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Residential Finance Survey

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Residential Finance Survey: 2001 - Midwest
Table 3-2c. Type of First Mortgage, 2- to 4-Unit Homeowner Mortgaged Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, non-sampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text^^

Fixed rate mortgage
Total mortgaged
properties
Amortized Short term with
balloon payment
Adjustable rate
mortgage (ARM)
Other mortgage

2- to 4-housing-unit properties
with traditional first mortgage
137 104 4 27 2

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
135 102 4 27 2
Placed one new mortgage 125 94 4 25 2
Placed two or more new mortgages 7 7 0 0 0
Assumed mortgage(s) already on property 2 2 0 0 0
Assumed mortgage(s) already on property
and placed new mortgage
0 0 0 0 0
Borrowed using assets other than this
property as collateral
0 0 0 0 0
Paid all cash-no borrowing 2 0 0 2 0
Other manner 0 0 0 0 0
By inheritance or gift 2 2 0 0 0
By divorce 0 0 0 0 0
By some other manner 0 0 0 0 0
Not reported 0 0 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
77 54 4 17 2
Sale of previous home 21 16 0 3 2
Sale of other real property or other
investments
6 6 0 0 0
Savings 48 33 4 12 0
Borrowing from a retirement plan 3 3 0 0 0
Borrowing using assets other than this
property as collateral
2 2 0 0 0
Proceeds from an insurance policy 2 0 0 2 0
Payments in a lease-purchase agreement 0 0 0 0 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 0 0 0 0 0
From parents or relatives 7 5 0 2 0
Other 0 0 0 0 0
No downpayment required 8 5 0 3 0
Not reported 0 0 0 0 0
Other properties 60 51 0 9 0
Not reported 0 0 0 0 0

Year Property Acquired

1999 to 2001 (part)
29 22 2 4 0
1997 and 1998 25 20 0 5 0
1995 and 1996 23 12 1 8 2
1990 to 1994 17 15 0 2 0
1985 to 1989 18 15 0 3 0
1980 to 1984 11 9 0 3 0
1975 to 1979 8 7 0 1 0
1970 to 1974 0 0 0 0 0
1969 or earlier 7 5 0 2 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
135 102 4 27 2
New 9 8 0 1 0
Previously occupied by someone else 126 95 4 26 2
Converted from non-residential use 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Other properties 2 2 0 0 0
Not reported 0 0 0 0 0

Year Structure Built

1999 to March 2000
3 3 0 0 0
1997 and 1998 2 2 0 0 0
1995 and 1996 4 4 0 0 0
1990 to 1994 3 1 0 2 0
1980 to 1989 6 3 0 3 0
1970 to 1979 17 12 0 5 0
1960 to 1969 2 2 0 0 0
1950 to 1959 12 7 0 3 2
1940 to 1949 12 9 0 3 0
1939 or earlier 77 62 4 12 0

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
54 42 2 10 0
Less than $20,000 2 2 0 0 0
$20,000 to $39,999 9 5 2 2 0
$40,000 to $59,999 17 14 0 3 0
$60,000 to $79,999 11 9 0 3 0
$80,000 to $99,999 8 8 0 0 0
$100,000 to $124,999 4 2 0 3 0
$125,000 to $149,999 0 0 0 0 0
$150,000 to $174,999 3 3 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 0 0 0 0 0
Median 58486 59435 30000 61759 20000-
Mean 63818 63537 36000 71315 0
Other properties 83 62 1 17 2

Value

Less than $20,000
2 2 0 0 0
$20,000 to $39,999 0 0 0 0 0
$40,000 to $59,999 6 3 0 3 0
$60,000 to $79,999 14 7 2 4 0
$80,000 to $99,999 19 18 0 2 0
$100,000 to $124,999 24 17 0 8 0
$125,000 to $149,999 12 12 0 0 0
$150,000 to $174,999 20 15 0 3 2
$175,000 to $199,999 8 7 0 1 0
$200,000 to $249,999 18 12 1 4 0
$250,000 to $299,999 2 2 0 0 0
$300,000 to $499,999 6 6 0 0 0
$500,000 or more 5 3 0 2 0
Median 130823 136811 76171 113571 162500
Mean 157856 161071 123320 148854 170000

