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Residential Finance Survey: 2001 - Midwest
Table 4-2c. 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
914 599 88 212 15

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
861 567 80 198 15
Placed one new mortgage 762 498 80 169 15
Placed two or more new mortgages 26 26 0 0 0
Assumed mortgage(s) already on property 53 34 0 19 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
5 0 0 5 0
Paid all cash-no borrowing 9 9 0 0 0
Other manner 5 0 0 5 0
By inheritance or gift 0 0 0 0 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
0 0 0 0 0
By foreclosure or assignment 8 0 0 8 0
By some other manner 26 18 8 0 0
Not reported 19 13 0 6 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
541 331 66 140 4
Sale of stock or other partnership
shares for this project
7 7 0 0 0
Sale of previously owned stocks,
shares, or other securities
8 8 0 0 0
Sale of land or other real estate 43 28 7 9 0
Owner's cash, bank deposits,
share accounts, or bonds
316 205 41 71 0
Borrowing from a retirement plan 12 5 0 7 0
Borrowing using assets other than this
property as collateral
27 21 0 5 0
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 0 0 0 0 0
From parents or relatives 24 20 0 5 0
Other cash source 19 13 7 0 0
Non-cash source 0 0 0 0 0
No downpayment required 88 46 14 23 4
Not reported 39 18 5 17 0
Other properties 359 254 22 72 11
Not reported 13 13 0 0 0

Year Property Acquired

1999 to 2001 (part)
258 160 34 64 0
1997 and 1998 154 97 19 34 4
1995 and 1996 157 101 14 42 0
1990 to 1994 135 115 0 15 5
1985 to 1989 109 62 13 34 0
1980 to 1984 34 17 7 3 6
1975 to 1979 32 21 0 11 0
1970 to 1974 16 16 0 0 0
1969 or earlier 19 11 0 9 0

Property New or Previously Owned When
Acquired

Acquired by purchase
861 567 80 198 15
New 78 47 0 31 0
Previously owned 774 513 80 166 15
As residential property 773 513 80 166 15
Converted from nonresidential use 0 0 0 0 0
Other 0 0 0 0 0
Not reported 9 7 0 1 0
Other properties 34 18 8 8 0
Not reported 19 13 0 6 0

Year Structure Built

1999 to March 2000
48 24 8 15 0
1997 and 1998 28 15 0 14 0
1995 and 1996 29 12 8 9 0
1990 to 1994 21 13 0 8 0
1980 to 1989 55 20 14 21 0
1970 to 1979 83 60 6 17 0
1960 to 1969 84 72 6 5 0
1950 to 1959 200 124 27 49 0
1940 to 1949 116 87 5 19 6
1939 or earlier 250 171 15 56 9

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
388 234 52 98 4
Less than $20,000 51 30 8 13 0
$20,000 to $39,999 46 22 17 7 0
$40,000 to $59,999 99 55 20 20 4
$60,000 to $79,999 51 38 0 13 0
$80,000 to $99,999 52 37 0 15 0
$100,000 to $124,999 7 7 0 0 0
$125,000 to $149,999 28 9 6 12 0
$150,000 to $174,999 24 14 0 9 0
$175,000 to $199,999 13 6 0 7 0
$200,000 to $249,999 15 15 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 1 1 0 0 0
$500,000 or more 0 0 0 0 0
Median 59389 65314 40519 72615 50000
Mean 75616 79035 44621 85034 47000
Other properties 525 364 36 114 11

Value

Less than $20,000
49 28 8 13 0
$20,000 to $39,999 109 77 20 13 0
$40,000 to $59,999 170 126 18 25 0
$60,000 to $79,999 197 110 22 54 11
$80,000 to $99,999 146 92 13 42 0
$100,000 to $124,999 42 31 0 10 0
$125,000 to $149,999 76 59 0 12 4
$150,000 to $174,999 50 35 6 9 0
$175,000 to $199,999 31 6 0 25 0
$200,000 to $249,999 26 17 0 9 0
$250,000 to $299,999 9 9 0 0 0
$300,000 to $499,999 7 7 1 0 0
$500,000 or more 1 1 0 0 0
Median 73086 72363 57868 80640 73982
Mean 84505 84408 62856 93667 85804

