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Residential Finance Survey: 2001 - United States
Table 5-2a. Type of First Mortgage, Rental and Vacant 2- to 4-Housing-Unit 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 Per Housing Unit, 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

2- to 4-housing-unit properties
with traditional first mortgage
1118 780 68 261 10

PROPERTY CHARACTERISTICS


Number of Housing Units

2 housing units
779 550 39 184 7
3 housing units 152 100 15 36 1
4 housing units 187 130 14 41 2

Manner of Acquisition

By purchase
1065 736 68 254 7
Placed one new mortgage 927 648 61 213 6
Placed two or more new mortgages 58 33 5 19 1
Assumed mortgage(s) already on property 53 37 0 17 0
Assumed mortgage(s) already on property
and placed new mortgage
14 10 2 2 0
Borrowed using assets other than this
property as collateral
4 3 0 1 0
Paid all cash-no borrowing 5 4 0 2 0
Other manner 3 3 0 0 0
By inheritance or gift 19 16 0 3 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
10 7 0 0 3
By foreclosure or assignment 3 3 0 0 0
By some other manner 3 3 0 0 0
Not reported 19 15 0 4 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
538 372 41 124 2
Sale of stock or other partnership
shares for this project
23 21 3 0 0
Sale of previously owned stocks,
shares, or other securities
37 24 2 11 0
Sale of land or other real estate 48 29 0 18 0
Owner's cash, bank deposits,
share accounts, or bonds
303 224 16 61 2
Borrowing from a retirement plan 8 8 0 0 0
Borrowing using assets other than this
property as collateral
56 35 14 7 0
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 7 7 0 0 0
From a non-profit organization 4 0 0 4 0
Proceeds from sale of tax credits 0 0 0 0 0
From parents or relatives 16 11 0 5 0
Other cash source 20 19 2 0 0
Non-cash source 4 0 0 4 0
No downpayment required 52 34 6 11 0
Not reported 25 16 0 9 0
Other properties 571 400 27 136 8
Not reported 9 8 0 1 0

Year Property Acquired

1999 to 2001 (part)
287 193 25 64 5
1997 and 1998 150 110 5 36 0
1995 and 1996 130 94 11 26 0
1990 to 1994 198 151 10 35 1
1985 to 1989 166 115 3 44 4
1980 to 1984 83 49 4 30 0
1975 to 1979 57 36 10 12 0
1970 to 1974 32 22 0 10 0
1969 or earlier 15 10 0 5 0

Property New or Previously Owned When
Acquired

Acquired by purchase
1065 736 68 254 7
New 129 82 6 41 0
Previously owned 907 631 62 208 7
As residential property 861 605 54 196 7
Converted from nonresidential use 46 26 7 13 0
Other 9 5 0 3 0
Not reported 20 19 0 1 0
Other properties 35 29 0 3 3
Not reported 19 15 0 4 0

Year Structure Built

1999 to March 2000
19 13 0 7 0
1997 and 1998 17 8 0 6 3
1995 and 1996 22 13 0 9 0
1990 to 1994 49 39 0 10 0
1980 to 1989 134 87 9 37 2
1970 to 1979 136 102 7 28 0
1960 to 1969 119 88 15 16 0
1950 to 1959 136 98 10 28 0
1940 to 1949 94 58 15 21 0
1939 or earlier 393 275 13 99 5

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
410 280 30 98 2
Less than $20,000 51 30 10 11 0
$20,000 to $39,999 141 98 11 32 0
$40,000 to $59,999 80 54 0 26 0
$60,000 to $79,999 66 46 7 11 2
$80,000 to $99,999 28 22 0 6 0
$100,000 to $124,999 18 11 1 6 0
$125,000 to $149,999 5 3 0 1 0
$150,000 to $174,999 6 6 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 4 4 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 6 0 0 6 0
$500,000 or more 7 7 0 0 0
Median 43423 44576 28243 45361 70000
Mean 64889 65912 39472 69543 75000
Other properties 708 500 38 162 8

