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Mortgage

Competitive Advantage: 21 Day Escrow Will Appeal to Sellers of Foreclosures

by Scott Schang March 7, 2010 Buyers Beware!
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Can a 21 day escrow on your purchase offer give you a competitive advantage over other offers?
You Betcha! Sellers want to sell as soon as possible.  You want a competitive advantage.  This is the best of both worlds.
Typical escrow period listed on a purchase offer is 30 days from accepted contract.  Most lenders will need [...]

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Webinar: Broadview Community Access Affordable Home Loan Program

by Scott Schang February 25, 2010 Broadview Community Access

A Special Loan Program for California’s Finest
This Affordable Lending program was created with the specific purpose of helping valued community members buy a primary residence. See below for a list of professionals that are eligible for this exciting new program….

Who is Eligible?
California Public Employees – (Does not require CalPERS membership)

Police Department Employees
Fire Department Employees
National [...]

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Second Opinion Success Story!

by Scott Schang December 22, 2009 Saved Another Loan!

I love to share success stories!
Here is a great success story from a home buyer that called me a few weekends ago looking for a “second opinion”.
Thanks a million for sharing this Liam!
After running into questions regarding a CalSTRS loan with another lender, I gave Scott a call after watching one of his recorded webinars. [...]

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Are tightening FHA Underwriting Guidelines going to make it harder to buy?

by Scott Schang December 2, 2009 Loan Programs

FHA is experiencing a whole new set of challenges as the number of Governement Insured loans rises from only 3% in 2006 to almost 30% of purchases and 20% of refinances in today’s market.
It’s been reported for a couple of months now that FHA’s reserves have dipped below the two percent level, to 0.53 percent [...]

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CalPERS Pension Mismanagement and Fraud – Will it affect Home Buyers?

by Scott Schang December 1, 2009 Loan Programs

CalPERS has been in the news quite a bit lately, and not much of it is flattering.  They say all news is good news?  Not if your your pension fund management is corrupt and wrought with fraudulent activity.
Some of the more recent headlines talk about these challenges:
CalPERS investigates oversight of two outside hedge fund advisors [...]

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Buyers Beware: Homebuyer Survey Says – “Market conditions” making lender’s service worse….really?

by Scott Schang November 23, 2009 Buyers Beware!

A Buyer’s Satisfaction Survey by J.D. Power & Associates shows that loan originator satisfaction is down.  Much of the frustration comes from longer turn times, which is a completely other subject, tightening underwriting guidelines and unmet expectations.
You see, this doesn’t surprise me at all.  I still see it every day, and I’ll be honest with [...]

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Slide Show: A UPDATED Guide to Buying Foreclosures and Short Sales – Shadow Inventory Discussion

by Scott Schang November 17, 2009 Market Updates

Updated insight into buying foreclosures and short sales.
Understand what a short sale is and why it’s such an unpredictable way to buy.
Foreclosures typically require the buyer to compromise or give up many of the rights provided in the purchase contract – learn what to watch out for and how to protect yourself so you don’t [...]

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Slide Show: The When, How & What Guide to Buying a Home in Today’s Real Estate Market

by Scott Schang November 16, 2009 Market Updates

When? When is the best time to buy – you might be surprised at the answer!
How? How to identify the right time to buy for you.
What? What you need to know about looking for homes on the internet and hiring an agent and a lender.
This is a great “homebuyer 101″ class that [...]

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How to Buy Short Sale and Foreclosure Homes in California

by Scott Schang November 10, 2009 Market Updates

Short Sales (Short Pay) – I have this conversation on a daily basis with potential home buyers looking for a great deal.  Usually it’s a call or an email that goes something like this: “Can this be true?  There must be something really wrong with this property because this seems like it’s priced way too [...]

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California State Teachers Retirement System – CalSTRS 95/5 No Down Payment Home Purchase Loan Program

by Scott Schang November 10, 2009 Loan Programs

NOTE:  The CalSTRS 95/5 is Suspended Until Further Notice
Program Summary: CalSTRS is the California State Teachers Retirement Program providing retirement related benefits to teachers in public schools and Community Colleges in the State of California.  Facts about CalSTRS:

Largest U.S. Teachers Retirement Fund
2nd Largest U.S. Public Pension Fund
CalSTRS assets stands at $164 Billion as of March [...]

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