Boxwood Mortgage LLC - Home Loans

Boxwood Mortgage LLC - Home Loans

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I have a rehab coming soon in Woodbridge VA. If you have any buyers interested send me a messenger text.
Did you know that there is a 3% Down Payment Conventional loan? 3% Down pmt Conventional loan vs FHA with 3.5% down payment. FHA Mortgage Insurance has to be paid for the life of the loan. You have lower loan limits IF your credit score is 760 or above, FHA's Mortgage insurance is almost double the cost. Did you know that FHA loans also have a higher revenue for lenders? Don’t let your buyer be put on the wrong loan for the wrong reasons. Encourage them to be informed on all their options based on their needs and qualifications. Geroldine Patti Contrasto Branch Manager | Senior Mortgage Officer NMLS # 294661 Peoples Home Equity 4739 Merwin St, Unit E & D | Houston TX 77027 | Co. NMLS #63371 Ph:713-387-9521 | Fax 832-862-8005 [email protected]
"Strength doesn't come from what you can do, it comes from overcoming the things you once thought you could not”

Our purpose is to fulfill the dreams of homeowners by delivering exceptional service to our customers while providing our teams the opportunity to grow and build in an industry they have chosen as their career.

With our offering of portfolio products, we aggressively seek to help all types of investors achieve their financing objectives. As residential lenders, our breadth of products cover primary homes, second homes, and investment properties. We offer conventional and government loans for first time home buyers, VA loans for our Veterans, and portfolio loans for investors. We are also specialists in Foreign National loans. Our commercial loan division offers solutions for investors looking to finance shopping centers, multi-family buildings, warehouses, and office buildings with values over 1 million usd. We cater to the small business owner, and welcome self-employed borrowers who seek financing for owner occupied properties.

Operating as usual

The time for celebration and gathering is about to begin. Prepare yourself to embrace all the joy and love on this holiday. Wish you a Merry Christmas Eve!

Wonder if you are eligible for a VA loan? Contrary to popular belief, VA loans are available not only to veterans, but also to other classes of military members.

The list of eligible borrowers includes:
- Active-duty service members
- Members of the National Guard
- Reservists
- Surviving spouses of veterans
- Cadets at the U.S. Military, Air Force or Coast Guard Academy
- Midshipmen at the U.S. Naval Academy
- Officers at the National Oceanic & Atmospheric Administration.
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For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

📷 Sharing My Personal Journey 📷
When I get stuck or I do not feel creative, I like to break the pattern by doing something I have not done in a while. Whether it is related to my work or personal. Sometimes I take on a physical challenge or I get outside in Nature.

What do you do when you get stuck or have a creative block?

When applying for a home loan, when can Auto Allowance & Expense Accounts be considered as additional income?

- If received for less than 2 years, they should not be used to calculate the client’s DTI, but can be used as a compensating factor.
- All associated business expenditures must be included in the calculation of the client’s total DTI in order to use as income.
- Expense reimbursements may not be used as income.
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For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

WITTY SALES TIPS
How to have casual referral conversations?

“I was wondering if your best friend was going to buy/sell/borrow, do you know an agent/lender that you would feel comfortable introducing them to?” If they say no, you say, “I would love to be the person you feel comfortable introducing your friends to who need real estate/mortgage advice.
What would have to happen right now for us to make that a reality?

What is Tip income and when can it be used to qualify for a home loan?

Tip income is money and goods received for services performed by food servers, baggage handlers, hairdressers, casino dealers and others. Tips go beyond the stated amount of the bill and are given voluntarily.

Eligibility:
- Tip income may be used to qualify the client if the underwriter verifies the client has received the income for the last 24 months.
- The underwriter must develop an average of the past two years tip income to determine the amount of income that may be considered in qualifying the client.
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For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

Using Bonus income to qualify for your next mortgage loan?
Eligibility For Fannie Mae products:

- Minimum of 24 months history of receipt is required.
- 24 months history must be the most recent 24 months.
- Bonus from multiple employers is acceptable to meet the 24 month history.
- Does not need to be in the same line of work if from multiple employers.
- In order to be an eligible source of income, bonus must have been received from the current employer.
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For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | Mortgage Broker | NMLS #294661

🔺You should totally shop for the best VA Loan Rate 🔺

- VA loans are neither originated nor funded by the VA. They are not direct loans from the government. Furthermore, mortgage rates for VA loans are not set by the VA itself.

