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Residential Finance Survey: 2001 - West
Table 4-2e. 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
1214 882 78 232 21

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
1140 845 72 211 12
Placed one new mortgage 1000 764 72 157 6
Placed two or more new mortgages 22 7 0 15 0
Assumed mortgage(s) already on property 89 61 0 28 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
0 0 0 0 0
Paid all cash-no borrowing 10 0 0 4 6
Other manner 12 6 0 6 0
By inheritance or gift 33 13 0 20 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
8 6 0 2 0
By foreclosure or assignment 0 0 0 0 0
By some other manner 4 2 0 0 3
Not reported 28 16 6 0 6

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
528 383 52 81 12
Sale of stock or other partnership
shares for this project
14 8 0 6 0
Sale of previously owned stocks,
shares, or other securities
8 8 0 0 0
Sale of land or other real estate 63 41 8 14 0
Owner's cash, bank deposits,
share accounts, or bonds
316 194 46 64 12
Borrowing from a retirement plan 8 8 0 0 0
Borrowing using assets other than this
property as collateral
25 12 12 0 0
Proceeds from an insurance policy 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
Proceeds from sale of tax credits 6 6 0 0 0
From parents or relatives 30 28 0 2 0
Other cash source 12 12 0 0 0
Non-cash source 5 5 0 0 0
No downpayment required 42 42 0 0 0
Not reported 47 42 0 5 0
Other properties 676 489 26 152 9
Not reported 10 10 0 0 0

Year Property Acquired

1999 to 2001 (part)
275 188 26 55 6
1997 and 1998 169 122 14 33 0
1995 and 1996 111 86 12 6 6
1990 to 1994 220 177 6 34 3
1985 to 1989 196 154 7 34 0
1980 to 1984 74 51 7 16 0
1975 to 1979 96 60 6 30 0
1970 to 1974 55 36 0 19 0
1969 or earlier 18 6 0 6 6

Property New or Previously Owned When
Acquired

Acquired by purchase
1140 845 72 211 12
New 182 150 7 25 0
Previously owned 930 676 65 176 12
As residential property 930 676 65 176 12
Converted from nonresidential use 0 0 0 0 0
Other 12 9 0 3 0
Not reported 16 10 0 6 0
Other properties 45 21 0 22 3
Not reported 28 16 6 0 6

Year Structure Built

1999 to March 2000
25 18 0 7 0
1997 and 1998 46 33 0 13 0
1995 and 1996 34 27 0 7 0
1990 to 1994 93 74 14 3 3
1980 to 1989 196 168 7 22 0
1970 to 1979 263 183 26 48 6
1960 to 1969 124 79 19 26 0
1950 to 1959 130 106 13 6 6
1940 to 1949 165 90 0 69 6
1939 or earlier 137 105 0 32 0

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
417 297 40 74 6
Less than $20,000 11 5 0 7 0
$20,000 to $39,999 24 24 0 0 0
$40,000 to $59,999 7 7 0 0 0
$60,000 to $79,999 54 43 0 11 0
$80,000 to $99,999 33 20 8 6 0
$100,000 to $124,999 50 30 0 20 0
$125,000 to $149,999 54 41 6 6 0
$150,000 to $174,999 24 18 6 0 0
$175,000 to $199,999 68 41 13 13 0
$200,000 to $249,999 30 30 0 0 0
$250,000 to $299,999 24 24 0 0 0
$300,000 to $499,999 16 6 0 9 0
$500,000 or more 22 8 6 2 6
Median 138636 137398 172945 116766 500250000
Mean 164464 153494 204232 154720 550000
Other properties 797 585 38 158 14

Value

Less than $20,000
12 12 0 0 0
$20,000 to $39,999 0 0 0 0 0
$40,000 to $59,999 35 22 0 13 0
$60,000 to $79,999 56 51 0 5 0
$80,000 to $99,999 140 106 8 26 0
$100,000 to $124,999 171 121 6 37 6
$125,000 to $149,999 116 96 6 14 0
$150,000 to $174,999 87 59 6 16 6
$175,000 to $199,999 113 98 0 15 0
$200,000 to $249,999 141 104 7 30 0
$250,000 to $299,999 104 55 25 21 3
$300,000 to $499,999 160 113 13 33 0
$500,000 or more 78 43 6 22 6
Median 171896 163365 261565 183791 168246
Mean 204795 195659 241083 219767 288795

