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...