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
439 306 47 82 5
Less than $500 12 4 0 8 0
$500 to $999 31 15 7 9 0
$1,000 to $2,499 84 59 19 6 0
$2,500 to $4,999 79 62 7 10 0
$5,000 to $7,499 119 90 6 19 5
$7,500 to $9,999 49 33 8 8 0
$10,000 to $14,999 21 14 0 7 0
$15,000 to $19,999 23 7 0 16 0
$20,000 to $29,999 14 14 0 0 0
$30,000 or more 8 8 0 0 0
Median 5300 5356 2288 6182 6250
Mean 6566 7009 3693 6631 5200
Properties with no capital
improvements between 1998 and 2000
398 240 35 112 11
Capital improvements not
reported
77 53 6 18 0

Monthly Rental Receipts

Acquired before 2000
775 501 74 184 15
Less than $100 14 14 0 0 0
$100 to $199 58 23 13 22 0
$200 to $299 35 23 7 5 0
$300 to $399 92 56 7 29 0
$400 to $499 128 66 14 43 5
$500 to $599 105 84 0 21 0
$600 to $799 128 96 19 6 6
$800 to $999 50 35 0 15 0
$1000 or more 99 70 15 10 4
No rental receipts 67 35 0 32 0
Median 527 562 477 445 697
Mean 1255 1675 619 406 770
Acquired 2000 and 2001 (part) 139 97 14 28 0

Rental Receipts as Percent of Value@8

Acquired before 2000
775 501 74 184 15
Less than 5 percent 51 15 7 29 0
5 to 9 percent 245 150 20 70 5
10 to 14 percent 333 238 39 45 11
15 to 19 percent 26 26 0 0 0
20 to 24 percent 24 16 8 0 0
25 to 29 percent 6 0 0 6 0
30 to 39 percent 0 0 0 0 0
40 percent or more 9 8 0 1 0
Median 11 11 11 8 11
Acquired 2000 and 2001 (part) 139 97 14 28 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
775 501 74 184 15
Less than 1.0 percent 308 170 48 89 0
1.0 to 2.9 percent 0 0 0 0 0
3.0 to 4.9 percent 7 7 0 0 0
5.0 to 6.9 percent 0 0 0 0 0
7.0 to 8.9 percent 22 16 0 6 0
9.0 to 10.9 percent 0 0 0 0 0
11.0 to 12.9 percent 18 18 0 0 0
13.0 to 14.9 percent 1 0 0 1 0
15.0 percent or more 67 41 7 19 0
Not reported or not computed 350 248 19 68 15
Median 0.7 0.7 0.6 0.6 0.0
Acquired 2000 and 2001 (part) 139 97 14 28 0

Age Restrictions

Property restricted to people
age 55 or older
105 72 5 28 0
Property not restricted to people
age 55 or older
789 506 83 184 15
Not reported 20 20 0 0 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
4 4 0 0 0
Government rental subsidy 41 25 0 16 0
Government grant 0 0 0 0 0
Property tax relief 0 0 0 0 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 0 0 0 0 0
None of the above benefits 784 512 87 176 9
Not reported 84 58 1 19 6

Source of Property Benefits@1

With property benefits
46 29 0 16 0
Federal government 14 11 0 3 0
State government 11 11 0 0 0
Local government 20 7 0 13 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 784 512 87 176 9
Not reported 84 58 1 19 6

Reason for Benefits@1

With property benefits
46 29 0 16 0
Occupied by low- or moderate-income
individuals
46 29 0 16 0
Occupied by elderly or disabled
individuals
0 0 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 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 784 512 87 176 9
Not reported 84 58 1 19 6

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
781 514 74 182 11
Limited partnership 57 44 6 7 0
Joint venture 5 5 0 0 0
General partnership 6 6 0 0 0
Life insurance company 3 3 0 0 0
Depository institution 0 0 0 0 0
Public real estate investment trust 4 0 0 0 4
Private real estate investment trust 5 5 0 0 0
Corporation - other than real estate
investment trust
42 10 8 23 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 11 11 0 0 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 0 0 0 0 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
6 6 0 0 0
By telephone or FAX 68 61 7 0 0
By regular mail 13 5 0 8 0
By personal visit 656 424 75 142 15
Through third party (such as real
estate agent or builder)
68 35 6 27 0
Some other way 11 5 0 7 0
Not reported 45 29 0 16 0
Not available 47 34 0 13 0