- Instead, VA loans are offered by U.S. banks, savings-and-loans institutions, credit unions, and mortgage lenders — each of which sets its own VA loan rates and fees.

- This means you can shop around and compare loan offers and still choose the VA loan that works best for your budget.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521 or email us at [email protected]
Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

When can foreign income be used to qualify for your new home loan?

- Foreign income is income earned in a country other than the United States. This income can come from W2 employment, self-employment or passive income.
- Foreign income exclusion - IRS may allow foreign income to be excluded from the client's taxable income. This is entered as a negative number in the other income field on the tax return.
- Wages earned in the US or overseas may be considered an acceptable source of income if verified through a 3rd party source.

Ineligible:
- Income earned by a foreign corporation, self-employment or government that is not established and not easily verified through a 3rd party source is not allowed.
- Rental income not reporting on the 1040s.
- The client must be able to show a 2 year history of receiving foreign income and must be filed on the client's most recent tax returns.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

What are Identifiable Deposits that don’t require sourcing?

Deposits that are clearly identified on the bank statement do not need to be considered large deposits, such as:

- Automatic payroll deposits
- Social Security income
- Pension/Annuity income
- IRS tax refunds
- FEMA deposits

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

Employed by a Relative while buying a home?

A client working for a family/interested party must have been employed long enough to have received one W2 from their current employer and the income must be reported on the previous tax year return.

Obtain ALL of the following:
- Proof of meeting hourly and salary document requirements.
- Tax transcripts are obtained to ensure the client's reported earnings are in line with the Income reported on the W2 from family or an interested party.

Freddie Only: Most recent year's tax return.
Fannie, Agency Plus, Jumbo, VA, USDA, and FHA: 2 years of the most recent tax returns.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

When applying for a home loan, when can Auto Allowance & Expense Accounts be considered as additional income?

- If received for less than 2 years, they should not be used to calculate the client’s DTI, but can be used as a compensating factor.
- All associated business expenditures must be included in the calculation of the client’s total DTI in order to use as income.
- Expense reimbursements may not be used as income.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

WITTY SALES TIPS✨
How To Ask For Introductions:

Who’s the next person you know that is most likely to buy their first home? I know you know someone. As you continue scanning through the people you know who need my help, who comes in mind first?

I’m curious, what do you think would be the best way to introduce us?

♠️ Sharing My Personal Journey ♠️

Throughout the years I have become more confident in what I would call my non-negotiables.
I also just listened to a podcast that talks about the importance of not feeling guilty for changing your mind about certain beliefs of habits because the human necessities and desires are constantly changing as we evolve and learn new things.
So mine for now are;
I must engage in relationships where I feel respected and appreciated. As it is part of my commitment to honor the love, we must have for ourselves, and to be able to reciprocate to others.
Continue to learn every day and work on not only advancing your overall knowledge but also challenge yourself to things that you are fearful of.
Take responsibility. Check in with yourself and work on character flaws. To better serve humanity, to be the best version of yourself, be part of a solution and not the problem and to set an example.

What are 1-3 non negotiable rules you have for your life? How do they serve you?

Here are Income Types Never Subject to Taxes, which means the entire amount may be grossed up depending on the product type:

Child Support Income
VA Benefits
Military Income (certain types)
Workers’ Compensation
Supplemental Social Security
Adoption Income / Subsidy
Foster Care Income

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521. Patti Contrasto | NMLS #294661|| Boxwood Mortgage LLC | NMLS # 1824674

Want to use Bonus income to qualify for your next mortgage loan?

