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Residential Finance Survey: 2001 - United States
Table 4-2a. Type of First Mortgage, 1-Housing-Unit Rental and Vacant 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. Monthly Rental Receipts, Rental Receipts as Percent of Value, Rental Vacancy Losses as Percent
of Potential Receipts, Interest and Principal Payments on First Mortgage as Percent of Rental Receipts and Real
Estate Tax as Percent of Rental Receipts acquired before 2000 exclude properties with less than half of units in
rental market during all of year preceding survey and cooperatively owned apartments^^

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

1-housing-unit properties with
traditional first mortgage
4129 2965 277 808 80

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
3799 2746 263 719 71
Placed one new mortgage 3373 2454 251 603 66
Placed two or more new mortgages 73 43 7 23 0
Assumed mortgage(s) already on property 267 200 5 62 0
Assumed mortgage(s) already on property
and placed new mortgage
7 7 0 0 0
Borrowed using assets other than this
property as collateral
25 14 0 11 0
Paid all cash-no borrowing 32 22 0 4 6
Other manner 23 6 0 17 0
By inheritance or gift 96 60 0 36 0
By divorce 6 6 0 0 0
By tax free exchange of
other property
8 6 0 2 0
By foreclosure or assignment 21 7 0 14 0
By some other manner 50 32 8 8 3
Not reported 148 107 6 29 6

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
2043 1432 193 366 51
Sale of stock or other partnership
shares for this project
29 22 0 6 0
Sale of previously owned stocks,
shares, or other securities
46 36 0 9 0
Sale of land or other real estate 191 141 27 23 0
Owner's cash, bank deposits,
share accounts, or bonds
1137 779 116 223 19
Borrowing from a retirement plan 55 41 0 14 0
Borrowing using assets other than this
property as collateral
126 83 12 23 8
Proceeds from an insurance policy 13 5 0 8 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 0 0 0 0 0
Proceeds from sale of tax credits 6 6 0 0 0
From parents or relatives 101 82 6 13 0
Other cash source 61 40 14 0 7
Non-cash source 23 17 0 6 0
No downpayment required 247 162 34 41 9
Not reported 167 118 5 37 7
Other properties 1981 1443 83 426 29
Not reported 106 89 0 16 0

Year Property Acquired

1999 to 2001 (part)
1069 747 87 214 21
1997 and 1998 647 457 67 107 17
1995 and 1996 509 362 41 93 13
1990 to 1994 720 566 21 126 7
1985 to 1989 575 408 31 135 0
1980 to 1984 227 164 23 24 16
1975 to 1979 204 130 6 68 0
1970 to 1974 107 89 0 19 0
1969 or earlier 70 41 0 23 6

Property New or Previously Owned When
Acquired

Acquired by purchase
3799 2746 263 719 71
New 567 424 23 120 0
Previously owned 3148 2248 240 588 71
As residential property 3141 2241 240 588 71
Converted from nonresidential use 7 7 0 0 0
Other 20 17 0 3 0
Not reported 65 57 0 7 0
Other properties 182 112 8 60 3
Not reported 148 107 6 29 6

Year Structure Built

1999 to March 2000
138 89 8 34 7
1997 and 1998 152 121 5 26 0
1995 and 1996 124 79 8 31 7
1990 to 1994 265 180 27 55 3
1980 to 1989 554 372 59 115 8
1970 to 1979 676 492 38 126 21
1960 to 1969 472 358 42 73 0
1950 to 1959 695 555 45 82 13
1940 to 1949 415 284 11 107 12
1939 or earlier 637 436 33 159 9

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
1560 1087 152 283 38
Less than $20,000 115 68 16 26 5
$20,000 to $39,999 226 171 23 32 0
$40,000 to $59,999 204 130 27 44 4
$60,000 to $79,999 228 170 14 36 8
$80,000 to $99,999 163 108 27 29 0
$100,000 to $124,999 125 84 0 26 15
$125,000 to $149,999 169 114 20 35 0
$150,000 to $174,999 48 32 6 9 0
$175,000 to $199,999 96 62 13 20 0
$200,000 to $249,999 88 74 0 14 0
$250,000 to $299,999 44 44 0 0 0
$300,000 to $499,999 27 18 0 9 0
$500,000 or more 27 13 6 2 6
Median 80933 81015 75090 82681 102993
Mean 106508 106829 96498 104023 155922
Other properties 2569 1878 125 525 42