Value Per Housing Unit@8

Less than $20,000
6 3 0 3 0
$20,000 to $39,999 19 12 2 4 0
$40,000 to $59,999 40 31 0 9 0
$60,000 to $79,999 34 30 1 3 0
$80,000 to $99,999 9 6 0 1 2
$100,000 to $124,999 16 11 0 4 0
$125,000 to $149,999 3 3 0 0 0
$150,000 to $174,999 3 3 0 0 0
$175,000 to $199,999 3 3 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 4 2 0 2 0
$300,000 to $499,999 1 1 0 0 0
$500,000 or more 0 0 0 0 0
Median 62434 64654 36171 52454 90000
Mean 75196 76335 48940 73416 85000

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
87 63 4 18 2
Less than $500 0 0 0 0 0
$500 to $999 3 3 0 0 0
$1,000 to $2,499 8 3 2 3 0
$2,500 to $4,999 7 7 0 0 0
$5,000 to $7,499 15 10 0 3 2
$7,500 to $9,999 6 6 0 0 0
$10,000 to $14,999 16 8 0 8 0
$15,000 to $19,999 7 7 0 0 0
$20,000 to $29,999 10 6 0 5 0
$30,000 or more 15 14 1 0 0
Median 11511 11604 2212 12390 6250
Mean 18587 20173 31766 11879 7000
Properties with no capital
improvements between 1998 and 2000
50 41 0 9 0
Capital improvements not
reported
0 0 0 0 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
87 63 4 18 2
Less than $500 5 3 0 3 0
$500 to $999 0 0 0 0 0
$1,000 to $2,499 17 14 2 1 0
$2,500 to $4,999 17 13 0 2 2
$5,000 to $7,499 16 8 0 8 0
$7,500 to $9,999 7 7 0 0 0
$10,000 to $14,999 10 5 0 5 0
$15,000 to $19,999 5 5 0 0 0
$20,000 to $29,999 6 5 1 0 0
$30,000 or more 5 5 0 0 0
Median 5736 5760 2212 6195 3750
Mean 8941 9908 10795 5879 3500
Properties with no capital
improvements between 1998 and 2000
50 41 0 9 0
Capital improvements not
reported
0 0 0 0 0

Age Restrictions

Property located in subdivision
restricted to people age 55 or older
7 7 0 0 0
Property located in subdivision not
restricted to people age 55 or older
129 98 4 25 2
Not reported 2 0 0 2 0

Neighborhood Composition

Property located in subdivision or
neighborhood occupied predominantly by
people age 55 or older
9 5 0 4 0
Property located in subdivision or
neighborhood not occupied predominantly
by people age 55 or older
92 65 4 21 2
Don't know or not reported 36 34 0 2 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
6 6 0 0 0
Other government grant or subsidy 0 0 0 0 0
Property tax relief 20 12 0 6 2
Subsidy from a non-profit corporation 0 0 0 0 0
None of the above benefits 90 70 4 17 0
Not reported 21 17 0 4 0

Source of Property Benefits@1

With property benefits
26 18 0 6 2
Federal government 6 6 0 0 0
State government 6 3 0 3 0
Local government 14 9 0 3 2
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 90 70 4 17 0
Not reported 21 17 0 4 0

Reason for Benefits@1

With property benefits
26 18 0 6 2
Occupied by low- or moderate-income
individuals
3 0 0 3 0
Occupied by elderly or disabled
individuals
2 2 0 0 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
3 3 0 0 0
Covered by a Homestead Exemption 15 10 0 3 2
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 3 3 0 0 0
With no property benefits 90 70 4 17 0
Not reported 21 17 0 4 0

OWNER CHARACTERISTICS


Owner Status

1 owner
72 56 2 14 0
2 owners 63 47 1 13 2
3 or more owners 2 2 0 0 0

Age of Owner

Under 25
3 3 0 0 0
25 to 34 19 10 0 8 0
35 to 44 30 23 0 7 0
45 to 54 39 29 2 5 2
55 to 64 24 18 1 4 0
65 to 74 12 12 0 0 0
75 and over 4 2 0 2 0
Not reported 7 7 0 0 0
Median 48 49 53 41 50

Race of Owner

White alone
102 81 4 17 0
Black or African American alone 26 17 0 7 2
American Indian or Alaska Native alone 0 0 0 0 0
Asian alone 3 1 0 2 0
Native Hawaiian or Other Pacific
Islander alone
3 3 0 0 0
Two or more races 3 3 0 0 0