Value

Less than $20,000
3 1 0 1 0
$20,000 to $39,999 52 37 8 8 0
$40,000 to $59,999 87 45 10 33 0
$60,000 to $79,999 111 71 9 31 0
$80,000 to $99,999 106 85 3 18 0
$100,000 to $124,999 164 120 9 35 0
$125,000 to $149,999 109 69 5 31 4
$150,000 to $174,999 68 56 6 2 4
$175,000 to $199,999 77 56 0 21 0
$200,000 to $249,999 112 80 0 32 0
$250,000 to $299,999 55 37 5 13 0
$300,000 to $499,999 86 57 6 22 2
$500,000 or more 88 66 8 15 0
Median 133434 136062 114205 129178 155938
Mean 194042 194774 216974 186158 186495

Value Per Housing Unit@8

Less than $20,000
87 53 14 20 0
$20,000 to $39,999 249 167 14 68 0
$40,000 to $59,999 224 163 7 53 1
$60,000 to $79,999 189 133 13 39 4
$80,000 to $99,999 101 73 6 17 5
$100,000 to $124,999 91 63 0 28 0
$125,000 to $149,999 60 44 5 11 0
$150,000 to $174,999 34 21 1 12 0
$175,000 to $199,999 14 14 0 0 0
$200,000 to $249,999 15 8 3 4 0
$250,000 to $299,999 14 14 1 0 0
$300,000 to $499,999 23 18 0 5 0
$500,000 or more 17 9 3 5 0
Median 59875 61021 55017 56141 79308
Mean 81516 81583 84728 80725 74920

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
603 414 30 154 5
Less than $500 13 6 0 7 0
$500 to $999 29 12 6 11 0
$1,000 to $2,499 126 86 0 36 4
$2,500 to $4,999 95 73 3 20 0
$5,000 to $7,499 131 98 7 24 1
$7,500 to $9,999 25 18 5 2 0
$10,000 to $14,999 73 37 2 34 0
$15,000 to $19,999 52 45 0 7 0
$20,000 to $29,999 39 30 3 7 0
$30,000 or more 19 9 4 7 0
Median 5721 5769 6963 5338 1969
Mean 7810 7744 9823 7752 3058
Properties with no capital
improvements between 1998 and 2000
346 242 32 67 5
Capital improvements not
reported
170 123 6 40 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
603 414 30 154 5
Less than $500 56 25 6 25 0
$500 to $999 66 47 1 17 0
$1,000 to $2,499 183 136 6 35 5
$2,500 to $4,999 148 108 10 30 0
$5,000 to $7,499 68 35 0 32 0
$7,500 to $9,999 40 33 4 3 0
$10,000 to $14,999 32 26 2 4 0
$15,000 to $19,999 3 3 0 0 0
$20,000 to $29,999 7 0 0 7 0
$30,000 or more 0 0 0 0 0
Median 2472 2482 2837 2475 1750
Mean 3336 3297 3464 3484 1303
Properties with no capital
improvements between 1998 and 2000
346 242 32 67 5
Capital improvements not
reported
170 123 6 40 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
944 659 53 227 5
Less than $100 25 14 1 10 0
$100 to $199 72 57 8 6 0
$200 to $299 121 87 13 21 0
$300 to $399 161 103 5 53 0
$400 to $499 133 91 6 34 1
$500 to $599 124 93 4 27 0
$600 to $799 74 45 6 20 4
$800 to $999 125 93 0 32 0
$1000 or more 76 56 9 12 0
No rental receipts 33 21 1 11 0
Median 458 464 382 449 671
Mean 528 526 733 483 608
Acquired 2000 and 2001 (part) 175 121 15 34 5

Rental Receipts as Percent of Value@8

Acquired before 2000
944 659 53 227 5
Less than 5 percent 118 94 7 17 0
5 to 9 percent 243 166 9 68 0
10 to 14 percent 401 275 30 91 5
15 to 19 percent 88 60 5 23 0
20 to 24 percent 37 27 1 9 0
25 to 29 percent 8 7 1 0 0
30 to 39 percent 3 1 0 1 0
40 percent or more 7 7 0 0 0
Median 11 11 12 11 13
Acquired 2000 and 2001 (part) 175 121 15 34 5