Value

Less than $20,000
120 94 8 13 5
$20,000 to $39,999 322 244 39 39 0
$40,000 to $59,999 510 383 37 80 9
$60,000 to $79,999 633 441 36 137 18
$80,000 to $99,999 542 350 40 144 8
$100,000 to $124,999 469 353 13 90 13
$125,000 to $149,999 284 215 6 51 12
$150,000 to $174,999 268 205 20 37 6
$175,000 to $199,999 196 135 5 56 0
$200,000 to $249,999 286 193 20 74 0
$250,000 to $299,999 147 90 33 21 3
$300,000 to $499,999 248 195 14 39 0
$500,000 or more 106 66 6 28 6
Median 97746 98269 89323 98738 98872
Mean 133045 131590 130639 139177 133344

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
1829 1321 177 325 7
Less than $500 40 32 0 8 0
$500 to $999 70 32 12 26 0
$1,000 to $2,499 335 260 32 43 0
$2,500 to $4,999 399 272 58 66 3
$5,000 to $7,499 428 306 33 84 5
$7,500 to $9,999 106 80 8 19 0
$10,000 to $14,999 121 94 8 19 0
$15,000 to $19,999 93 64 6 23 0
$20,000 to $29,999 106 91 0 16 0
$30,000 or more 130 90 19 21 0
Median 5411 5523 4391 5579 5547
Mean 9814 9851 9447 9984 4408
Properties with no capital
improvements between 1998 and 2000
1750 1251 74 371 53
Capital improvements not
reported
550 393 26 112 20

Monthly Rental Receipts

Acquired before 2000
3528 2561 222 678 67
Less than $100 86 86 0 0 0
$100 to $199 112 66 13 34 0
$200 to $299 122 70 12 25 15
$300 to $399 295 211 7 77 0
$400 to $499 364 269 19 71 5
$500 to $599 365 275 20 62 8
$600 to $799 624 437 40 128 20
$800 to $999 360 283 25 45 6
$1000 or more 928 686 80 150 12
No rental receipts 272 179 6 85 3
Median 691 698 788 642 652
Mean 1708 2031 1027 819 638
Acquired 2000 and 2001 (part) 602 404 55 130 13

Rental Receipts as Percent of Value@8

Acquired before 2000
3528 2561 222 678 67
Less than 5 percent 304 173 12 119 0
5 to 9 percent 1161 854 88 185 34
10 to 14 percent 1489 1089 107 268 25
15 to 19 percent 98 92 0 6 0
20 to 24 percent 49 33 8 2 5
25 to 29 percent 23 17 0 6 0
30 to 39 percent 5 0 0 5 0
40 percent or more 41 39 1 1 0
Median 10 11 10 10 10
Acquired 2000 and 2001 (part) 602 404 55 130 13

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
3528 2561 222 678 67
Less than 1.0 percent 1291 871 115 299 5
1.0 to 2.9 percent 12 7 0 5 0
3.0 to 4.9 percent 15 15 0 0 0
5.0 to 6.9 percent 24 17 0 7 0
7.0 to 8.9 percent 96 79 0 17 0
9.0 to 10.9 percent 26 18 8 0 0
11.0 to 12.9 percent 34 28 0 6 0
13.0 to 14.9 percent 25 10 6 1 7
15.0 percent or more 282 213 12 57 0
Not reported or not computed 1723 1304 81 284 54
Median 0.7 0.7 0.6 0.7 13.3
Acquired 2000 and 2001 (part) 602 404 55 130 13

Age Restrictions

Property restricted to people
age 55 or older
403 295 10 98 0
Property not restricted to people
age 55 or older
3559 2567 261 658 73
Not reported 168 103 6 52 7