Sex of Owner

Male/Male and female co-owners
92 69 1 19 2
Female 45 35 2 8 0

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
26 16 2 5 2
No Hispanic/Latino owner(s) 111 89 1 21 0

Veteran Status@1

Veteran
29 23 0 7 0
Active member of Reserves or National
Guard for at least 6 years
0 0 0 0 0
Persian Gulf War or after
(August 1990 to present)
3 0 0 3 0
Vietnam or after
(August 1964 to July 1990)
14 12 0 2 0
Korean conflict or after
(July 1950 to July 1964)
7 5 0 2 0
World War II or after
(September 1940 to June 1950)
5 5 0 0 0
Nonveteran 100 74 4 20 2
Not reported 8 8 0 0 0

Income

Less than $5,000
14 12 0 2 0
$5,000 to $9,999 5 3 2 0 0
$10,000 to $14,999 2 2 0 0 0
$15,000 to $19,999 7 7 0 0 0
$20,000 to $24,999 8 5 0 3 0
$25,000 to $29,999 5 0 1 4 0
$30,000 to $34,999 11 6 0 4 0
$35,000 to $39,999 10 8 0 2 0
$40,000 to $49,999 21 14 0 4 2
$50,000 to $59,999 12 9 0 3 0
$60,000 to $79,999 15 13 0 2 0
$80,000 to $99,999 13 13 0 0 0
$100,000 to $119,999 11 9 0 3 0
$120,000 or more 3 3 0 0 0
Median 43179 46082 9042 36400 45000
Mean 48196 50833 14487 43123 40000

Owned Home Previously

Previously owned home
69 57 1 9 2
Never owned home before 62 42 2 18 0
Not reported 5 5 0 0 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
0 0 0 0 0
By telephone or FAX 13 12 0 1 0
By regular mail 0 0 0 0 0
By personal visit 76 59 4 12 2
Through third party (such as real
estate agent or builder)
36 24 0 12 0
Some other way 0 0 0 0 0
Not reported 11 10 0 2 0
Not available 0 0 0 0 0

Origin of First Mortgage

Mortgage made at time property acquired
91 67 2 19 2
Mortgage assumed at the time property
acquired
0 0 0 0 0
Mortgage placed later than acquisition of
property
46 37 1 7 0
Refinanced mortgage 38 30 0 7 0
Same lender 11 7 0 5 0
Different lender 26 24 0 2 0
Mortgage placed on property
owned free and clear of debt
9 7 1 0 0
Not available 0 0 0 0 0

Purpose of First Mortgage Placed
Later Than Acquisition of Property

Properties on which
mortgages placed later
than acquisition of property
46 37 1 7 0
Obtain lower interest rate 25 22 0 3 0
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 0 0 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
0 0 0 0 0
Receive cash or increase outstanding
balance of loan
16 10 1 4 0
Other reason 4 4 0 0 0
Not reported 2 2 0 0 0
Other properties 91 67 2 19 2
Not available 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received
23 16 1 5 0
Less than $20,000 17 13 0 5 0
$20,000 to $39,999 2 2 0 0 0
$40,000 to $59,999 0 0 0 0 0
$60,000 to $79,999 0 0 0 0 0
$80,000 to $99,999 0 0 0 0 0
$100,000 to $124,999 3 2 1 0 0
$125,000 to $149,999 0 0 0 0 0
$150,000 to $174,999 0 0 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Median 20000- 20000- 112500 20000- 20000-
Mean 25719 23980 100000 10738 0
Properties that refinanced
and did not receive cash back
22 21 0 1 0
Properties that refinanced
and did not report if received
cash back
2 0 0 2 0
Properties that did not
refinance
91 67 2 19 2
Not available 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1
23 16 1 5 0
For additions, improvements or repairs
to this property
11 9 0 2 0
To consolidate debts 17 11 1 5 0
For investment in other real estate 3 0 0 3 0
For other types of investments 0 0 0 0 0
For educational or medical expenses 0 0 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 0 0 0 0 0
To pay taxes 3 3 0 0 0
To purchase an automobile, truck, or
other vehicle
4 4 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
22 21 0 1 0
Properties that refinanced
and did not report if received
cash back
2 0 0 2 0
Properties that did not
refinance
91 67 2 19 2
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
55 41 4 11 0
1997 and 1998 30 23 0 7 0
1995 and 1996 18 10 0 5 2
1990 to 1994 25 25 0 0 0
1985 to 1989 3 3 0 1 0
1980 to 1984 5 3 0 3 0
1979 or earlier 0 0 0 0 0