Eligibility:
- For FHA loans Bonuses that are received annually or on a recurring basis (ie monthly, quarterly or semi-annually) are acceptable even if the amount of the bonus changes.
- Minimum 12 month history of bonus income in a similar line of work is required. (This can be from multiple employers.)
- In order to be an eligible source of income, bonus must have been received from the current employer.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521

Witty Sales Tip✨
How To Discover If People Will Refer?

Joe Stumpf, the founder of “By Referral Only”, said that when it comes to
referrals, the population is
divided by 3 groups. He said 15% of the people will refer me with out even asking.
Another 15% won’t refer me because they don't promote under any circumstances, and 70% of people will refer if I ask them in an intelligent way.

What group do you think you are?

♠️ Sharing My Journey ♠️
Every high achiever and successful individual regardless or how smart and or talented they are naturally, needs a road map that works as an outline to the small and big steps they are to take to reach any goals. If we don’t, all we are is day dreamers with no strategy or plan on how to achieve our goals. Now, writing the goals is only one step of the way. Not being a procrastinator is a much bigger step to take action to.
Do you have a road map? Have you tried this method? Why or why not?

Ever heard that on VA loans you don’t have to pay mortgage insurance even with no down payment?

- Typically, lenders require you to pay for mortgage insurance if you make a down payment that’s less than 20 percent.

- This insurance — which is known as private mortgage insurance (PMI) for a conventional loan and a mortgage insurance premium (MIP) for an FHA loan — would protect the lender if you defaulted on your loan.

- VA loans require neither a down payment nor mortgage insurance. That makes a VA-backed mortgage very affordable upfront and over time.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521

Did you know that VA loans don’t have a down payment?

Most home loan programs require you to make at least a small down payment to buy a home. The VA home loan is an exception.
Rather than paying 3, 5, 10, 20 percent or more of the home’s purchase price upfront in cash, with a VA loan you can finance up to 100% percent of the purchase price.

The VA loan is a true no-money-down home mortgage opportunity.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521

Is a Credit Freeze Allowed when buying/financing your mortgage?

- For conventional loans, it is allowed if only 1 credit bureau has a freeze on the client's credit.
- For Government loans, credit freezes must be removed prior to application.

For any Mortgage related questions, we are here to help you, please give us a call at 713-387-9521

Boxwood Mortgage Series:
Comparison between FHA and Conventional loans.

In what conditions does the home needs to be?
FHA: Livable, Health and Safety. c3-c1 anything C4-5 repairs will be needed.
Conventional: Livable

Have any mortgage questions or doubts? We are more than happy to answer your questions. Please call us at 713-387-9521

[10/29/20]   Winter is around the corner and our homes need to be protected in more ways then we know... If you need help, I recommend contacting this company I used to help me prep my house when I listed it for sale. They are reputable, they are accountable, fast and they stand behind their work.

Their work ethic is admirable. When the city shot down due to covit, I was truly worried about their business, so I asked Saul the founder of the co. If he needed help seeking a SB loan to make sure he didn't lose his crew. And he said to me, he has been so blessed and so fortunate in his business, that with his savings he would be able to stay afloat. He didn't say it, but I also know that he has a mind set of; Being part of the solution and not the problem and not taking advantage of a system that is there to help those that really need it.

Here is his contact information.

Saul’s Remodeling
Residential & commercial Remodeling
832-347-7445 -Owner: Saul Cabrera
•Our Services•
•Flooring (carpet, ceramic, wood, etc.)
•Paint (indoor & outdoor)
•Roofing
•Fencing
•Patios/Decks
•Deck repairs/renovation
•Sheetrock repair
•Cabinets (kitchen/bathroom)
•Granite countertops
•Bathroom repairs
•Kitchen repairs
•Door installations/replacement
•Home add on
•Appliance installation
•Light fixture installation
And much more...
Email: [email protected]
Like us on Facebook @SaulsRemodeling
Follow us on Instagram @sauls_remodeling

Looking to grow your portfolio of rental properties and or acquire your first rental property?