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
19 19 0 0 0
Government rental subsidy 73 56 0 16 0
Government grant 13 13 0 0 0
Property tax relief 32 27 0 5 0
Federal income tax credit for
low-income, old or historic properties
0 0 0 0 0
Accelerated federal income tax
depreciation for low- and
moderate-income properties
0 0 0 0 0
Subsidy from a non-profit corporation 8 0 0 0 8
None of the above benefits 3588 2546 263 727 53
Not reported 397 304 14 59 19

Source of Property Benefits@1

With property benefits
144 115 0 22 8
Federal government 55 51 0 3 0
State government 50 50 0 0 0
Local government 42 29 0 13 0
Non-profit corporation 8 0 0 0 8
Not reported 5 0 0 5 0
With no property benefits 3588 2546 263 727 53
Not reported 397 304 14 59 19

Reason for Benefits@1

With property benefits
144 115 0 22 8
Occupied by low- or moderate-income
individuals
76 60 0 16 0
Occupied by elderly or disabled
individuals
6 6 0 0 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
0 0 0 0 0
Covered by a Homestead Exemption 0 0 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 7 7 0 0 0
Other reason 44 37 0 0 8
Not reported 11 5 0 5 0
With no property benefits 3588 2546 263 727 53
Not reported 397 304 14 59 19

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
3491 2522 228 675 65
Limited partnership 236 191 13 32 0
Joint venture 30 30 0 0 0
General partnership 50 39 0 12 0
Life insurance company 14 8 0 6 0
Depository institution 0 0 0 0 0
Public real estate investment trust 11 0 0 7 4
Private real estate investment trust 5 5 0 0 0
Corporation - other than real estate
investment trust
177 103 21 54 0
Housing cooperative organization 5 0 0 5 0
Non-profit or church-related institution 54 32 14 0 8
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 57 36 0 18 3

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
31 25 0 0 6
By telephone or FAX 466 301 37 112 15
By regular mail 114 77 7 31 0
By personal visit 2390 1755 170 415 50
Through third party (such as real
estate agent or builder)
557 396 45 110 6
Some other way 55 36 0 16 3
Not reported 309 215 13 81 0
Not available 207 158 5 43 0

Origin of First Mortgage

Mortgage made at time property acquired
3032 2178 231 560 63
Mortgage assumed at the time property
acquired
292 232 5 55 0
Mortgage placed later than acquisition of
property
805 555 40 193 17
Refinanced mortgage 696 473 40 172 11
Same lender 184 106 12 55 11
Different lender 512 367 28 117 0
Mortgage placed on property
owned free and clear of debt
109 82 0 20 6
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
805 555 40 193 17
Obtain lower interest rate 428 297 26 98 6
Increase payment period for mortgage 13 13 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
10 10 0 0 0
Receive cash or increase outstanding
balance of loan
230 177 0 48 5
Other reason 89 51 0 38 0
Not reported 35 7 13 9 6
Other properties 3324 2410 237 615 63
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
325 215 0 109 0
Less than $20,000 135 90 0 44 0
$20,000 to $39,999 76 57 0 19 0
$40,000 to $59,999 49 28 0 20 0
$60,000 to $79,999 34 22 0 12 0
$80,000 to $99,999 11 5 0 6 0
$100,000 to $124,999 20 13 0 7 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 27203 25975 0 30869 0
Mean 32949 32260 0 34303 0
Properties that refinanced
and did not receive cash back
362 254 40 62 6
Properties that refinanced
and did not report if received
cash back
118 86 0 22 11
Properties that did not
refinance
3324 2410 237 615 63
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
325 215 0 109 0
For additions, improvements or repairs
to this property
91 64 0 27 0
To consolidate debts 88 49 0 38 0
For investment in other real estate 91 58 0 34 0
For other types of investments 31 18 0 13 0
For educational or medical expenses 7 7 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 8 8 0 0 0
To pay taxes 6 0 0 6 0
To purchase an automobile, truck, or
other vehicle
8 8 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
6 6 0 0 0
Other 54 25 0 29 0
Not reported 5 5 0 0 0
Properties that refinanced
and did not receive cash back
362 254 40 62 6
Properties that refinanced
and did not report if received
cash back
118 86 0 22 11
Properties that did not
refinance
3324 2410 237 615 63
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
1527 1070 114 323 21
1997 and 1998 758 563 66 107 22
1995 and 1996 515 369 35 99 13
1990 to 1994 669 514 35 118 3
1985 to 1989 352 215 13 119 6
1980 to 1984 118 86 7 8 16
1979 or earlier 189 148 6 35 0