Origin of First Mortgage

Mortgage made at time property acquired
695 445 81 158 11
Mortgage assumed at the time property
acquired
52 39 0 13 0
Mortgage placed later than acquisition of
property
167 115 7 41 5
Refinanced mortgage 138 94 7 33 5
Same lender 40 28 7 0 5
Different lender 98 65 0 33 0
Mortgage placed on property
owned free and clear of debt
29 21 0 8 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
167 115 7 41 5
Obtain lower interest rate 59 42 0 18 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
76 64 0 8 5
Other reason 15 9 0 6 0
Not reported 16 0 7 9 0
Other properties 747 484 81 171 11
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
87 73 0 14 0
Less than $20,000 46 46 0 0 0
$20,000 to $39,999 28 14 0 14 0
$40,000 to $59,999 7 7 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 6 6 0 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 19170 16093 0 30000 0
Mean 26084 25126 0 31091 0
Properties that refinanced
and did not receive cash back
41 22 7 12 0
Properties that refinanced
and did not report if received
cash back
39 19 0 15 5
Properties that did not
refinance
747 484 81 171 11
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
87 73 0 14 0
For additions, improvements or repairs
to this property
48 40 0 8 0
To consolidate debts 29 23 0 6 0
For investment in other real estate 27 19 0 8 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 6 0 0 6 0
To purchase an automobile, truck, or
other vehicle
2 2 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 6 6 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
41 22 7 12 0
Properties that refinanced
and did not report if received
cash back
39 19 0 15 5
Properties that did not
refinance
747 484 81 171 11
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
395 231 49 115 0
1997 and 1998 179 127 13 30 9
1995 and 1996 135 86 13 36 0
1990 to 1994 69 69 0 0 0
1985 to 1989 81 47 6 27 0
1980 to 1984 24 11 7 0 6
1979 or earlier 32 28 0 4 0

First Mortgage Insurance Status

FHA-insured first mortgage
92 87 0 0 4
VA-guaranteed first mortgage 7 0 0 7 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
18 12 6 0 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
37 17 0 20 0
Insured conventional first mortgage 94 64 8 22 0
Uninsured conventional first mortgage 666 419 73 163 11
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
98 85 7 6 0
$20,000 to $29,999 125 71 25 29 0
$30,000 to $39,999 113 91 0 15 6
$40,000 to $49,999 116 62 20 34 0
$50,000 to $59,999 97 71 13 12 0
$60,000 to $79,999 114 73 9 27 5
$80,000 to $99,999 50 35 0 11 4
$100,000 to $149,999 89 40 6 42 0
$150,000 to $199,999 62 41 0 22 0
$200,000 to $249,999 14 13 0 1 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 6 0 1 6 0
Not reported 30 17 6 7 0
Median 49140 47019 44416 64457 65609
Mean 65534 60290 47498 88113 58148

Total Mortgage Loan

Less than $20,000
88 75 7 6 0
$20,000 to $29,999 117 71 25 21 0
$30,000 to $39,999 119 97 0 15 6
$40,000 to $49,999 110 57 20 34 0
$50,000 to $59,999 96 70 13 12 0
$60,000 to $79,999 124 83 9 27 5
$80,000 to $99,999 43 27 0 11 4
$100,000 to $149,999 89 40 6 42 0
$150,000 to $199,999 78 48 0 30 0
$200,000 to $249,999 14 13 0 1 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 6 0 1 6 0
Not reported 30 17 6 7 0
Median 50869 48437 44416 70880 65609
Mean 67914 61898 47498 93806 58148

Traditional First Mortgage Outstanding
Debt

Less than $10,000
38 31 0 7 0
$10,000 to $19,999 114 80 21 13 0
$20,000 to $29,999 115 68 11 30 6
$30,000 to $39,999 125 114 6 5 0
$40,000 to $49,999 113 54 20 39 0
$50,000 to $59,999 75 51 7 16 0
$60,000 to $79,999 93 62 9 17 5
$80,000 to $99,999 65 44 0 16 4
$100,000 to $149,999 88 48 6 34 0
$150,000 to $199,999 46 25 0 22 0
$200,000 to $249,999 5 5 0 0 0
$250,000 to $299,999 1 0 1 0 0
$300,000 or more 6 0 0 6 0
Not reported 30 17 6 7 0
Median 44404 39909 41244 54973 65609
Mean 59824 54890 44285 80443 53640