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
944 659 53 227 5
Less than 1.0 percent 331 239 16 72 4
1.0 to 2.9 percent 22 13 0 9 0
3.0 to 4.9 percent 38 25 3 10 0
5.0 to 6.9 percent 24 16 0 8 0
7.0 to 8.9 percent 56 32 5 19 0
9.0 to 10.9 percent 34 20 3 11 0
11.0 to 12.9 percent 21 18 0 3 0
13.0 to 14.9 percent 5 5 0 0 0
15.0 percent or more 133 96 9 28 0
Not reported or not computed 279 195 17 66 1
Median 1.1 1.0 4.2 2.8 0.5
Acquired 2000 and 2001 (part) 175 121 15 34 5

Age Restrictions

Property restricted to people
age 55 or older
240 156 14 66 4
Property not restricted to people
age 55 or older
854 606 51 192 6
Not reported 24 18 3 2 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
16 15 0 0 1
Government rental subsidy 59 41 2 16 0
Government grant 6 5 1 0 0
Property tax relief 13 10 0 3 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 946 657 60 220 9
Not reported 89 63 4 21 0

Source of Property Benefits@1

With property benefits
84 59 4 20 1
Federal government 37 27 1 8 0
State government 26 21 1 2 1
Local government 25 15 1 9 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 946 657 60 220 9
Not reported 89 63 4 21 0

Reason for Benefits@1

With property benefits
84 59 4 20 1
Occupied by low- or moderate-income
individuals
68 48 4 15 1
Occupied by elderly or disabled
individuals
11 10 0 1 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
4 4 0 0 0
Covered by a Homestead Exemption 9 7 0 2 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 2 0 0 2 0
Not reported 0 0 0 0 0
With no property benefits 946 657 60 220 9
Not reported 89 63 4 21 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
957 661 54 232 10
Limited partnership 64 54 0 10 0
Joint venture 8 6 0 2 0
General partnership 11 6 4 0 0
Life insurance company 5 3 0 1 0
Depository institution 2 2 0 0 0
Public real estate investment trust 1 0 0 1 0
Private real estate investment trust 0 0 0 0 0
Corporation - other than real estate
investment trust
52 35 6 11 0
Housing cooperative organization 4 4 0 0 0
Non-profit or church-related institution 12 4 5 3 0
Pension fund 0 0 0 0 0
Fraternal organization 0 0 0 0 0
Other 3 3 0 0 0

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
4 4 0 0 0
By telephone or FAX 79 41 9 29 0
By regular mail 17 14 1 2 0
By personal visit 754 543 47 157 7
Through third party (such as real
estate agent or builder)
144 94 8 40 3
Some other way 16 14 1 1 0
Not reported 73 48 0 25 0
Not available 30 20 2 8 0

