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Scott Schang

Branch Manager

Branch Manager at Broadview Mortgage Long Beach, California, I am passionate about educating and empowering consumers. Feel free to call, text or email me at (562) 999-1355 or ScottS@broadviewmortgage.com

Specializing in the following areas

Blog

How to Remove Permanent FHA Mortgage Insurance

Pay For it Now or Later Many first time buyers believe that FHA financing is the only option for getting into a home with a low down payment, that's simply not true. Conventional mortgage options using Private Mortgage Insurance are available with as little as a 5% down payment, or 5% equity if you are refinancing an existing mortgage. The question then becomes, why would you ever choose to use FHA financing?  There are actually many really good reasons why you would have to. When FHA...

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Local Bank Required to Offer Assistance to California Homebuyers

Daisy Assistance Loan Luther Burbank Savings is required to offer $2,000,000 dollars for downpayment and closing cost assistance to qualified first time homebuyers as a result of a Department of Justice Settlement over alleged fair housing violations from 2006 to 2010. The Daisy program offers a second mortgage loan of up to $15,000 toward closing costs and down payment to the first 133 qualified borrowers.  Since this program has limited funds, interested first time buyers should move quickly. Available Counties The Daisy program is available in select California counties only....

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Using Market Data to Make More Competitive Offers

Understanding the Market We've all heard the terms "a buyer's market", or " a seller's market" to describe which party in a real estate transaction has the most influence and control over the negotiation process that occurs when you submit an offer to purchase your next home. Using detailed market reports, you can see the median price trends, days on market and number of price reductions in a neighborhood. If days on market have been decreasing, and median price trends are increasing, and if...

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Buy Again Sooner if Mortgage Included in Bankruptcy

No Double Jeopardy There are new homes at the end of the rainbow for Boomerang Buyers after Guideline changes announced by Fannie Mae on July 29th, 2014. Fannie Mae has changed guidelines to accommodate a much more "make sense" approach to dealing with homeowners that were victims of the economic downturn that made California home values plummet, and unemployment numbers skyrocket beginning in late 2007. Throughout the years following the worst real estate crash in recent history, tens of thousands of homeowners lost homes to foreclosure, short sale, or...

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Buying After Short Sale Waiting Period Extended

Effective August 16th 2014 Last week Fannie Mae announced a couple of really big changes to the waiting periods required to purchase a home after a financial hardship that resulted in either  Foreclosure, Short Sale or Deed in Lieu of Foreclosure. I wrote about Fannie Mae Waiving the Waiting Period for Foreclosure Included in Bankruptcy, which was a completely unexpected addition to this latest update. Unfortunately, the ability to use the Bankruptcy date instead of a subsequent foreclosure date, does not appear to include...

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Fannie Mae Waives Waiting Period on Foreclosure after Bankruptcy

Effective Immediately On July 29th, 2014 Fannie Mae made an unprecedented move to loosen up qualifying guidelines for borrowers that included mortgage debt in a bankruptcy by removing the waiting period for any foreclosure, short sale or deed in lieu of foreclosure that occurred after the mortgage debt was discharged through a bankruptcy. In a lending environment where it seems banks are less and less willing to lend, this opens up a huge opportunity to the many victims of the economic downturn that...

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3 Qualifying Surprises That Homebuyers Can Avoid

Oh No.....Not Now! You do not want to be caught by surprise while you're in the middle of an escrow on a new home.  Once your offer is accepted, the true test of your preparation begins. Most surprises can be avoided if you are working with a competent lender and real estate agent that made you do all of the hard work before making an offer on the home. If your home buying team simply pushed you into escrow without preparing you for the trek...

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Why Homebuyers Get Denied While in Escrow

Is it Worth Having? As a mortgage lender in California, I am always surprised at how many potential homebuyers are unwilling, or reluctant to gather all of the paperwork required to get pre-approved to buy a home. The natural tendency for many home buying consumers seems to be to gravitate to the path of least resistance, and the fastest answer. And, if that answer happens to be anything other than an immediate and emphatic "Yes", the search continues until they find someone willing to...

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Does My Financing Really Matter to the Seller?

Making a Strong Offer When you write an offer to buy a home, two-thirds of the 1st page of a standard California Residential Purchase Agreement requires you to describe the type of financing you are using for the purchase of the home. Does the type of financing really make a difference to the seller of the home?  Depending on who you are asking this question to, the answer will vary as to the specific reasons why it is important to disclose where the...

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3 Ways to Eliminate FHA Mortgage Insurance with Less than 20% Equity

What is Mortgage Insurance? Let's start by explaining what Mortgage Insurance Premiums are and why they exist. Mortgage insurance is an insurance policy that protects the lender if you default on your mortgage. This insurance policy is required if you take out a loan that exceeds 80% of the appraised value of your home at the time of the financing. Like most insurance products, the chances of you defaulting on your mortgage are extremely low, and it certainly would only happen in the...

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