Total Mortgage Outstanding Debt

Less than $10,000
34 26 0 7 0
$10,000 to $19,999 114 80 21 13 0
$20,000 to $29,999 112 73 11 21 6
$30,000 to $39,999 125 114 6 5 0
$40,000 to $49,999 112 53 20 39 0
$50,000 to $59,999 80 57 7 16 0
$60,000 to $79,999 93 62 9 17 5
$80,000 to $99,999 57 37 0 16 4
$100,000 to $149,999 104 55 6 42 0
$150,000 to $199,999 46 25 0 22 0
$200,000 to $249,999 5 5 0 0 0
$250,000 to $299,999 1 0 1 0 0
$300,000 or more 6 0 0 6 0
Not reported 25 12 6 7 0
Median 45343 40039 41244 60411 65609
Mean 60075 54853 41043 83182 53640

Current Interest Rate on First Mortgage

Less than 6.0 percent
329 214 39 70 6
6.0 percent 0 0 0 0 0
6.1 to 6.4 percent 6 6 0 0 0
6.5 to 6.9 percent 44 36 0 8 0
7.0 percent 67 39 15 13 0
7.1 to 7.4 percent 77 38 8 26 4
7.5 to 7.9 percent 75 34 0 37 5
8.0 percent 18 17 1 0 0
8.1 to 8.4 percent 22 6 11 4 0
8.5 to 8.9 percent 45 30 8 8 0
9.0 percent 34 18 7 9 0
9.1 to 9.4 percent 0 0 0 0 0
9.5 to 9.9 percent 8 5 0 3 0
10.0 percent 0 0 0 0 0
10.1 to 10.4 percent 0 0 0 0 0
10.5 to 10.9 percent 7 0 0 7 0
11.0 percent 17 17 0 0 0
11.1 to 12.9 percent 17 10 0 8 0
13.0 percent 0 0 0 0 0
13.1 percent or more 147 129 0 18 0
Not reported 0 0 0 0 0
Median 7.2 7.1 7.0 7.3 7.2

Type of Interest Rate Buydown

Properties with interest rate
buydown
6 6 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 6 6 0 0 0
Properties without interest
rate buydown
368 188 34 142 5
Not reported 539 405 54 70 11

Term of First Mortgage

Less than 5 years
12 12 1 0 0
5 years 22 0 22 0 0
6 to 9 years 6 0 6 0 0
10 years 28 21 0 7 0
11 to 14 years 12 0 0 12 0
15 years 81 42 8 30 0
16 to 19 years 0 0 0 0 0
20 years 46 0 13 29 5
21 to 24 years 0 0 0 0 0
25 years 1 0 0 1 0
26 to 29 years 0 0 0 0 0
30 years 298 217 0 76 4
More than 30 years 0 0 0 0 0
No stated term 408 306 39 57 6
Median 30 30 8 21 21

Unexpired Term of First Mortgage

Less than 5 years
44 18 22 4 0
5 to 9 years 65 37 6 21 0
10 to 14 years 58 27 8 23 0
15 to 19 years 66 14 8 39 5
20 to 24 years 19 0 5 14 0
25 to 29 years 182 130 0 48 4
30 or more years 73 66 0 6 0
No stated term or not computed 408 306 39 57 6
Median 25 27 7 19 20