Origin of First Mortgage

Mortgage made at time property acquired
854 588 55 202 10
Mortgage assumed at the time property
acquired
53 36 2 15 0
Mortgage placed later than acquisition of
property
211 156 11 44 0
Refinanced mortgage 185 141 11 33 0
Same lender 62 49 3 10 0
Different lender 123 92 8 23 0
Mortgage placed on property
owned free and clear of debt
26 15 0 11 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
211 156 11 44 0
Obtain lower interest rate 107 79 7 21 0
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 5 5 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
6 4 0 2 0
Receive cash or increase outstanding
balance of loan
61 47 2 12 0
Other reason 23 14 2 6 0
Not reported 8 6 0 2 0
Other properties 907 624 57 217 10
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
97 68 3 26 0
Less than $20,000 32 22 0 10 0
$20,000 to $39,999 17 12 0 5 0
$40,000 to $59,999 22 16 2 4 0
$60,000 to $79,999 7 7 0 0 0
$80,000 to $99,999 2 0 0 2 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 10 3 1 6 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 1 1 0 0 0
$300,000 or more 0 0 0 0 0
Median 39156 39160 55269 33149 0
Mean 51205 46661 84506 59083 0
Properties that refinanced
and did not receive cash back
97 75 8 14 0
Properties that refinanced
and did not report if received
cash back
17 14 0 3 0
Properties that did not
refinance
907 624 57 217 10
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
97 68 3 26 0
For additions, improvements or repairs
to this property
27 14 0 13 0
To consolidate debts 33 29 0 5 0
For investment in other real estate 30 25 1 5 0
For other types of investments 5 2 0 3 0
For educational or medical expenses 8 6 2 0 0
To start a business 6 2 0 4 0
To settle a divorce 0 0 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
0 0 0 0 0
Other 7 7 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
97 75 8 14 0
Properties that refinanced
and did not report if received
cash back
17 14 0 3 0
Properties that did not
refinance
907 624 57 217 10
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
399 271 34 90 5
1997 and 1998 208 158 7 43 0
1995 and 1996 135 102 4 30 0
1990 to 1994 193 142 12 37 1
1985 to 1989 102 62 1 34 4
1980 to 1984 39 21 2 16 0
1979 or earlier 42 24 7 11 0

First Mortgage Insurance Status

FHA-insured first mortgage
84 69 2 11 1
VA-guaranteed first mortgage 22 22 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
21 11 3 8 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
27 14 4 8 0
Insured conventional first mortgage 91 66 9 12 3
Uninsured conventional first mortgage 873 596 49 222 6
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
39 27 0 12 0
$20,000 to $29,999 63 37 12 14 0
$30,000 to $39,999 75 56 3 16 0
$40,000 to $49,999 106 62 12 32 0
$50,000 to $59,999 73 54 11 4 4
$60,000 to $79,999 167 122 3 42 0
$80,000 to $99,999 153 113 3 37 0
$100,000 to $149,999 231 178 6 42 4
$150,000 to $199,999 96 59 5 31 0
$200,000 to $249,999 38 20 7 12 0
$250,000 to $299,999 19 13 3 3 0
$300,000 or more 49 30 4 13 2
Not reported 9 8 0 1 0
Median 84016 84904 56468 84691 111876
Mean 105534 102268 126586 109096 122295

Total Mortgage Loan

Less than $20,000
36 24 0 12 0
$20,000 to $29,999 60 37 12 11 0
$30,000 to $39,999 78 56 3 20 0
$40,000 to $49,999 93 53 8 32 0
$50,000 to $59,999 79 60 13 2 4
$60,000 to $79,999 163 115 5 42 0
$80,000 to $99,999 148 110 3 36 0
$100,000 to $149,999 230 178 6 42 4
$150,000 to $199,999 109 69 5 35 0
$200,000 to $249,999 40 23 7 10 0
$250,000 to $299,999 24 16 3 5 0
$300,000 or more 49 30 4 13 2
Not reported 9 8 0 1 0
Median 86078 87302 58605 85973 111876
Mean 109353 106662 129295 111641 122295

Traditional First Mortgage Outstanding
Debt

Less than $10,000
59 47 2 10 0
$10,000 to $19,999 60 36 2 22 0
$20,000 to $29,999 73 45 10 18 0
$30,000 to $39,999 81 47 10 24 0
$40,000 to $49,999 96 67 7 19 4
$50,000 to $59,999 104 71 9 23 0
$60,000 to $79,999 168 122 0 46 0
$80,000 to $99,999 129 95 5 29 0
$100,000 to $149,999 176 133 7 32 4
$150,000 to $199,999 85 63 6 17 0
$200,000 to $249,999 23 12 5 6 0
$250,000 to $299,999 20 14 1 2 2
$300,000 or more 36 20 4 12 0
Not reported 8 7 0 1 0
Median 69708 71923 52729 66329 111876
Mean 91219 90616 96534 90738 114651

