combine two mortgages into one
Wow, sell, sell, sell - forget about what's good for the consumer!Why exactly do you want to combine the two loans? Did you take out both loans at the time you bought the home? (ie, did you ever take equity out of the property?). If you are looking to combine the two to reduce the rate, you may be...

We would like to Purchase $879,000 home with 15% down.
Absolutely, this can be done. I work for a local portfolio lender and this is one of our niche products, which allow 2nds up to 150K. The rate on the second is higher, however, unlike PMI (if your AGI is >100K), it is tax deductible. We also have a line of portfolio products that allow us to count rental...