Scott Sheldon is a local mortgage lender, with a decade of experience helping consumers purchase and refinance primary homes second homes and investment properties. Learn more at www.sonomacountymortgages.com.
The mortgage type that you can expect to qualify for would be an FHA mortgage or a VA mortgage. Some mortgage companies have a requirement called an “overlay” that requires a 10 percent Equity position. That is based on that individual mortgage company and that is not a specific guideline. If you’re told that you need 10 percent equity, pick a different mortgage company.