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
562 379 60 120 3
Less than $500 7 7 0 0 0
$500 to $999 14 6 0 8 0
$1,000 to $2,499 68 37 13 19 0
$2,500 to $4,999 151 104 7 38 3
$5,000 to $7,499 138 96 7 36 0
$7,500 to $9,999 25 18 0 7 0
$10,000 to $14,999 35 27 8 0 0
$15,000 to $19,999 19 13 6 0 0
$20,000 to $29,999 41 35 0 6 0
$30,000 or more 64 37 19 8 0
Median 5737 5946 12167 4709 3750
Mean 10442 10024 21043 6628 3000
Properties with no capital
improvements between 1998 and 2000
527 398 12 99 18
Capital improvements not
reported
125 105 6 13 0

Monthly Rental Receipts

Acquired before 2000
1058 786 58 199 14
Less than $100 0 0 0 0 0
$100 to $199 12 0 0 12 0
$200 to $299 6 6 0 0 0
$300 to $399 40 18 0 22 0
$400 to $499 25 25 0 0 0
$500 to $599 56 43 0 13 0
$600 to $799 218 164 6 42 6
$800 to $999 160 142 6 6 6
$1000 or more 460 335 40 85 0
No rental receipts 82 54 6 19 3
Median 965 956 3487919 827 795
Mean 1137 1189 1339 907 637
Acquired 2000 and 2001 (part) 156 96 20 34 6

Rental Receipts as Percent of Value@8

Acquired before 2000
1058 786 58 199 14
Less than 5 percent 147 71 6 70 0
5 to 9 percent 480 365 27 76 12
10 to 14 percent 325 275 19 31 0
15 to 19 percent 12 12 0 0 0
20 to 24 percent 2 0 0 2 0
25 to 29 percent 6 6 0 0 0
30 to 39 percent 0 0 0 0 0
40 percent or more 4 4 0 0 0
Median 9 9 9 6 8
Acquired 2000 and 2001 (part) 156 96 20 34 6

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
1058 786 58 199 14
Less than 1.0 percent 461 321 33 106 0
1.0 to 2.9 percent 7 7 0 0 0
3.0 to 4.9 percent 8 8 0 0 0
5.0 to 6.9 percent 10 10 0 0 0
7.0 to 8.9 percent 28 17 0 11 0
9.0 to 10.9 percent 10 10 0 0 0
11.0 to 12.9 percent 10 10 0 0 0
13.0 to 14.9 percent 11 5 6 0 0
15.0 percent or more 50 40 0 9 0
Not reported or not computed 464 359 19 72 14
Median 0.6 0.7 0.6 0.6 0.0
Acquired 2000 and 2001 (part) 156 96 20 34 6

Age Restrictions

Property restricted to people
age 55 or older
111 91 0 20 0
Property not restricted to people
age 55 or older
1090 785 72 212 21
Not reported 12 6 6 0 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
7 7 0 0 0
Government rental subsidy 6 6 0 0 0
Government grant 0 0 0 0 0
Property tax relief 8 8 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 1111 799 66 232 15
Not reported 81 62 12 1 6

Source of Property Benefits@1

With property benefits
21 21 0 0 0
Federal government 13 13 0 0 0
State government 8 8 0 0 0
Local government 0 0 0 0 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 1111 799 66 232 15
Not reported 81 62 12 1 6

Reason for Benefits@1

With property benefits
21 21 0 0 0
Occupied by low- or moderate-income
individuals
0 0 0 0 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 8 8 0 0 0
Not reported 0 0 0 0 0
With no property benefits 1111 799 66 232 15
Not reported 81 62 12 1 6

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
1056 770 72 196 18
Limited partnership 64 40 6 17 0
Joint venture 13 13 0 0 0
General partnership 23 16 0 6 0
Life insurance company 0 0 0 0 0
Depository institution 0 0 0 0 0
Public real estate investment trust 0 0 0 0 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
13 13 0 0 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 6 6 0 0 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 39 24 0 13 3

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
19 13 0 0 6
By telephone or FAX 140 95 6 39 0
By regular mail 43 25 7 11 0
By personal visit 614 450 33 125 6
Through third party (such as real
estate agent or builder)
272 215 20 31 6
Some other way 3 1 0 0 3
Not reported 76 59 13 4 0
Not available 47 25 0 23 0

