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.