South Florida homeowners have more ways to finance home improvements than most states offer — including a state grant program that pays up to $10,000 with no repayment required. The options range from grants and no-credit-check financing to home equity lines and government renovation loans.
Here's how each works, who qualifies, and what to watch out for.
Start Here: My Safe Florida Home Program (Free Money First)
Before you look at any loan, check the My Safe Florida Home program. It's a Florida state initiative that offers two things: a free wind mitigation inspection and matching grants of up to $10,000 for qualifying wind-resistance improvements.
What qualifies for grants: Impact windows and doors, roof covering upgrades, opening protection (shutters), exterior door reinforcement.
How matching grants work: The program matches your spending 2-to-1 up to the cap. You spend $5,000; the state contributes $10,000. Your total project is $15,000 for a $5,000 out-of-pocket cost.
Who qualifies: Florida homeowners with a homestead exemption and a home insured value under $700,000. Funding is limited and disbursed on a first-come basis — this program runs out of money regularly. Apply early in the calendar year.
Why most homeowners don't know about it: The program isn't widely advertised. Contractors don't always mention it because it doesn't affect their revenue. We mention it because it affects yours.
Before financing anything that qualifies — impact windows, roof work, opening protection — check current program status at mysafefloridahome.com.
PACE Financing (Property Assessed Clean Energy)
PACE is a Florida-specific financing structure where the loan is attached to your property, not your credit score. There is no credit check.
How it works: The lender pays your contractor upfront. You repay through an additional assessment added to your annual property tax bill over 5, 10, 15, or 25 years.
What qualifies: Impact windows and doors, new roofing, solar panels, HVAC systems, insulation, battery storage — anything improving energy efficiency or wind resistance.
Rates: Typically 6–9%. Not the cheapest rate, but accessible to homeowners who can't qualify for traditional financing.
The disclosure requirement: The assessment transfers with the property when you sell. You must disclose it, and many mortgage lenders require it to be paid off at closing — which can complicate a sale. If you're planning to sell within 5 years, this matters.
Who it's right for: Homeowners who need impact windows or a new roof and can't qualify for traditional financing. Also useful for investment properties where a bank loan isn't available.
PACE gets mixed reviews. Most of the complaints come from homeowners who didn't read the terms — specifically the part about the assessment at sale. The terms are worth reading. The product itself is legitimate and genuinely useful for the right situation.
Contractor Financing: GreenSky and Service Finance
Most licensed contractors offer one or both of these at the point of sale. They're distinct products with different structures.
GreenSky offers promotional periods — typically 12 to 18 months at 0% interest — followed by standard rates if not paid in full.
- Loan amounts: $1,000–$65,000
- Credit requirement: 620+ (680+ for best terms)
- The important distinction: "deferred interest" is not "no interest." Every month of that promotional period, interest is accruing in the background. If you haven't paid the full balance when the promotional period ends, all of that accumulated interest gets charged at once. Set a calendar reminder for 30 days before the deadline. (Deferred interest is the financial equivalent of "we'll sort it out later." It never sorts itself out later. Set the reminder.)
Service Finance Company offers fixed-rate installment loans from 24 to 180 months.
- Interest rates: 6–13% fixed
- Terms: up to 15 years
- No promotional period risk — what you see is what you owe
GreenSky makes sense if you're confident you can pay it off in 12–18 months. Service Finance makes sense if you want a fixed monthly obligation over a longer term.
Home Equity Line of Credit (HELOC)
For homeowners with equity — and most South Florida homeowners have significant equity given the appreciation of the last five years — borrowing against the home is often the cheapest available rate.
How it works: Your lender approves a credit line based on your equity. You draw what you need, pay interest only on what you use. Most HELOCs have a 10-year draw period followed by a 20-year repayment period.
Rates: Typically 7–10% for qualified borrowers. Variable rate, which means it can move with the prime rate.
The trade-off: Your home is collateral. This is real leverage with real consequences. The application process takes 4–8 weeks. And drawing down your equity reduces your financial cushion.
