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Unexpected foundation repair costs are stressful — especially if you don’t have readily available funds to cover them.

Depending on your circumstances, you might wonder how to finance foundation repair or how to obtain foundation repair financing for bad credit. You might also explore DFW foundation repair financing options to see how you can finance foundation repair.

Ecoscape Foundation & Home Services has helped Dallas-Fort Worth clients with home upgrades and foundation repairs for years. In 2018, Ecoscape became a Limited Liability Corporation and soon became a major player in the foundation repair industry.

As part of the business expansion, Ecoscape began contracting with Foundation Finance Company to offer incredible financing options to Ecoscape clients.

Ecoscape foundation experts know firsthand that foundation repairs can’t wait. Let’s explore ways you can finance foundation repairs when issues arise.

Financing Options for Foundation Repairs in Dallas-Fort Worth

Household repairs are never fun, but foundation issues can jeopardize the entire structure of your home. Therefore, it is essential to resolve foundation concerns as soon as possible to prevent further damage.

Foundation repair costs can vary widely depending on the extent of the issue. The average foundation repair cost is between $2,250 and $8,600 — or an average of $5,400, according to Forbes Home. Small foundation projects can start at around $200, and extensive foundation repair work can cost as much as $52,000.

Large repair bills can quickly drain your household emergency fund. If you don’t have reserves to cover foundation issues, you’ll need to explore financing options to spread foundation repair costs out over time. Let’s explore some possibilities.

Check Your Homeowner’s Insurance Policy

One of the first resources you can check is your homeowner’s insurance policy. Depending on the cause of the foundation issues, your policy might cover the damages and repairs, less the deductible.

Contact your insurance company’s customer service department to clarify coverage and take necessary actions to start eligible repairs.

Government Assistance and Nonprofit Home Repair Programs

Some Dallas-Fort Worth homeowners may qualify for government assistance programs from the U.S. Department of Housing and Urban Development or the Texas Department of Housing and Community Affairs.

You can also check out state, local, and national nonprofit organizations that help homeowners with home repairs. The U.S. Department of Housing and Urban Development in Texas lists the following organizations for home repair assistance:

Click each link above to learn about each of these programs, including the criteria for receiving assistance with home repairs. Some programs offer loans that homeowners will repay, while others offer grants that don’t require repayment.

Personal CD, IRA, or Employer 401(k) Retirement Withdrawals

If you have personal savings investment accounts like CDs, an IRA, or a 401(k) account from your employer, you can opt to withdraw funds to cover foundation repairs.

You can borrow up to 50% of your 401(k) balance for home repairs. However, Bankrate notes some drawbacks to consider, including having to pay your entire 401 (k) loan balance back by the due date of your federal tax return if you lose or quit your job.

You may also incur a 10% early withdrawal penalty tax if you take a distribution before age 59 1/2. According to IRS rules, you’ll have to include any untaxed distribution in your gross income the year you take out the loan on withdrawals made prior to the required age.

Personal and Home Equity Loans

Eligible homeowners can pursue getting a personal loan from a bank, credit union, or online lender. Some personal loans are unsecured, and others require collateral. Terms, interest rates, and contract length will vary according to each individual lender’s income, credit, and eligibility criteria.

You can also consider taking out a home equity loan to cover the cost of foundation repairs. You can go through your original mortgage lender or find a wide array of home equity loans online.

The amount you would receive on a home equity loan would be the current value of your home, minus the amount you already have financed in a mortgage, according to Forbes Advisor.

Benefits of home equity loans include:

Lower interest rates (depending on credit score and other criteria).
Lump sum funding.
Flexibility in using the funds.
Longer repayment terms.

Home equity loans and HELOC (Home Equity Line of Credit) lenders typically have multiple loan requirements. So, approval may be challenging for some customers.

Ecoscape Offers Several Foundation Repair Financing Options

Ecoscape understands foundation repairs are critical and can’t wait. We also know unexpected home repair bills can be challenging to cover. That’s why we offer multiple special financing options to cover your foundation repair needs.

Taking advantage of our programs means you don’t have to spend a lot of time pursuing other financing options. Plus, Ecoscape works with premium lenders in the industry to help you get the best rate possible.

Ecoscape’s financing options include:

100% financing.
No-money-down financing.
Deferred payments.
24 months at 0% interest.

We also proudly offer a lifetime warranty on our work and a 5% discount on all services for seniors, teachers, veterans, and first responders.

Don’t Delay Foundation Repairs – Contact Ecoscape to See How We Can Help

Ecoscape has a proven track record as a top foundation repair company in Dallas-Fort Worth. Don’t delay foundation repairs. Letting foundation issues go can cause even more damage to other areas of your home, costing even more money to fix in the long run.

Contact Ecoscape to schedule a consultation for a foundation assessment and repair quote. Once you obtain a repair total, we can also work with you to pursue the best financing options from our network of premium lenders. We can’t wait to see how we can help!

This article was created by an external contributor. Members of The Dallas Morning News editorial and news staff were not involved in the creation of this content.