California real estate agents set up mortgage-aid plan

In California, real estate agents are helping clients find mortgages by establishing their own mortgage assistance corporation, with almost 100 certified mortgage brokers throughout the state.

The organization has devised a program for home buyers in which new and refinancing plans are set up this way:

* Conventional first-trust deeds up to 95 percent loan against the purchase price on fixed-rate mortgages for condos, two- and-four unit dwellings, and single-family residences.

* Conventional second-trust deeds up to 80 percent against two plans - interest calculated over 30 years with a balloon payoff due in five or seven years; or 15-year, fixed-rate, fully amortized mortgage.

* Jumbo first-trust deeds up to 80 percent (maximum price, $500,000) on 30- or 15-year amortized fixed-rate on two to four units, condos, or single-family residences.

Californians can apply for the loans through the Realtors' association.

About these ads
Sponsored Content by LockerDome

We want to hear, did we miss an angle we should have covered? Should we come back to this topic? Or just give us a rating for this story. We want to hear from you.

Loading...

Loading...

Loading...

Save for later

Save
Cancel

Saved ( of items)

This item has been saved to read later from any device.
Access saved items through your user name at the top of the page.

View Saved Items

OK

Failed to save

You reached the limit of 20 saved items.
Please visit following link to manage you saved items.

View Saved Items

OK

Failed to save

You have already saved this item.

View Saved Items

OK