First Mortgage Insurance Status

FHA-insured first mortgage
359 322 0 21 16
VA-guaranteed first mortgage 73 55 0 18 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
91 71 7 13 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
166 121 7 38 0
Insured conventional first mortgage 451 344 42 52 13
Uninsured conventional first mortgage 2989 2051 220 667 50
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
353 277 32 33 11
$20,000 to $29,999 361 272 34 55 0
$30,000 to $39,999 416 296 18 86 16
$40,000 to $49,999 374 255 26 93 0
$50,000 to $59,999 432 348 21 48 15
$60,000 to $79,999 560 383 29 135 12
$80,000 to $99,999 396 318 16 50 12
$100,000 to $149,999 624 411 60 144 8
$150,000 to $199,999 307 195 28 84 0
$200,000 to $249,999 120 87 6 27 0
$250,000 to $299,999 39 25 0 14 0
$300,000 or more 54 27 1 20 6
Not reported 94 70 6 17 0
Median 62896 59968 63358 71708 58703
Mean 80652 77516 75296 93335 86903

Total Mortgage Loan

Less than $20,000
332 256 32 33 11
$20,000 to $29,999 357 278 26 53 0
$30,000 to $39,999 421 301 18 86 16
$40,000 to $49,999 352 234 26 93 0
$50,000 to $59,999 421 344 21 41 15
$60,000 to $79,999 562 387 31 132 12
$80,000 to $99,999 398 304 22 60 12
$100,000 to $149,999 643 430 60 144 8
$150,000 to $199,999 338 217 28 92 0
$200,000 to $249,999 103 83 6 14 0
$250,000 to $299,999 36 11 0 25 0
$300,000 or more 80 51 1 22 6
Not reported 88 70 6 11 0
Median 64894 61832 68192 73847 58703
Mean 85010 82514 77406 96470 86903

Traditional First Mortgage Outstanding
Debt

Less than $10,000
212 176 6 25 5
$10,000 to $19,999 353 236 40 70 6
$20,000 to $29,999 428 307 24 81 16
$30,000 to $39,999 424 338 31 55 0
$40,000 to $49,999 421 305 27 81 8
$50,000 to $59,999 322 221 13 81 7
$60,000 to $79,999 527 389 28 98 12
$80,000 to $99,999 464 333 26 93 12
$100,000 to $149,999 485 340 53 84 8
$150,000 to $199,999 257 156 20 81 0
$200,000 to $249,999 66 52 0 14 0
$250,000 to $299,999 39 30 1 8 0
$300,000 or more 43 17 0 20 6
Not reported 88 64 6 17 0
Median 55683 53991 54556 60616 57269
Mean 72296 69655 69755 81910 81609

Total Mortgage Outstanding Debt

Less than $10,000
197 161 6 25 5
$10,000 to $19,999 346 230 40 70 6
$20,000 to $29,999 435 324 17 79 16
$30,000 to $39,999 415 322 39 55 0
$40,000 to $49,999 410 299 27 75 8
$50,000 to $59,999 328 234 7 81 7
$60,000 to $79,999 513 386 21 95 12
$80,000 to $99,999 472 324 39 97 12
$100,000 to $149,999 524 366 53 97 8
$150,000 to $199,999 262 161 20 81 0
$200,000 to $249,999 51 45 0 6 0
$250,000 to $299,999 30 16 1 14 0
$300,000 or more 69 41 0 22 6
Not reported 76 58 6 11 0
Median 56822 55041 58574 63048 57269
Mean 74793 72702 69372 83646 81609