First Mortgage Insurance Status

FHA-insured first mortgage
8 6 0 2 0
VA-guaranteed first mortgage 1 1 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
0 0 0 0 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
1 1 0 0 0
Insured conventional first mortgage 15 12 0 3 0
Uninsured conventional first mortgage 112 84 4 22 2
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
10 5 0 5 0
$20,000 to $29,999 2 0 0 2 0
$30,000 to $39,999 10 8 0 3 0
$40,000 to $49,999 9 8 0 1 0
$50,000 to $59,999 11 11 0 0 0
$60,000 to $79,999 32 23 2 6 0
$80,000 to $99,999 26 23 0 4 0
$100,000 to $149,999 20 14 1 3 2
$150,000 to $199,999 12 9 0 4 0
$200,000 to $249,999 5 5 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Not reported 0 0 0 0 0
Median 76974 77804 76171 70308 125000
Mean 84017 86046 77738 73786 120000

Total Mortgage Loan

Less than $20,000
10 5 0 5 0
$20,000 to $29,999 2 0 0 2 0
$30,000 to $39,999 10 8 0 3 0
$40,000 to $49,999 6 5 0 1 0
$50,000 to $59,999 11 11 0 0 0
$60,000 to $79,999 35 26 2 6 0
$80,000 to $99,999 20 20 0 1 0
$100,000 to $149,999 24 15 1 6 2
$150,000 to $199,999 12 9 0 4 0
$200,000 to $249,999 7 7 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Not reported 0 0 0 0 0
Median 77229 78048 76171 70308 125000
Mean 88048 90594 77738 76694 120000

Traditional First Mortgage Outstanding
Debt

Less than $10,000
8 5 0 3 0
$10,000 to $19,999 6 2 0 4 0
$20,000 to $29,999 3 3 0 0 0
$30,000 to $39,999 13 10 0 3 0
$40,000 to $49,999 14 14 0 0 0
$50,000 to $59,999 5 5 0 0 0
$60,000 to $79,999 39 30 2 7 0
$80,000 to $99,999 16 12 1 3 0
$100,000 to $149,999 16 11 0 3 2
$150,000 to $199,999 16 12 0 4 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Not reported 0 0 0 0 0
Median 69693 68607 76171 69003 125000
Mean 75535 76162 75791 69951 110988

Total Mortgage Outstanding Debt

Less than $10,000
8 5 0 3 0
$10,000 to $19,999 6 2 0 4 0
$20,000 to $29,999 3 3 0 0 0
$30,000 to $39,999 12 9 0 3 0
$40,000 to $49,999 12 12 0 0 0
$50,000 to $59,999 5 5 0 0 0
$60,000 to $79,999 42 33 2 7 0
$80,000 to $99,999 10 9 1 0 0
$100,000 to $149,999 20 12 0 6 2
$150,000 to $199,999 15 11 0 4 0
$200,000 to $249,999 3 3 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 0 0 0 0 0
Not reported 0 0 0 0 0
Median 70401 69608 76171 69003 125000
Mean 79243 80282 75791 72859 110988

Current Interest Rate on First Mortgage

Less than 6.0 percent
42 33 2 5 2
6.0 percent 0 0 0 0 0
6.1 to 6.4 percent 0 0 0 0 0
6.5 to 6.9 percent 21 21 0 0 0
7.0 percent 16 8 0 8 0
7.1 to 7.4 percent 15 10 0 4 0
7.5 to 7.9 percent 12 9 0 3 0
8.0 percent 0 0 0 0 0
8.1 to 8.4 percent 3 2 0 2 0
8.5 to 8.9 percent 5 5 0 0 0
9.0 percent 0 0 0 0 0
9.1 to 9.4 percent 2 0 0 2 0
9.5 to 9.9 percent 5 3 1 1 0
10.0 percent 0 0 0 0 0
10.1 to 10.4 percent 3 3 0 0 0
10.5 to 10.9 percent 0 0 0 0 0
11.0 percent 0 0 0 0 0
11.1 to 12.9 percent 0 0 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 14 11 0 3 0
Not reported 0 0 0 0 0
Median 7.0 7.0 4.9 7.1 3.0

Type of Interest Rate Buydown

Properties with interest rate
buydown
0 0 0 0 0
Constant payment 0 0 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Properties without interest
rate buydown
76 58 1 16 0
Not reported 61 46 2 11 2

