Study paints realty agents as educators who help consumers qualify for loans.

CALABASAS, Calif. -- Real estate agents find that few of their customers are aware of what special lending programs are available, according to a multistate survey by ARCS Mortgage Inc. And they often take the initiative in educating and helping homebuyers qualify for nontraditional home loans.

The survey, sent to more than 20,000 agencies in 12 states, indicated that realty agents not only find suitable properties for their clients but they assist home buyers in qualifying for special loan programs, and refer them to financing sources.

"Out of the approximately 200 respondents, most Realtors said that less than one out of eight first-time home buyers are aware of the range of special programs available to assist with down payments and monthly terms," said Ira L. Cohen, executive vice president of ARCS Mortgage, a unit of Bank of New York Co.

Most of the real estate agents said that fewer than 25% of their sales were to first-time home buyers and that the number has remained steady from the previous year.

The most-often-cited purchase barrier for first-time home buyers was the down payment, followed by qualifying for a loan, finding an affordable property, and finding a loan with low monthly payments.

Respondents said that 72% of their first-time homebuyers are white. Hispanic home buyers ranked second at 12%, followed by Asians, 9%, and African-Americans, 7%.

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