Origin of First Mortgage

Mortgage made at time property acquired
789 600 59 122 8
Mortgage assumed at the time property
acquired
92 58 0 35 0
Mortgage placed later than acquisition of
property
332 225 20 76 12
Refinanced mortgage 285 196 20 63 6
Same lender 83 34 0 43 6
Different lender 202 162 20 20 0
Mortgage placed on property
owned free and clear of debt
47 29 0 12 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
332 225 20 76 12
Obtain lower interest rate 187 110 13 58 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
0 0 0 0 0
Receive cash or increase outstanding
balance of loan
80 69 0 11 0
Other reason 33 27 0 6 0
Not reported 19 6 7 0 6
Other properties 881 658 59 157 8
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
108 77 0 31 0
Less than $20,000 25 19 0 7 0
$20,000 to $39,999 29 24 0 5 0
$40,000 to $59,999 15 7 0 7 0
$60,000 to $79,999 22 16 0 6 0
$80,000 to $99,999 11 5 0 6 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 39670 36309 0 50769 0
Mean 43049 41668 0 46421 0
Properties that refinanced
and did not receive cash back
182 111 20 44 6
Properties that refinanced
and did not report if received
cash back
42 36 0 0 6
Properties that did not
refinance
881 658 59 157 8
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
108 77 0 31 0
For additions, improvements or repairs
to this property
18 11 0 7 0
To consolidate debts 27 20 0 7 0
For investment in other real estate 25 19 0 6 0
For other types of investments 25 12 0 13 0
For educational or medical expenses 0 0 0 0 0
To start a business 0 0 0 0 0
To settle a divorce 8 8 0 0 0
To pay taxes 0 0 0 0 0
To purchase an automobile, truck, or
other vehicle
6 6 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
6 6 0 0 0
Other 12 6 0 6 0
Not reported 5 5 0 0 0
Properties that refinanced
and did not receive cash back
182 111 20 44 6
Properties that refinanced
and did not report if received
cash back
42 36 0 0 6
Properties that did not
refinance
881 658 59 157 8
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
400 295 26 72 6
1997 and 1998 234 177 20 37 0
1995 and 1996 136 105 6 19 6
1990 to 1994 280 196 20 62 3
1985 to 1989 72 38 1 28 6
1980 to 1984 29 26 0 3 0
1979 or earlier 63 45 6 12 0

First Mortgage Insurance Status

FHA-insured first mortgage
115 107 0 5 3
VA-guaranteed first mortgage 16 16 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
7 7 1 0 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
30 17 7 5 0
Insured conventional first mortgage 170 134 20 9 6
Uninsured conventional first mortgage 877 601 50 213 12
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
50 24 14 7 6
$20,000 to $29,999 26 26 0 0 0
$30,000 to $39,999 86 63 6 17 0
$40,000 to $49,999 75 51 0 25 0
$50,000 to $59,999 91 80 0 10 0
$60,000 to $79,999 175 134 7 34 0
$80,000 to $99,999 176 158 0 18 0
$100,000 to $149,999 285 200 25 51 8
$150,000 to $199,999 153 97 21 35 0
$200,000 to $249,999 31 12 6 13 0
$250,000 to $299,999 28 20 0 8 0
$300,000 or more 37 17 0 14 6
Not reported 0 0 0 0 0
Median 91788 88037 125185 105299 125346
Mean 106535 100859 109302 121083 174523

Total Mortgage Loan

Less than $20,000
45 19 14 7 6
$20,000 to $29,999 26 26 0 0 0
$30,000 to $39,999 86 62 6 17 0
$40,000 to $49,999 75 51 0 25 0
$50,000 to $59,999 91 80 0 10 0
$60,000 to $79,999 155 131 1 24 0
$80,000 to $99,999 185 152 6 28 0
$100,000 to $149,999 281 196 25 51 8
$150,000 to $199,999 173 118 21 35 0
$200,000 to $249,999 18 12 6 0 0
$250,000 to $299,999 25 6 0 19 0
$300,000 or more 54 31 0 16 6
Not reported 0 0 0 0 0
Median 94005 89713 125185 105299 125346
Mean 115518 111092 111658 128358 174523

