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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

Fannie Mae Reduces Fees for Some Borrowers

Accessibility Trends Shortly after taking office as the Director of FHFA, Mel Watts put a halt to an attempted increase in loan level price adjustments for Fannie Mae and Freddie Mac loans. The Federal Housing Finance Agency (FHFA) oversees Fannie Mae and Freddie Mac. In January 2014, Mr. Watts gave us the first glimpse of his attitude toward making home loans more accessible to borrowers, and has now moved to reverse that first attempt, with a fee cut to Fannie Mae and Freddie Mac risk...

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The 10 Commandments of Pre-Approval Preservation

Financial Lockdown Once you’ve received a Pre-Approval from your lender, it is vitally important that Nothing Changes in terms of your income, assets or credit that would cause a change in your approval status. Too many times do I see a homebuyer that moved money from one bank account to another, or took money from a friend or relative, or deposited cash into your bank account. Some things can't be helped, like a forced change in employment, or a planned advancement in employment (if...

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Southern California 2015 Real Estate Trends and Predictions

3 Year Highs Real Estate activity is measured many different ways.  If you are a buyer, you're looking for patterns and that are favorable to you. If you are a home seller, these patterns and trends mean something completely different.  What is good for one, is usually bad for the other. Spring and Summer are often called "Buying Season", because the best time for a family to move, is while the kids are out of school. To leave a school district, and get settled in...

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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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