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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

California Buyer Assistance Basics Everyone Should Know

Empower Yourself As a direct lender specializing in California buyer assistance loans and grants, we get thousands of readers a month on our website, many of whom have already been lied to, or misled by a lender that does not understand the basics of homebuyer assistance programs. Last week, I received an email from a homebuyer that is currently in escrow on their dream home, only to be told at the 11th hour that the $12,000 in buyer assistance they were expecting, is...

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Low Interest Rates Benefit the Prepared

Warning: Falling Rates It's happening again, interest rates are behaving in a way that is completely inconsistent with everything we know about how interest rates should move. In the last couple of weeks, rates have been dropping without rhyme or reason.  For those of us in the business, we are at a loss to understand how rates can continue to drop, when all economic indicators would lead me to believe that rates should be rising. Last week, FHA interest rates dropped into the high 3 percent range...

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HELOC Draw Period is Time Bomb for California Homeowners

HELOC Headaches During the fast and furious equity years that led up to the great real estate crash of 2007, many homeowners took out a Home Equity Line of Credit, or HELOC, to get access to their equity. There are many appealing qualities that made a Home Equity Line of Credit an almost irresistible proposal, and the big banks had the approval process streamlined to the point that it only took about 5 minutes to complete an application, and only days after...

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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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