Traditional First Mortgage Outstanding
Debt

Less than $10,000
41 28 6 7 0
$10,000 to $19,999 75 51 8 10 6
$20,000 to $29,999 43 30 0 14 0
$30,000 to $39,999 75 51 6 18 0
$40,000 to $49,999 113 96 0 16 0
$50,000 to $59,999 64 44 6 14 0
$60,000 to $79,999 165 139 1 26 0
$80,000 to $99,999 201 156 0 45 0
$100,000 to $149,999 216 155 32 21 8
$150,000 to $199,999 142 90 20 32 0
$200,000 to $249,999 19 11 0 8 0
$250,000 to $299,999 23 14 0 8 0
$300,000 or more 37 17 0 14 6
Not reported 0 0 0 0 0
Median 83170 80409 119957 85251 125346
Mean 96443 91685 102237 106132 168492

Total Mortgage Outstanding Debt

Less than $10,000
35 23 6 7 0
$10,000 to $19,999 68 44 8 10 6
$20,000 to $29,999 49 35 0 14 0
$30,000 to $39,999 75 51 6 18 0
$40,000 to $49,999 107 96 0 10 0
$50,000 to $59,999 64 50 0 14 0
$60,000 to $79,999 151 128 1 22 0
$80,000 to $99,999 205 150 6 49 0
$100,000 to $149,999 232 165 32 26 8
$150,000 to $199,999 149 97 20 32 0
$200,000 to $249,999 11 11 0 0 0
$250,000 to $299,999 14 0 0 14 0
$300,000 or more 54 31 0 16 6
Not reported 0 0 0 0 0
Median 85607 81768 119957 88641 125346
Mean 104840 101350 104319 112589 168492

Current Interest Rate on First Mortgage

Less than 6.0 percent
466 266 72 109 18
6.0 percent 12 0 0 12 0
6.1 to 6.4 percent 16 11 0 6 0
6.5 to 6.9 percent 59 37 0 21 0
7.0 percent 115 80 0 35 0
7.1 to 7.4 percent 64 49 0 15 0
7.5 to 7.9 percent 99 89 6 4 0
8.0 percent 30 30 0 0 0
8.1 to 8.4 percent 53 46 0 7 0
8.5 to 8.9 percent 42 40 0 0 3
9.0 percent 14 14 0 0 0
9.1 to 9.4 percent 11 11 0 0 0
9.5 to 9.9 percent 4 4 0 0 0
10.0 percent 7 7 0 0 0
10.1 to 10.4 percent 6 6 0 0 0
10.5 to 10.9 percent 10 10 0 0 0
11.0 percent 26 26 0 0 0
11.1 to 12.9 percent 6 6 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 173 151 0 23 0
Not reported 0 0 0 0 0
Median 7.0 7.5 3.3 6.1 3.4

Type of Interest Rate Buydown

Properties with interest rate
buydown
9 5 0 5 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 9 5 0 5 0
Properties without interest
rate buydown
421 319 6 95 0
Not reported 784 558 72 133 21

Term of First Mortgage

Less than 5 years
6 0 6 0 0
5 years 0 0 0 0 0
6 to 9 years 0 0 0 0 0
10 years 0 0 0 0 0
11 to 14 years 0 0 0 0 0
15 years 65 54 0 10 0
16 to 19 years 0 0 0 0 0
20 years 6 6 0 0 0
21 to 24 years 0 0 0 0 0
25 years 8 8 0 0 0
26 to 29 years 0 0 0 0 0
30 years 473 356 0 115 3
More than 30 years 7 7 0 0 0
No stated term 649 451 72 108 18
Median 30 30 3 30 31

Unexpired Term of First Mortgage

Less than 5 years
12 6 6 0 0
5 to 9 years 30 22 0 8 0
10 to 14 years 54 37 0 17 0
15 to 19 years 43 23 0 20 0
20 to 24 years 126 99 0 25 3
25 to 29 years 277 229 0 48 0
30 or more years 22 15 0 8 0
No stated term or not computed 649 451 72 108 18
Median 25 26 3 24 23