Current Interest Rate on First Mortgage

Less than 6.0 percent
1606 1050 176 329 51
6.0 percent 27 6 0 22 0
6.1 to 6.4 percent 54 34 0 20 0
6.5 to 6.9 percent 165 111 0 46 8
7.0 percent 282 197 15 70 0
7.1 to 7.4 percent 221 152 13 52 4
7.5 to 7.9 percent 262 201 6 49 5
8.0 percent 132 131 1 0 0
8.1 to 8.4 percent 119 91 11 17 0
8.5 to 8.9 percent 176 119 13 41 3
9.0 percent 70 54 7 9 0
9.1 to 9.4 percent 86 34 16 26 9
9.5 to 9.9 percent 51 44 0 7 0
10.0 percent 22 16 6 0 0
10.1 to 10.4 percent 27 27 0 0 0
10.5 to 10.9 percent 23 10 5 7 0
11.0 percent 81 67 8 6 0
11.1 to 12.9 percent 78 66 0 13 0
13.0 percent 0 0 0 0 0
13.1 percent or more 648 556 0 93 0
Not reported 0 0 0 0 0
Median 7.1 7.3 4.7 6.9 4.7

Type of Interest Rate Buydown

Properties with interest rate
buydown
41 36 0 5 0
Constant payment 0 0 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 5 5 0 0 0
Not reported 35 31 0 5 0
Properties without interest
rate buydown
1489 980 86 412 12
Not reported 2599 1949 191 392 68

Term of First Mortgage

Less than 5 years
37 25 7 6 0
5 years 49 0 49 0 0
6 to 9 years 22 7 6 9 0
10 years 69 47 5 17 0
11 to 14 years 18 6 0 12 0
15 years 314 223 8 76 8
16 to 19 years 4 4 0 0 0
20 years 89 25 13 47 5
21 to 24 years 5 5 0 0 0
25 years 27 8 5 13 0
26 to 29 years 9 9 0 0 0
30 years 1301 974 0 311 16
More than 30 years 25 17 8 0 0
No stated term 2161 1615 176 318 51
Median 30 30 6 30 30

Unexpired Term of First Mortgage

Less than 5 years
117 52 55 9 0
5 to 9 years 193 115 11 66 0
10 to 14 years 305 183 13 92 17
15 to 19 years 226 116 8 98 5
20 to 24 years 232 163 5 61 3
25 to 29 years 747 606 0 136 4
30 or more years 149 114 8 27 0
No stated term or not computed 2161 1615 176 318 51
Median 23 25 5 19 14

