Modtek Roofing Specialists recently expanded with (2) locations to serve you better.
Qualifying Modtek Customers Can Now Secure Roof Financing
At Modtek Roofing, we are consistently searching for ways to improve the customer experience. Whether guiding customers in choosing a roofing system, or on-site working on a roof, we aim to provide the utmost customer service. Most recently, we have become a trusted contractor for the Solar and Energy Loan Fund (SELF). This allows qualifying Modtek customers to secure roof financing for their next roof repair or replacement.
As a SELF contractor we are able to expand our business to more homeowners with a low and moderate income (LMI), and people with low credit. This is because SELF applicants’ eligibility isn’t determined based on credit score, but by the homeowner’s recent payment history and ability to pay.
Roof financing: What is SELF and how customers benefit?
SELF is an independent, non-profit, community-based lending organization focused on financing home renovations that promote energy efficiency, storm protection, water conservation, and disability products. Read about the company’s mission here.
The program provides unsecured home improvement loans starting at just 5% interest. Additionally, there is no minimum credit score requirement. SELF approves applicants based on their ability to pay.
Only trusted SELF Contractors such as Modtek Roofing, are permitted to provide roof repair and replacement services to SELF recipients. From pre-screening roof contractors to ensuring fair pricing, the non-profit organization manages the roofing project throughout the entire roof repair/replacement process.
Customers requesting the following services may receive financing through the SELF program.
- Roof Replacement (Tile, Shingle, Metal)
- Roof Repair & Reinforcement
- Hurricane Clips/Straps/Roof Anchors
- Roof Soffit Vent Sealing/Flashing
- Reflective Roof
Roof financing: applicable programs for customers
- The Self Loan is available for every qualifying roof customer. The program provides loan assistance of $1,500- $50,000 with a fixed interest rate of 5-11% and a fixed term of 3-8 years.
- KIVA – A crowdfunded micro loan available to women and veterans. The program provides $1,000- $10,000 in loan assistance with a fixed interested rate of 5% and a fixed term of 3-5 years.
- Wind Mitigation – Storm protection and lower insurance rates for qualifying customers. The program provides a loan assistance of $1,500- $50,000 with a fixed interest rate of 8-11% and payable within 3-8 years.
Eligibility requirements for all SELF programs
- Primary Applicant must be the OWNER of the RESIDENTIAL subject property
- Applicant(s) must prove the ABILITY TO PAY (i.e., Employment, Social Security, Disability, etc.)
- Property Taxes must be current
- Home Mortgage loans must be current (with proof)
- Primary Applicant cannot have a bankruptcy in the past 12 months
- Must have demonstrated need and difficulty accessing capital from other lenders
- Co-signer or cash guarantee (i.e. 5-20% of total project cost) may be required depending on the Applicant(s) previous payment history
KIVA – additional eligibility requirements
- Available to female Homeowners and U.S. veterans
- Must have demonstrated need and difficulty accessing capital from other lenders
- Must provide inspirational story
What else is there to know about SELF?
SELF Loans are generally given to those who do not qualify for traditional bank loans since credit is not a determining factor. However, SELF financing is available for everyone who does not wish to pay high interest rates on home improvement loans, regardless of their credit score. Therefore, a Homeowner with great credit can apply to the SELF Loan, but may receive a lower interest rate through their bank.
In 2018, SELF reported the following results:
- $10 Million in Total Loans
- 70% LMI HouseHolds
- 138 Homes Retrofitted
- 3,414 People Benefited
- <1.5% Default Rate
- 30,000 Job Hours Created
- 25% Avg. Savings on Energy Bills
- 1,100 Metric Tons of C02 Reduction
Ready to apply?
It’s simple to start the application process. You will need to provide proof of income, a valid ID, and your Modtek Roofing quote. You may also pre-qualify before applying. Click here to begin.
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