Holder of First Mortgage

Commercial bank or trust company
164 121 6 28 9
Savings and loan association, federal
savings bank
154 73 14 67 0
Mutual savings bank 20 0 6 14 0
Life insurance company 29 10 12 6 0
Mortgage banker or mortgage company 121 102 0 19 0
Federally-sponsored secondary market
agency or pool
543 438 20 80 6
Conventional mortgage pool 0 0 0 0 0
Other federal agency 52 39 14 0 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 6 0 6 0 0
Credit union 36 24 0 11 0
Finance company 25 19 0 0 6
State or municipal government or
housing finance agency
32 32 0 0 0
Individual or individual's estate 15 7 0 7 0
Other 17 17 0 0 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
840 639 52 143 6
Less than 40 percent 38 18 20 0 0
40 to 49 percent 40 37 0 2 0
50 to 59 percent 69 44 0 26 0
60 to 69 percent 68 55 6 6 0
70 to 79 percent 120 112 0 9 0
80 to 89 percent 135 115 6 15 0
90 to 94 percent 59 24 13 21 0
95 to 99 percent 83 67 0 16 0
100 percent or more 228 167 6 48 6
Not reported 0 0 0 0 0
Median 86 85 70 93 50050
Other properties 374 243 26 90 15
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
840 639 52 143 6
Less than 40 percent 38 26 12 0 0
40 to 49 percent 41 41 0 0 0
50 to 59 percent 68 43 0 25 0
60 to 69 percent 114 79 14 21 0
70 to 79 percent 177 154 0 23 0
80 to 89 percent 106 78 6 22 0
90 to 94 percent 59 25 13 21 0
95 to 99 percent 91 72 0 20 0
100 percent or more 145 122 6 11 6
Not reported 0 0 0 0 0
Median 79 78 70 81 5050
Other properties 374 243 26 90 15
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
72 39 13 21 0
Not subprime loan 1142 843 66 212 21
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
253 0 0 232 21
Treasury security 39 0 0 39 0
Average cost of funds in bank district 35 0 0 35 0
National average cost of funds 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0
Other method 27 0 0 27 0
No index used 14 0 0 14 0
Not reported 139 0 0 119 21
Other properties 960 882 78 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
253 0 0 232 21
Monthly 54 0 0 54 0
Every 3 months 7 0 0 7 0
Every 6 months 0 0 0 0 0
Yearly 43 0 0 43 0
Every 3 years 0 0 0 0 0
Every 5 years 0 0 0 0 0
Other 0 0 0 0 0
Not reported 148 0 0 128 21
Other properties 960 882 78 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
253 0 0 232 21
Less than 1 percent 14 0 0 14 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 3 0 0 3 0
2 percent 32 0 0 32 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 4 0 0 4 0
4.0 percent or more 5 0 0 5 0
No caps 48 0 0 48 0
Not reported 148 0 0 128 21
Other properties 960 882 78 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
253 0 0 232 21
Less than 1 percent 14 0 0 14 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 85 0 0 85 0
No caps 6 0 0 6 0
Not reported 148 0 0 128 21
Other properties 960 882 78 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
253 0 0 232 21
Yes, rate has changed 95 0 0 95 0
No change since mortgage made 10 0 0 10 0
Not reported 148 0 0 128 21
Other properties 960 882 78 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
253 0 0 232 21
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 74 0 0 74 0
3 percent 5 0 0 5 0
3.1 to 3.9 percent 12 0 0 12 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 15 0 0 15 0
5 percent or more 0 0 0 0 0
Not reported 148 0 0 128 21
Median 2.7 0.0 0.0 2.7 0.0
Other properties 960 882 78 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
253 0 0 232 21
Can be converted 5 0 0 5 0
Cannot be converted 71 0 0 71 0
Not reported 178 0 0 157 21
Other properties 960 882 78 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
9 0 0 9 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 9 0 0 9 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
1056 882 78 95 0
Not reported 148 0 0 128 21

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
9 0 0 9 0
Yes, unrestricted negative amortization 2 0 0 2 0
Yes, restricted negative amortization 7 0 0 7 0
No negative amortization allowed 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot change 1056 882 78 95 0
Not reported 148 0 0 128 21