Holder of First Mortgage

Commercial bank or trust company
216 93 28 91 5
Savings and loan association, federal
savings bank
100 51 22 27 0
Mutual savings bank 20 13 0 7 0
Life insurance company 13 7 0 6 0
Mortgage banker or mortgage company 45 39 0 6 0
Federally-sponsored secondary market
agency or pool
336 270 20 35 11
Conventional mortgage pool 33 18 0 15 0
Other federal agency 27 12 0 15 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 10 10 0 0 0
Finance company 38 26 12 0 0
State or municipal government or
housing finance agency
43 43 0 0 0
Individual or individual's estate 24 18 6 0 0
Other 9 0 0 9 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
709 459 73 165 11
Less than 40 percent 11 11 0 0 0
40 to 49 percent 21 14 0 7 0
50 to 59 percent 10 2 0 7 0
60 to 69 percent 72 43 0 22 6
70 to 79 percent 55 36 0 19 0
80 to 89 percent 135 91 7 37 0
90 to 94 percent 58 40 7 11 0
95 to 99 percent 53 39 14 0 0
100 percent or more 265 165 40 56 4
Not reported 30 17 6 7 0
Median 93 93 15554 87 68
Other properties 205 139 15 47 5
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
709 459 73 165 11
Less than 40 percent 15 11 0 5 0
40 to 49 percent 32 25 0 7 0
50 to 59 percent 7 0 0 7 0
60 to 69 percent 124 78 7 32 6
70 to 79 percent 149 76 26 48 0
80 to 89 percent 91 56 0 35 0
90 to 94 percent 35 22 13 0 0
95 to 99 percent 46 38 7 0 0
100 percent or more 179 136 14 25 4
Not reported 30 17 6 7 0
Median 81 86 90 76 68
Other properties 205 139 15 47 5
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
79 42 21 15 0
Not subprime loan 835 557 67 197 15
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
227 0 0 212 15
Treasury security 76 0 0 76 0
Average cost of funds in bank district 7 0 0 7 0
National average cost of funds 4 0 0 4 0
OTS contract mortgage rate 0 0 0 0 0
Other method 41 0 0 41 0
No index used 5 0 0 0 5
Not reported 95 0 0 84 11
Other properties 687 599 88 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
227 0 0 212 15
Monthly 13 0 0 13 0
Every 3 months 0 0 0 0 0
Every 6 months 22 0 0 22 0
Yearly 71 0 0 71 0
Every 3 years 22 0 0 18 5
Every 5 years 9 0 0 9 0
Other 0 0 0 0 0
Not reported 89 0 0 79 11
Other properties 687 599 88 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
227 0 0 212 15
Less than 1 percent 6 0 0 6 0
1 percent 4 0 0 4 0
1.1 to 1.9 percent 5 0 0 5 0
2 percent 76 0 0 76 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 19 0 0 19 0
No caps 27 0 0 23 5
Not reported 89 0 0 79 11
Other properties 687 599 88 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
227 0 0 212 15
Less than 1 percent 6 0 0 6 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 109 0 0 109 0
No caps 22 0 0 17 5
Not reported 89 0 0 79 11
Other properties 687 599 88 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
227 0 0 212 15
Yes, rate has changed 76 0 0 71 5
No change since mortgage made 62 0 0 62 0
Not reported 89 0 0 79 11
Other properties 687 599 88 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
227 0 0 212 15
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 6 0 0 6 0
2.1 to 2.9 percent 29 0 0 29 0
3 percent 16 0 0 16 0
3.1 to 3.9 percent 42 0 0 42 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 26 0 0 26 0
Not reported 108 0 0 92 15
Median 3.3 0.0 0.0 3.3 0.0
Other properties 687 599 88 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
227 0 0 212 15
Can be converted 21 0 0 21 0
Cannot be converted 108 0 0 103 5
Not reported 98 0 0 87 11
Other properties 687 599 88 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
14 0 0 14 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 14 0 0 14 0
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
819 599 88 128 5
Not reported 81 0 0 70 11

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
14 0 0 14 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 14 0 0 14 0
Not reported 0 0 0 0 0
Monthly payments cannot change 819 599 88 128 5
Not reported 81 0 0 70 11