TEXAS CASH OUT May the solution for you. Access the equity of your existing home, whether is your primary residence or rental, you can obtain a loan against the equity to use for;

- Down payment of a new home
- Pay off debt
- Buy more property with the cash
- Close in 20 days or less
- Appraisal waivers often available
- Escrow waiver at no cost

Call us to learn more about #texascashout at 713-387-9521.

Ever heard of our first time home buyer program, Home Possible?

Conventional options for borrowers looking to purchase with a low down payment or refinance with limited equity. A great alternative to FHA financing which can save thousands of dollars on Mortgage Insurance.

- First time homebuyers, move-up borrowers, and retirees
- 3% down payment
- Reduced Mortgage Insurance
- Income up to 80% of the Annual Median Income by County.
- Gift funds eligible for entire down payment

Call us to learn more about our #firsttimehomebuyer programs at 713-387-9521.

♠️ Sharing My Journey ♠️

Every high achiever and successful individual regardless or how smart and or talented they are naturally, needs a road map that works as an outline to the small and big steps they are to take to reach any goals. If we don’t, all we are is day dreamers with no strategy or plan on how to achieve our goals. Now, writing the goals is only one step of the way. Not being a procrastinator is a much bigger step to take action to.

Do you have a road map? Have you tried this method? Why or why not?

Boxwood Mortgage Series:
Comparison between FHA and Conventional

What’s the minimum FICO Score?
-FHA: 580
-Conventional: 620

For any mortgage related questions call at 713-387-9521.

Ever heard of the CONQUEST program?
Conquest is an exclusive program designed to help you save thousands of dollars with its competitive rates at the lowest rate ranges on all purchases and on any refinances.

With 30-year fixed rates ranging from 1.999%-2.999%* on purchases and rate/term refinances, it’s a great way to save money and increase the equity of your home.

Conquest is also available for VA borrowers with rates starting at 2.25%.

Features:
- Primary and secondary homes
- Purchase and rate/term refinances
- Offer very competitive rates at the lowest rates ranges
- Close your loan in 22 days or less
- Waive escrows at no cost
- Appraisal waivers often available

Call us for more information and a FREE quote (we don't have to run your credit) 713- 387-9521. We want to help make your first time buy the easiest possible.

Are you paying a lot of mortgage insurance? You will want to know about our ELITE Mortgage Insurance program.

Elite M.I. combines the cheapest lender-paid mortgage insurance in the industry with some of the lowest borrower-paid pricing, which means you only have to go one place to deliver a lower payment for your 640+ FICO borrowers. And since our lender is delegated with the M.I. companies, you’ll save 3–7 days on every loan by eliminating the second underwrite with no overlays.

- Among the lowest mortgage insurance rates in the industry
- Instant M.I. saves 3-7 days on the loan process
- No overlays
- No adjustments for Debt to income ratios or number of borrowers
- Starts at 640 FICO scores

We believe every family deserves to come to a place they can call “Home”

Why we do what we do every day? At “The Contrasto Team” we believe all families deserve the opportunity to place their earnings/savings in a low risk investment that represents safety for their family. When I came to the States at the age of 12, I spoke no English, nor could my single mother afford to send me to college. When I turned 20 I bought my first home, and I will never forget the proud moment I felt when I walked towards that front door, holding the keys to my own home.

How we do it? My team and I provide a personalized evaluations of your financials in an effort to structure the best home loan program, specific to your needs and long term goals.

What we do? We provide the funds to help you accomplish the dream of owning a place you can call “Home” regardless of your age.

Want your business to be the top-listed Finance Company in Houston?

Click here to claim your Sponsored Listing.

Videos (show all)

If you only learn one thing about mortgages today. This needs to be it!
Ever wonder what should be your first step when buying a home?
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property cash flow program
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3% Down Payment Program

Location

Telephone

Address


2700 Post Oak Blvd 21st Floor
Houston, TX
77056

Opening Hours

Monday 09:00 - 18:00
Tuesday 09:00 - 18:00
Wednesday 09:00 - 18:00
Thursday 09:00 - 18:00
Friday 09:00 - 18:00
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