneys: A sagging foundation can cause a brick chimney to lean sideways until it falls down altogether, creating a potential fire hazard and exposing you to legal liabilities.

Foundation Repair Payment Options

As you can see, foundation problems are too serious to ignore. Now let’s look at ways to pay for the necessary repairs:

  • Savings: Putting aside a little money for a rainy day is a time-honored way of guarding against future calamities. What better way to use these funds than to fix a damaged foundation?
  • Personal loans/credit cards: If you’ve suffered financial problems in the past, then a friend or family member may be able to cosign on your behalf.
  • Financing arrangements through our affiliated lenders: These programs offer several advantages, including 12-month same-as-cash, long terms to keep the monthly payments low, no prepayment penalties, and interest rates as low as 8.9%.

Contact us here at Align Foundation Repair today to learn more. We’ll provide you with a no-obligation quote, explain your options for financing foundation repair, and leave you with the facts you need to make an informed decision.

How to Finance Your Foundation Repair

Home improvement projects fall into two classes: those that can wait and those that can’t. Knowing the difference between the two is all-important, not just for your home’s resale value but your personal safety as well.

When it comes to foundation repair, the dangers of putting it off are too great to risk. After all, any house is only as sound as the structure that supports it.

That might make a lot of sense to you – but what if your household is on a pretty strict budget? Where’s the money coming from to pay for the work?

Here at Align Foundation Repair, we understand completely. After all, extra funds are tight for millions of homeowners across the country right now.

That’s why we’re excited to tell you about the many foundation repair financing options we offer to our customers, with monthly payments as low as $125. Don’t delay this crucial work when help is readily available.

A problem too serious to ignore

Nothing poses a greater risk to your home than a damaged foundation. Here’s why:

  • A failing foundation can cause problems throughout your house: Such as unlevel floors, windows that won’t open or shut, and doors that stick or won’t stay closed.
  • Cracks in your foundation create the perfect entry point for moisture: Water can flood your basement or crawl space, promote mold or mildew growth, or cause your home’s wooden supports to rot away, putting the entire structure in danger of collapse.
  • A bad foundation can devastate your home’s resale value: A house with foundation problems is almost impossible to sell in most markets.
  • Time will only make the issue worse: Sometimes, a foundation becomes so weak that the property is condemned, forcing the family to abandon it altogether.
  • Disregarding the problem now can cost you a lot more later on: Eventually, it may get to the point where a brand-new foundation is needed, a job that can cost tens of thousands of dollars.

For all these reasons and more, we urge you to call us today to discuss foundation repair finance. Tomorrow may be too late.

How to Pay for Foundation Repair

Besides our programs, there are a number of other ways to pay for the job. They include:

  • A home equity loan: Which can put cash in your pocket just when you need it the most.
  • A personal loan: Either from your bank or a private financing company.
  • Credit cards: Which are handy to have when an unexpected expense arises, such as the need for foundation repair.

Get in touch with us here at Align Foundation Repair today to learn more. We’re happy to help you in any way we can.