Holder of First Mortgage

Commercial bank or trust company
819 489 83 211 36
Savings and loan association, federal
savings bank
460 285 35 140 0
Mutual savings bank 97 62 6 29 0
Life insurance company 77 34 20 24 0
Mortgage banker or mortgage company 278 242 0 36 0
Federally-sponsored secondary market
agency or pool
1635 1315 68 220 33
Conventional mortgage pool 52 26 0 26 0
Other federal agency 161 114 21 21 5
Real estate investment trust 7 0 0 7 0
Pension or retirement fund 6 0 6 0 0
Credit union 125 92 5 27 0
Finance company 86 67 12 0 6
State or municipal government or
housing finance agency
178 144 0 34 0
Individual or individual's estate 84 70 7 7 0
Other 64 24 13 26 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
3056 2231 223 542 61
Less than 40 percent 72 52 21 0 0
40 to 49 percent 84 66 0 18 0
50 to 59 percent 112 66 0 38 7
60 to 69 percent 314 252 6 49 6
70 to 79 percent 357 281 4 65 8
80 to 89 percent 562 397 59 89 17
90 to 94 percent 209 131 33 45 0
95 to 99 percent 248 199 19 30 0
100 percent or more 1026 729 75 200 22
Not reported 70 57 6 7 0
Median 90 89 93 91 85
Other properties 1074 734 54 266 19
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
3056 2231 223 542 61
Less than 40 percent 60 43 12 5 0
40 to 49 percent 108 85 0 23 0
50 to 59 percent 111 73 0 38 0
60 to 69 percent 547 391 37 105 13
70 to 79 percent 518 374 35 101 8
80 to 89 percent 553 322 65 149 17
90 to 94 percent 154 99 34 21 0
95 to 99 percent 228 196 7 25 0
100 percent or more 707 591 26 68 22
Not reported 70 57 6 7 0
Median 83 84 84 80 85
Other properties 1074 734 54 266 19
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
301 202 34 65 0
Not subprime loan 3828 2763 243 743 80
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
888 0 0 808 80
Treasury security 222 0 0 222 0
Average cost of funds in bank district 56 0 0 56 0
National average cost of funds 15 0 0 15 0
OTS contract mortgage rate 0 0 0 0 0
Other method 124 0 0 116 8
No index used 18 0 0 14 5
Not reported 452 0 0 385 68
Other properties 3241 2965 277 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
888 0 0 808 80
Monthly 93 0 0 93 0
Every 3 months 13 0 0 13 0
Every 6 months 45 0 0 45 0
Yearly 198 0 0 198 0
Every 3 years 50 0 0 45 5
Every 5 years 33 0 0 33 0
Other 8 0 0 0 8
Not reported 449 0 0 381 68
Other properties 3241 2965 277 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
888 0 0 808 80
Less than 1 percent 20 0 0 20 0
1 percent 12 0 0 12 0
1.1 to 1.9 percent 18 0 0 18 0
2 percent 191 0 0 191 0
2.1 to 2.9 percent 3 0 0 3 0
3 percent 4 0 0 4 0
3.1 to 3.9 percent 4 0 0 4 0
4.0 percent or more 47 0 0 47 0
No caps 132 0 0 120 12
Not reported 456 0 0 388 68
Other properties 3241 2965 277 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
888 0 0 808 80
Less than 1 percent 20 0 0 20 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 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 351 0 0 351 0
No caps 61 0 0 49 12
Not reported 456 0 0 388 68
Other properties 3241 2965 277 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
888 0 0 808 80
Yes, rate has changed 305 0 0 293 12
No change since mortgage made 127 0 0 127 0
Not reported 456 0 0 388 68
Other properties 3241 2965 277 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
888 0 0 808 80
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 15 0 0 15 0
2 percent 11 0 0 11 0
2.1 to 2.9 percent 172 0 0 172 0
3 percent 37 0 0 37 0
3.1 to 3.9 percent 80 0 0 80 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 19 0 0 19 0
5 percent or more 65 0 0 65 0
Not reported 490 0 0 409 80
Median 3.0 0.0 0.0 3.0 0.0
Other properties 3241 2965 277 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
888 0 0 808 80
Can be converted 64 0 0 64 0
Cannot be converted 316 0 0 304 12
Not reported 508 0 0 440 68
Other properties 3241 2965 277 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
31 0 0 23 8
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 31 0 0 23 8
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
3651 2965 277 405 5
Not reported 447 0 0 380 68

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
31 0 0 23 8
Yes, unrestricted negative amortization 2 0 0 2 0
Yes, restricted negative amortization 15 0 0 7 8
No negative amortization allowed 14 0 0 14 0
Not reported 0 0 0 0 0
Monthly payments cannot change 3651 2965 277 405 5
Not reported 447 0 0 380 68