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
890 575 88 212 15
Interest and principal 890 575 88 212 15
Fully amortized 797 560 13 208 15
Not fully amortized 93 14 75 4 0
Interest only 0 0 0 0 0
No regular payments required 0 0 0 0 0
Not reported 24 24 0 0 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
890 575 88 212 15
Real estate taxes 208 147 14 48 0
Property insurance 168 109 13 46 0
Mortgage insurance 37 37 0 0 0
Other 59 36 0 23 0
No items included or not reported 671 428 74 153 15
No regular payments of interest
and principal
24 24 0 0 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
890 575 88 212 15
Less than $100 25 22 0 4 0
$100 to $199 92 48 22 16 6
$200 to $299 148 119 11 17 0
$300 to $399 136 95 18 22 0
$400 to $499 145 87 7 52 0
$500 to $599 82 64 14 0 5
$600 to $699 58 39 8 7 4
$700 to $799 18 9 0 9 0
$800 to $899 48 23 6 18 0
$900 to $999 19 11 0 9 0
$1,000 to $1,249 58 38 0 20 0
$1,250 to $1,499 8 0 0 8 0
$1,500 or more 51 21 1 30 0
Median 430 404 359 491 528
Mean 555 498 395 788 416
No regular payments required 0 0 0 0 0
Not reported 24 24 0 0 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
914 599 88 212 15
Up-to-date, ahead of schedule, or
less than 90 days past due
435 235 49 147 5
Delinquent by 90 days or more 0 0 0 0 0
Legal proceedings have begun 0 0 0 0 0
Legal proceedings have not begun 0 0 0 0 0
Not reported 0 0 0 0 0
Not reported 479 364 39 65 11
Other properties 0 0 0 0 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
890 575 88 212 15
Less than $100 25 22 0 4 0
$100 to $199 82 38 22 16 6
$200 to $299 151 122 11 17 0
$300 to $399 136 96 18 22 0
$400 to $499 131 81 7 43 0
$500 to $599 88 69 14 0 5
$600 to $699 64 45 8 7 4
$700 to $799 18 9 0 9 0
$800 to $899 48 23 6 18 0
$900 to $999 11 11 0 0 0
$1,000 to $1,249 67 38 0 29 0
$1,250 to $1,499 17 0 0 17 0
$1,500 or more 51 21 1 30 0
Median 438 412 359 658 528
Mean 570 505 395 831 416
No regular monthly payments
required
24 24 0 0 0

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

Acquired before 2000 and
regular payments of interest
and/or princi
751 477 74 184 15
Less than 20 percent 17 17 0 0 0
20 to 29 percent 23 10 7 0 6
30 to 39 percent 31 21 0 10 0
40 to 49 percent 98 59 14 21 4
50 to 59 percent 67 55 7 5 0
60 to 69 percent 86 54 13 18 0
70 to 79 percent 88 65 6 16 0
80 to 89 percent 52 30 7 16 0
90 to 99 percent 36 24 7 6 0
100 percent or more 172 94 13 61 5
Not reported or not computed 81 49 0 32 0
Median 72 70 67 84 43
Other properties 163 121 14 28 0

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

Acquired before 2000 and regular
payments of interest and/or
principal
751 477 74 184 15
Less than 20 percent 17 17 0 0 0
20 to 29 percent 19 6 7 0 6
30 to 39 percent 25 15 0 10 0
40 to 49 percent 96 57 14 21 4
50 to 59 percent 60 48 7 5 0
60 to 69 percent 92 61 13 18 0
70 to 79 percent 91 77 6 7 0
80 to 89 percent 52 30 7 16 0
90 to 99 percent 30 18 7 6 0
100 percent or more 186 99 13 70 5
Not reported or not computed 81 49 0 32 0
Median 73 71 67 90 43
Other properties 163 121 14 28 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
775 501 74 184 15
Less than $5 7 7 0 0 0
$5 to $9 254 170 13 71 0
$10 to $14 139 72 20 41 6
$15 to $19 154 98 7 49 0
$20 to $24 94 50 21 13 9
$25 to $29 63 53 6 4 0
$30 to $39 43 30 6 6 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 12 12 0 0 0
Median 14 15 18 13 21
Acquired 2000 and 2001 (part) 139 97 14 28 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
775 501 74 184 15
Less than 5 percent 21 20 0 1 0
5 to 9 percent 168 124 13 31 0
10 to 14 percent 153 96 22 29 6
15 to 19 percent 101 65 0 32 4
20 to 24 percent 105 63 27 15 0
25 to 29 percent 55 26 6 18 5
30 to 34 percent 37 32 0 5 0
35 to 39 percent 21 15 0 5 0
40 percent or more 22 0 7 15 0
Not reported or not computed 92 60 0 32 0
Median 15 14 20 17 16
Acquired 2000 and 2001 (part) 139 97 14 28 0

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