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
1188 871 72 224 21
Interest and principal 1180 871 72 217 21
Fully amortized 1104 868 0 215 21
Not fully amortized 77 2 72 2 0
Interest only 7 0 0 7 0
No regular payments required 8 0 0 8 0
Not reported 18 11 6 1 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
1180 871 72 217 21
Real estate taxes 305 261 0 44 0
Property insurance 294 252 0 42 0
Mortgage insurance 80 63 0 17 0
Other 100 78 0 22 0
No items included or not reported 865 603 72 169 21
No regular payments of interest
and principal
33 11 6 16 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
1188 871 72 224 21
Less than $100 26 26 0 0 0
$100 to $199 28 14 0 14 0
$200 to $299 66 47 0 18 0
$300 to $399 77 61 0 9 6
$400 to $499 161 127 6 28 0
$500 to $599 101 89 0 12 0
$600 to $699 121 85 0 36 0
$700 to $799 125 94 0 26 6
$800 to $899 62 36 14 13 0
$900 to $999 82 58 12 12 0
$1,000 to $1,249 128 98 12 15 3
$1,250 to $1,499 80 67 7 7 0
$1,500 or more 130 70 20 34 6
Median 712 684 1071 684 773
Mean 2540 899 1128 9433 1923
No regular payments required 8 0 0 8 0
Not reported 18 11 6 1 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
1206 882 78 225 21
Up-to-date, ahead of schedule, or
less than 90 days past due
488 365 6 116 0
Delinquent by 90 days or more 8 8 0 0 0
Legal proceedings have begun 0 0 0 0 0
Legal proceedings have not begun 0 0 0 0 0
Not reported 8 8 0 0 0
Not reported 710 509 72 109 21
Other properties 8 0 0 8 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
1188 871 72 224 21
Less than $100 26 26 0 0 0
$100 to $199 28 14 0 14 0
$200 to $299 59 41 0 18 0
$300 to $399 77 61 0 9 6
$400 to $499 145 121 0 24 0
$500 to $599 91 85 0 6 0
$600 to $699 120 84 0 36 0
$700 to $799 130 94 0 30 6
$800 to $899 57 24 14 18 0
$900 to $999 82 58 12 12 0
$1,000 to $1,249 144 119 12 10 3
$1,250 to $1,499 85 67 7 11 0
$1,500 or more 143 77 26 34 6
Median 737 703 1195 714 773
Mean 2588 949 1241 9453 1923
No regular monthly payments
required
26 11 6 8 0

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

Acquired before 2000 and
regular payments of interest
and/or princi
1036 778 52 191 14
Less than 20 percent 36 34 0 2 0
20 to 29 percent 53 35 1 17 0
30 to 39 percent 57 53 0 4 0
40 to 49 percent 125 103 0 17 6
50 to 59 percent 68 44 0 24 0
60 to 69 percent 135 102 7 26 0
70 to 79 percent 98 62 19 17 0
80 to 89 percent 85 62 6 10 6
90 to 99 percent 71 59 7 5 0
100 percent or more 234 171 6 57 0
Not reported or not computed 74 54 6 12 3
Median 71 69 78 70 50
Other properties 178 104 26 41 6

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

Acquired before 2000 and regular
payments of interest and/or
principal
1036 778 52 191 14
Less than 20 percent 36 34 0 2 0
20 to 29 percent 47 29 1 17 0
30 to 39 percent 56 52 0 4 0
40 to 49 percent 125 103 0 17 6
50 to 59 percent 68 44 0 24 0
60 to 69 percent 128 95 7 26 0
70 to 79 percent 74 48 13 13 0
80 to 89 percent 86 68 6 6 6
90 to 99 percent 78 66 7 5 0
100 percent or more 264 186 12 66 0
Not reported or not computed 74 54 6 12 3
Median 73 71 84 70 50
Other properties 178 104 26 41 6

Real Estate Tax Per $1,000 Value

Acquired before 2000
1058 786 58 199 14
Less than $5 144 110 6 21 6
$5 to $9 663 481 38 137 8
$10 to $14 208 166 14 28 0
$15 to $19 23 9 0 13 0
$20 to $24 6 6 0 0 0
$25 to $29 0 0 0 0 0
$30 to $39 14 14 0 0 0
$40 to $49 0 0 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 0 0 0 0 0
Not reported or not computed 0 0 0 0 0
Median 8 8 8 8 6
Acquired 2000 and 2001 (part) 156 96 20 34 6

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
1058 786 58 199 14
Less than 5 percent 95 79 6 9 0
5 to 9 percent 396 329 19 43 6
10 to 14 percent 238 154 19 59 6
15 to 19 percent 132 104 7 20 0
20 to 24 percent 49 33 0 17 0
25 to 29 percent 19 13 0 6 0
30 to 34 percent 14 14 0 0 0
35 to 39 percent 6 0 0 6 0
40 percent or more 27 7 0 20 0
Not reported or not computed 82 54 6 19 3
Median 10 9 10 13 10
Acquired 2000 and 2001 (part) 156 96 20 34 6

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