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.