Who it's right for: Homeowners with 50%+ equity, strong credit (720+), and a project of $30,000 or more where the lower rate justifies the paperwork and the risk.
Home Equity Loan (Lump Sum)
Same concept as a HELOC, but you receive the full amount upfront at a fixed rate.
Better than a HELOC for projects with a defined cost — a kitchen remodel, for example, where you know the number before you start. Worse for projects where costs might come in lower than estimated, since you're paying interest on the full amount from day one.
FHA 203(k) Rehabilitation Loan
Less commonly known but useful for significant renovation projects: the FHA 203(k) loan lets you roll renovation costs into your mortgage — either when buying a home or through refinancing an existing one.
Standard 203(k): For projects over $35,000 or structural work. Requires a HUD-approved consultant to manage the renovation plan.
Limited 203(k): For non-structural improvements up to $35,000.
Who it's right for: Homeowners buying a property that needs substantial work, or owners doing a major renovation (kitchen, addition, structural repair) who want to fold the cost into their mortgage. More paperwork than contractor financing, but often the lowest rate available for large projects.
Cash-Out Refinance
If your current mortgage rate is already low, this likely doesn't apply. But if you're refinancing anyway, a cash-out refinance pulls equity out in a lump sum at the mortgage rate — typically lower than any other option.
Works best when: Mortgage rates have dropped enough to make refinancing worthwhile on its own terms, and you need renovation money. Two birds, one loan.
Doesn't work when: Your current rate is better than available refinance rates. Don't trade a 3.5% mortgage for a 7% one to access $40,000.
Which Option Is Right for You
| Situation | Best Option |
|---|---|
| Qualifying project (windows, roof) + limited credit | PACE |
| Qualifying project + you heard about the grant program | My Safe Florida Home first |
| Good credit, can pay off within 18 months | GreenSky promotional |
| Good credit, want predictable monthly payment | Service Finance |
| Significant equity (50%+), large project | HELOC or home equity loan |
| Major renovation, buying a fixer-upper | FHA 203(k) |
| Refinancing anyway + need funds | Cash-out refinance |
Frequently Asked Questions
Does PACE financing affect my ability to sell my home?
Yes. You must disclose it, and many mortgage lenders require the remaining PACE balance to be paid off at closing. If you're planning to sell within five years, factor this into the decision. If you're planning to stay 10+ years, it's rarely a problem.
Is the My Safe Florida Home grant program currently accepting applications?
The program opens and closes based on available funding — it's funded through the state budget and typically gets allocated early in the year. Check mysafefloridahome.com for current status. When it's open, apply early.
Is deferred-interest financing a good deal?
Only if you're certain you can pay the full balance before the promotional period ends. Miss the deadline by a day and all the accumulated interest — which has been accruing since day one — gets added to your balance at once. It can be hundreds or thousands. Set a reminder 30 days out.
What credit score do I need for contractor financing?
GreenSky and Service Finance typically require 620 minimum, 680+ for better terms. PACE has no credit score requirement. HELOC typically requires 720+ for the best rates.
Can I combine PACE with a grant?
Sometimes. If your project scope exceeds the My Safe Florida Home grant cap, PACE can cover the remaining portion. Ask a contractor familiar with both programs — the combination isn't always straightforward but it's possible.
Do contractors charge more if I finance through them?
Sometimes. Financing programs charge the contractor a fee, and some pass it on to you as a higher project price. Always ask for the cash price and the financed price separately. Know what the financing is actually costing you.
What's the fastest financing option?
PACE can fund in 48–72 hours once approved. GreenSky and Service Finance can approve same-day. HELOC takes 4–8 weeks. FHA 203(k) can take 60–90 days. If a storm is coming and you need shutters this week, financing is probably not your path — you need cash or a credit card and a fast-moving contractor.
We work with PACE, GreenSky, and Service Finance — and we'll tell you about the My Safe Florida Home grant before we mention any of them, because free money beats a loan every time. If you're planning a project and want to understand all your options, call (786) 983-7928, Monday through Saturday, 8am to 7pm.
We don't get a cut of the grants. We just reckon you should know they exist.