Term of First Mortgage

Less than 5 years
0 0 0 0 0
5 years 1 0 1 0 0
6 to 9 years 0 0 0 0 0
10 years 2 2 0 0 0
11 to 14 years 3 3 0 0 0
15 years 22 21 0 1 0
16 to 19 years 0 0 0 0 0
20 years 3 3 0 0 0
21 to 24 years 0 0 0 0 0
25 years 6 3 0 3 0
26 to 29 years 0 0 0 0 0
30 years 45 32 0 12 0
More than 30 years 0 0 0 0 0
No stated term 55 40 2 11 2
Median 30 30 5 30 5-

Unexpired Term of First Mortgage

Less than 5 years
6 5 0 1 0
5 to 9 years 7 5 1 0 0
10 to 14 years 10 10 0 0 0
15 to 19 years 12 12 0 0 0
20 to 24 years 14 11 0 3 0
25 to 29 years 28 16 0 12 0
30 or more years 6 6 0 0 0
No stated term or not computed 55 40 2 11 2
Median 22 20 7 26 5-

Holder of First Mortgage

Commercial bank or trust company
20 10 4 7 0
Savings and loan association, federal
savings bank
15 13 0 3 0
Mutual savings bank 0 0 0 0 0
Life insurance company 2 2 0 0 0
Mortgage banker or mortgage company 14 7 0 6 0
Federally-sponsored secondary market
agency or pool
50 48 0 3 0
Conventional mortgage pool 5 3 0 2 0
Other federal agency 4 2 0 0 2
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 5 2 0 3 0
Finance company 3 3 0 0 0
State or municipal government or
housing finance agency
16 13 0 3 0
Individual or individual's estate 3 3 0 0 0
Other 1 0 0 1 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
91 67 2 19 2
Less than 40 percent 12 7 0 5 0
40 to 49 percent 2 2 0 0 0
50 to 59 percent 4 4 0 0 0
60 to 69 percent 6 6 0 0 0
70 to 79 percent 4 2 0 2 0
80 to 89 percent 13 7 2 3 0
90 to 94 percent 4 4 0 0 0
95 to 99 percent 12 10 0 3 0
100 percent or more 33 24 0 6 2
Not reported 0 0 0 0 0
Median 94 95 85 87 100+
Other properties 46 37 1 7 0
Not available 0 0 0 0 0

First Mortgage Loan as a Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
91 67 2 19 2
Less than 40 percent 11 5 0 6 0
40 to 49 percent 5 5 0 0 0
50 to 59 percent 2 2 0 0 0
60 to 69 percent 16 15 0 2 0
70 to 79 percent 6 4 0 2 0
80 to 89 percent 11 6 2 3 0
90 to 94 percent 8 6 0 3 0
95 to 99 percent 8 6 0 2 0
100 percent or more 24 19 0 3 2
Not reported 0 0 0 0 0
Median 85 85 85 80 100+
Other properties 46 37 1 7 0
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
9 4 0 5 0
Not subprime loan 128 101 4 22 2
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
29 0 0 27 2
Treasury security 11 0 0 11 0
Average cost of funds in bank district 1 0 0 1 0
National average cost of funds 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0
Other method 4 0 0 4 0
No index used 0 0 0 0 0
Not reported 13 0 0 11 2
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
29 0 0 27 2
Monthly 1 0 0 1 0
Every 3 months 0 0 0 0 0
Every 6 months 2 0 0 2 0
Yearly 10 0 0 10 0
Every 3 years 1 0 0 1 0
Every 5 years 0 0 0 0 0
Other 3 0 0 3 0
Not reported 13 0 0 11 2
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
29 0 0 27 2
Less than 1 percent 2 0 0 2 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 3 0 0 3 0
2 percent 9 0 0 9 0
2.1 to 2.9 percent 1 0 0 1 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 1 0 0 1 0
No caps 0 0 0 0 0
Not reported 14 0 0 12 2
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
29 0 0 27 2
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 1 0 0 1 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 14 0 0 14 0
No caps 0 0 0 0 0
Not reported 14 0 0 12 2
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
29 0 0 27 2
Yes, rate has changed 6 0 0 6 0
No change since mortgage made 10 0 0 10 0
Not reported 13 0 0 11 2
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
29 0 0 27 2
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 0 0 0 0 0
2.1 to 2.9 percent 11 0 0 11 0
3 percent 2 0 0 2 0
3.1 to 3.9 percent 1 0 0 1 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 2 0 0 2 0
Not reported 13 0 0 11 2
Median 2.7 0.0 0.0 2.7 0.0
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
29 0 0 27 2
Can be converted 3 0 0 3 0
Cannot be converted 11 0 0 11 0
Not reported 15 0 0 12 2
Other properties 108 104 4 0 0
Not reported 0 0 0 0 0

