One of the most held dreams by most residents of Seattle is to own a home. Entrepreneurs in real estate such as Sea Pac Homes have invested heavily to build houses for this ever growing market. Buying a house has its expenses which are sometimes prohibitive to many. Taking mortgage to fund home purchase has been the choice of those who can’t afford cash purchase.

The credibility of the buyers is an issue or test that many may fail to pass which is the potential ability of payback to the financiers. There has to be a legal way which has to be dully followed before granting any mortgage. There are therefore various requirements that are needed in order to buy and own new homes Seattle.

Creditworthiness of a buyer is the first thing that a lender looks for as this will rate how good or bad one is with paying up their debts. The rate mostly ranges from 300 to 500. The lenders will have to use the past payments of the buyers and assess how and when they paid them. The pain comes to those who never paid these loans well enough because their credit score becomes low.

A credit score of above 650 is average and is considered good. If it happens to fall below 620 it is a bad one and if you are going to get the financing it will come at a very high interest. Scoring above 720 that is very good and chances are high that your rates will be the best. You pay less since you have shown capability of paying without issues in the past.

To get financing to move in ready homes Seattle you should show your financial ability to pay back the loan. A stable income from employment is the one mostly considered than the self employed one which income can vary from month to month. Your debt to income ratio (DTI) is also considered. A person with a very high DTI will have less capability to pay and will most likely to considered. Most financiers will rarely lend to a person with 45% and above DTI

The third thing considered is the quality or condition of the collateral you are using for the mortgage. In this case the collateral will be the Seattle new homes from Sea Pac. Valuation of the new home will be taken by real estate professionals from the financier. This is done to get the Loan to Value ratio (LTV) which gives them the value of the risk they are taking in financing it.

The lower the LTV, the higher the chances of buying homes in Seattle. The auction price for a low LTV homes will be at least be above the amount the lender is looking to get from you in the case of default. Higher LTV home attracts higher interested rates.

Considerations are now complete, plus others that may be requested by the financier leaving the path of owning a Seattle Sea Pac houses more clearer and closer. Ownership is done jointly with the mortgage lender and the buyer giving you a chance to move in to the dream house. A dream that was almost distant becomes a reality.

For the latest listings of Sea Pac homes, take a look at our affordable properties on the Web. See all the new homes Seattle has to offer right now at http://seapachomes.com.