This type of loan will avoid you having to pay mortgage insurance and lower your payment somewhat from 100% financing with your 5% downpayment.  

I have not really seen this type of loan for a while in California, and the reason is that if your going to have a second loan anyway and if you can qualify for this 80/15/5 loan that you might want to just get a 100% financing loan and keep your money for reserves.  5% downpayment really is not going to make much of a dent in your monthly payment, if your going to put a downpayment I would recommend at least 10% but preferrably 20% so that mortgage insurance can be avoided, you can then get one loan (first trust deed), if you get two loans, a first and a second, the second will almost always have a higher rate on it, but it is typically better to have a higher interest second than paying the monthly premium for mortgage insurance to protect the lender against your default on the loan.

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