Change in Monthly Interest and Principal
Payments Other Than Change in Interest
Rate

Monthly payments can change
(other than change in interest
ra
6 0 0 6 0
Payments can change monthly 0 0 0 0 0
Payments can change every three months 0 0 0 0 0
Payments can change every six months 0 0 0 0 0
Payments can change yearly 3 0 0 3 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 3 0 0 3 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
118 104 4 10 0
Not reported 13 0 0 11 2

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
6 0 0 6 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 6 0 0 6 0
Not reported 0 0 0 0 0
Monthly payments cannot change 118 104 4 10 0
Not reported 13 0 0 11 2

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
135 104 2 27 2
Interest and principal 135 104 2 27 2
Fully amortized 131 102 0 27 2
Not fully amortized 4 2 2 0 0
Interest only 0 0 0 0 0
No regular payments required 1 0 1 0 0
Not reported 1 1 0 0 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
135 104 2 27 2
Real estate taxes 60 48 0 13 0
Property insurance 48 35 0 13 0
Mortgage insurance 14 11 0 3 0
Other 31 24 0 7 0
No items included or not reported 72 53 2 14 2
No regular payments of interest
and principal
2 1 1 0 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
135 104 2 27 2
Less than $100 0 0 0 0 0
$100 to $199 4 3 0 2 0
$200 to $299 9 8 0 1 0
$300 to $399 15 13 0 2 0
$400 to $499 11 8 0 3 0
$500 to $599 16 11 2 3 0
$600 to $699 12 9 0 3 0
$700 to $799 17 11 0 6 0
$800 to $899 16 16 0 0 0
$900 to $999 8 6 0 3 0
$1,000 to $1,249 10 4 0 6 0
$1,250 to $1,499 10 8 0 0 2
$1,500 or more 6 6 0 0 0
Median 705 693 550 726 1375
Mean 741 740 500 716 1259
No regular payments required 1 0 1 0 0
Not reported 1 1 0 0 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
136 104 2 27 2
Up-to-date, ahead of schedule, or
less than 90 days past due
70 54 0 16 0
Delinquent by 90 days or more 3 3 0 0 0
Legal proceedings have begun 0 0 0 0 0
Legal proceedings have not begun 3 3 0 0 0
Not reported 0 0 0 0 0
Not reported 63 48 2 11 2
Other properties 1 0 1 0 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
135 104 2 27 2
Less than $100 0 0 0 0 0
$100 to $199 4 3 0 2 0
$200 to $299 8 7 0 1 0
$300 to $399 15 13 0 2 0
$400 to $499 11 8 0 3 0
$500 to $599 17 12 2 3 0
$600 to $699 12 9 0 3 0
$700 to $799 9 7 0 3 0
$800 to $899 11 11 0 0 0
$900 to $999 16 10 0 6 0
$1,000 to $1,249 11 6 0 5 0
$1,250 to $1,499 12 8 0 2 2
$1,500 or more 9 9 0 0 0
Median 710 693 550 759 1375
Mean 780 778 500 770 1259
No regular monthly payments
required
2 1 1 0 0

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
135 104 2 27 2
Less than 5 percent 3 3 0 0 0
5 to 9 percent 13 9 0 4 0
10 to 14 percent 19 17 0 2 0
15 to 19 percent 27 23 0 4 0
20 to 24 percent 19 14 0 5 0
25 to 29 percent 13 13 0 0 0
30 to 34 percent 9 6 0 3 0
35 to 39 percent 9 2 0 4 2
40 to 49 percent 3 0 0 3 0
50 percent or more 8 5 2 1 0
Not reported or not computed 13 12 0 1 0
Median 19.7 18.6 49.5+ 22.7 37.5
No regular monthly payments
required
2 1 1 0 0

Source: U.S. Census Bureau | Residential Finance Survey |  Last Revised: 2012-08-02T15:15:13.203-04:00