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
3883 2772 270 761 80
Interest and principal 3870 2772 270 748 80
Fully amortized 3547 2732 18 716 80
Not fully amortized 323 39 253 31 0
Interest only 13 0 0 13 0
No regular payments required 13 6 0 8 0
Not reported 233 187 6 40 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
3870 2772 270 748 80
Real estate taxes 943 744 14 184 0
Property insurance 901 718 13 169 0
Mortgage insurance 190 173 0 17 0
Other 320 248 0 72 0
No items included or not reported 2860 1988 256 535 80
No regular payments of interest
and principal
259 193 6 60 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
3883 2772 270 761 80
Less than $100 113 104 5 4 0
$100 to $199 211 117 28 60 6
$200 to $299 441 333 25 68 15
$300 to $399 478 368 18 85 6
$400 to $499 519 363 31 124 0
$500 to $599 379 303 22 42 12
$600 to $699 288 204 21 51 11
$700 to $799 277 223 0 48 6
$800 to $899 202 104 35 48 15
$900 to $999 172 117 12 43 0
$1,000 to $1,249 298 192 37 66 3
$1,250 to $1,499 184 129 15 40 0
$1,500 or more 322 213 21 82 6
Median 547 533 628 595 605
Mean 1402 970 707 3280 881
No regular payments required 13 6 0 8 0
Not reported 233 187 6 40 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
4116 2959 277 800 80
Up-to-date, ahead of schedule, or
less than 90 days past due
1684 1126 101 445 12
Delinquent by 90 days or more 26 26 0 0 0
Legal proceedings have begun 12 12 0 0 0
Legal proceedings have not begun 5 5 0 0 0
Not reported 8 8 0 0 0
Not reported 2407 1807 176 356 68
Other properties 13 6 0 8 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
3889 2772 270 767 80
Less than $100 107 98 5 4 0
$100 to $199 195 102 28 59 6
$200 to $299 428 328 17 68 15
$300 to $399 486 369 18 93 6
$400 to $499 476 337 33 106 0
$500 to $599 381 311 22 36 12
$600 to $699 302 212 21 57 11
$700 to $799 269 211 0 52 6
$800 to $899 189 93 28 54 15
$900 to $999 178 131 12 34 0
$1,000 to $1,249 340 230 37 70 3
$1,250 to $1,499 199 124 22 53 0
$1,500 or more 340 225 27 82 6
Median 567 549 657 633 605
Mean 1429 1000 751 3274 881
No regular monthly payments
required
240 193 6 41 0

Interest and Principal Payment on
First Mortgage as Percent of Rental
Receipts

Acquired before 2000 and
regular payments of interest
and/or princi
3316 2396 216 637 67
Less than 20 percent 138 125 6 7 0
20 to 29 percent 108 70 7 24 6
30 to 39 percent 158 144 0 14 0
40 to 49 percent 308 207 14 76 10
50 to 59 percent 279 185 11 84 0
60 to 69 percent 374 283 27 63 0
70 to 79 percent 309 213 31 58 7
80 to 89 percent 285 200 32 47 6
90 to 99 percent 226 173 30 23 0
100 percent or more 786 536 52 165 34
Not reported or not computed 345 259 6 77 3
Median 74 72 83 72 6066
Other properties 813 569 61 171 13

Interest and Principal Payment on Total
Mortgages as Percent of Rental Receipts

Acquired before 2000 and regular
payments of interest and/or
principal
3323 2396 216 644 67
Less than 20 percent 132 120 6 7 0
20 to 29 percent 104 60 7 30 6
30 to 39 percent 151 138 0 14 0
40 to 49 percent 301 201 14 76 10
50 to 59 percent 278 183 11 84 0
60 to 69 percent 350 260 27 63 0
70 to 79 percent 258 193 25 32 7
80 to 89 percent 286 206 32 43 6
90 to 99 percent 235 182 30 23 0
100 percent or more 882 594 58 195 34
Not reported or not computed 345 259 6 77 3
Median 77 76 85 73 6066
Other properties 807 569 61 164 13

Real Estate Tax Per $1,000 Value

Acquired before 2000
3528 2561 222 678 67
Less than $5 297 239 11 36 11
$5 to $9 1545 1082 99 331 33
$10 to $14 646 488 43 109 6
$15 to $19 415 286 27 95 7
$20 to $24 217 132 28 47 9
$25 to $29 143 119 6 18 0
$30 to $39 214 169 7 38 0
$40 to $49 5 5 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 6 6 0 0 0
Not reported or not computed 40 36 0 5 0
Median 10 10 10 10 8
Acquired 2000 and 2001 (part) 602 404 55 130 13

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
3528 2561 222 678 67
Less than 5 percent 206 172 12 17 5
5 to 9 percent 1038 796 73 155 14
10 to 14 percent 708 479 51 141 37
15 to 19 percent 474 334 29 106 4
20 to 24 percent 294 206 38 49 0
25 to 29 percent 181 108 6 62 5
30 to 34 percent 88 77 0 11 0
35 to 39 percent 44 33 0 11 0
40 percent or more 96 55 7 35 0
Not reported or not computed 399 300 6 89 3
Median 12 12 12 14 12
Acquired 2000 and 2001 (part) 602 404 55 130 13

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