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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

Calculating Student Loan Payments for a Home Loan Application

Education Expenses Lasting far beyond your actual time in school, student loans can follow you for years.  With recent changes to home loan qualifying guidelines, even deferred payments become a factor. Unless you are lucky enough to land a large signing bonus straight out of school, it's likely that these payments affect your ability to purchase a home in the future. Student loans are fully amortized loans, very much like a home mortgage, with payments typically spread out over 20 years.  If you consolidate,...

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How to Buy Using Conventional Financing after Financial Hardship

Second Chance Since August 2014, Fannie Mae has made major changes in it's guidelines regarding buying after a financial hardship. I have written extensively about these changes, and after a recent clarification that came out last week, and I want to consolidate all of these guidelines into one article for easier reference. Buying a Home After Bankruptcy The waiting period for buying after a Bankruptcy begins from the Discharge Date that appears on your court documents.  There may be a discharge month and year...

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How to Buy a Home After a Foreclosure

Easier Than You Think? Buying a home after a foreclosure may be easier than you think.  During the past 8 years, many thousands of California homeowners fell victim to foreclosure. Bad things happen to good people all the time.  In the aftermath of one of the worst real estate crashes in recent history, foreclosure, short sale, or bankruptcy are a reality that hit many California households. Temporary Setback There is a common misunderstand out there that if you have a foreclosure, you are unable to...

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Short Sale Waiting Period Waived if Included in Bankruptcy?

Fannie Mae Guidelines Changes to the waiting periods for mortgage debt that was discharged through bankruptcy took place over the weekend of August 16th, 2014. Boomerang buyers are now able to purchase a home using conventional financing 4 years from the discharge date of a Chapter 7 Bankruptcy discharge, regardless of when the short sale takes place. Confusing Wording One of the biggest challenges we've encountered since this guideline change went into effect, is that the wording does not actually mention short sale, or deed in lieu for...

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How to Buy a Home in Southern California

More Competition? The result of "shifts" in the real estate world usually means that there are winners and losers, and almost always more competition to deal with. Depending on if you are a homebuyer, or home seller, this competition will affect you differently, however, the more competitive the market, someone always benefits, and someone always struggles. We are seeing one of those shifts now.  In January 2015, we saw interest rates drop below all of 2014 levels.  This created a great opportunity for...

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How to Buy a Home After a Short Sale

Becoming a Homeowner After a financial hardship like having to short sale your home, it's important to know that your next home is within reach. While a short sale will affect your credit score, time heals all credit wounds as long as you make an effort to build good credit, and keep all of your other payments current. Rebuilding your credit, so that you are confident that you will not have similar challenges is the first step. The second step to buying a home after a short...

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2015 Home Buyer’s Advantage in San Diego California

Missing Buyers? Jane Loveday is a local real estate agent in the City of San Diego, and a good friend of mine.  We were having a conversation about buyers and sellers, and how different markets can vary from one City to another. Sometimes, markets can be dramatically different from one community to another, within the same City. The real estate market in San Diego is an interesting one, much different from what I'm seeing in Orange, and Los Angeles Counties.  In San Diego,...

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Homebuyer Assistance for Employees of California Title 1 Schools

Not Just for Teachers The State of California offers special homebuyer assistance programs to employees of Title 1 schools throughout the State. The Extra Credit Teacher Program (ECTP) is a deferred payment, silent second mortgage offered by the California Housing Finance Agency. The assistance money from this program can be used to pay for downpayment and closing costs when purchasing a new home. This assistance program is not only for Teachers.  You only need to receive a paycheck from a Title 1 school.  It...

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California Local Experts Market Reports – January

January 2015 This year started off with a BOOM!  Interest rates dropped to near record lows, and home sellers are ready to sell. I polled Local Real Estate Experts in California, and asked them how the local markets are doing in their communities. Every community is different, and the only way to know what the market is like in your neighborhood, or the city you would like to move to, is to ask a local real estate professional that stays on top of the trends. This month's...

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GSFA Platinum Homebuyer Grant (formerly CHF)

New Name, Same Grants No, the CHF Platinum homebuyer grant has not gone away, it's just gone through a name change. Formerly known as the California Rural Home Mortgage Finance Authority (CRHMFA), or CHF for short, it is now the Golden State Finance Authority (GSFA) Platinum Grant. Providing grants for California homebuyers to cover up to 5% of your down payment and closing costs, is still the goal of this newly named program. Eligible First Mortgage Loans To use a GSFA Platinum Grant, you must also...

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