LOS ANGELES, March 28, 2013 /PRNewswire/ --
Americans with poor credit do not have to give up on their dreams of owning a home if they have poor credit or low incomes, says BadCredit-PaydayLoans.net.
The consumer finance site illustrates the point in its newly published guide for those wanting to get on the property ladder. The guide discusses that this is possible via standard methods if credit scores allow, or with more creative approaches.
BadCredit-PaydayLoans.net announced the publication of the guide in the following statement that was released to the press.
"BadCredit-PaydayLoans.net is happy to announce the availability of a guide on bad credit mortgage options and enterprising alternatives to standard mortgages. We are especially pleased to be able to offer this guide to consumers for free."
Regarding the contents of the guide, the statement added, "It contains important contact information for agencies and non-profits that may be able to assist, as well as laying out the preliminary actions consumers should follow in order to receive confirmation about their credit score. This will help many to know what path they should follow. We invite consumers to the site and encourage them to read the guide and use its practical advice to help them navigate the bad credit and alternative home-funding sphere."
According to the guide, the first step for all individuals considering a mortgage is to access their credit file. The site provides links on how to do this for free ad contest any errors that might be discovered. Additionally, the guide advises obtaining the official credit score that has been attached to the credit file. A score of 725 or above is desirable to most banks and standard lending institutions, making individuals with a score in this range likely to fulfill the criteria for standard mortgage applicability.
For individuals with scores below this threshold, the guide discusses a number of alternative ideas, such as negotiating a lease with an option to buy, finding private lenders or even looking towards some purchase assistance programs for those with bad credit or low incomes.
To learn more about bad credit mortgages and to read the free guide, visit: http://www.badcredit-paydayloans.net/bad-credit-mortgage-options.html
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