I would like to take out some equity on my home which is owned free and clear. I need to consolidate some credit card debt and do some renovation on my home. I also own a second property which was inheirited that has a reverse morgage that i need to refi out of.
Hi Mr. Wallace,I would suggest doing both mortgages at the same time. I would look at the values of both properties, the current loan amounts on each and also discuss how much money you need to consolidate your credit cards and accomplish your remodeling. You may be able to do a cash out refinance on your...

I am looking to get a mortgage loan with one year w2 in 2014. Is that possible?
Hi Jason,Yes, you can get a mortgage with 1 years W-2 income. There are a number of loan options available and I would happy to discuss them with you, just give me a call, 434-964-0310. We'll find the loan puts you in the best financial position possible.

Do conventional loans have a minimum salary requirement
A conventional loan may or may not have MI, it depends on your loan to value. You have to put 20% of the purchase price down to avoid MI on a conventional loan. You don't have to have a minimum salary but you have to make enough to cover the new mortgage payment and any other monthly payments like credit card,...

are 80/20 loans available in 2014?
There is a 97% option with no MI but I'm not aware of any 80/20 combination loans that avoid MI. There are also some 100% financing options with USDA RD loans and VHDA FHA combo loans but they both have MI. The only 100% financing option without MI is a VA loan for veterans with a disability.

how much lot/land can i get with USDA rural loan
There are no acreage limits with USDA loans but the land can not be greater than 30% of the total value of the property. A check of the tax assessment records would give you an idea up front of there was going to be an issue with this area. I would be happy to talk to you about the program and some other options...