Total Mortgage Outstanding Debt

Less than $10,000
54 47 0 7 0
$10,000 to $19,999 60 31 4 25 0
$20,000 to $29,999 73 45 10 18 0
$30,000 to $39,999 76 42 10 24 0
$40,000 to $49,999 90 62 7 17 4
$50,000 to $59,999 112 79 9 23 0
$60,000 to $79,999 163 118 0 45 0
$80,000 to $99,999 124 90 5 29 0
$100,000 to $149,999 182 139 7 32 4
$150,000 to $199,999 94 68 6 20 0
$200,000 to $249,999 25 16 5 4 0
$250,000 to $299,999 19 13 1 4 2
$300,000 or more 39 23 4 12 0
Not reported 8 7 0 1 0
Median 71164 73586 52729 67381 111876
Mean 94000 93772 99053 92590 114651

Current Interest Rate on First Mortgage

Less than 6.0 percent
376 242 37 88 9
6.0 percent 12 6 0 6 0
6.1 to 6.4 percent 6 2 0 3 0
6.5 to 6.9 percent 78 63 0 15 0
7.0 percent 84 61 0 22 0
7.1 to 7.4 percent 42 25 0 18 0
7.5 to 7.9 percent 99 70 5 22 1
8.0 percent 35 16 2 17 0
8.1 to 8.4 percent 55 38 1 16 0
8.5 to 8.9 percent 50 37 0 13 0
9.0 percent 17 15 0 2 0
9.1 to 9.4 percent 16 11 2 4 0
9.5 to 9.9 percent 12 8 1 2 0
10.0 percent 29 14 9 6 0
10.1 to 10.4 percent 7 7 0 0 0
10.5 to 10.9 percent 13 0 10 3 0
11.0 percent 18 18 0 0 0
11.1 to 12.9 percent 28 27 1 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 142 119 0 23 0
Not reported 0 0 0 0 0
Median 7.1 7.3 5.5 7.1 3.4

Type of Interest Rate Buydown

Properties with interest rate
buydown
18 18 0 0 0
Constant payment 3 3 0 0 0
3-2-1 buydown 0 0 0 0 0
Other 0 0 0 0 0
Not reported 15 15 0 0 0
Properties without interest
rate buydown
428 260 30 137 1
Not reported 673 502 38 124 9

Term of First Mortgage

Less than 5 years
20 3 13 4 0
5 years 17 9 8 0 0
6 to 9 years 2 0 2 0 0
10 years 11 8 0 3 0
11 to 14 years 9 5 0 4 0
15 years 87 69 4 13 0
16 to 19 years 1 1 0 0 0
20 years 43 20 0 23 0
21 to 24 years 2 2 0 0 0
25 years 22 6 0 16 0
26 to 29 years 0 0 0 0 0
30 years 362 266 2 92 1
More than 30 years 6 2 0 3 0
No stated term 536 388 38 102 9
Median 30 30 5 30 31

Unexpired Term of First Mortgage

Less than 5 years
61 29 22 10 0
5 to 9 years 69 47 2 20 0
10 to 14 years 55 36 4 15 0
15 to 19 years 62 32 0 31 0
20 to 24 years 100 68 1 30 1
25 to 29 years 184 139 1 43 0
30 or more years 51 41 0 10 0
No stated term or not computed 536 388 38 102 9
Median 22 24 3 21 23

Holder of First Mortgage

Commercial bank or trust company
179 105 29 46 0
Savings and loan association, federal
savings bank
166 65 11 85 6
Mutual savings bank 45 27 1 17 0
Life insurance company 21 20 0 1 0
Mortgage banker or mortgage company 65 58 0 7 0
Federally-sponsored secondary market
agency or pool
424 335 17 68 4
Conventional mortgage pool 9 9 0 0 0
Other federal agency 27 23 0 3 0
Real estate investment trust 4 4 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 36 21 2 13 0
Finance company 13 13 0 0 0
State or municipal government or
housing finance agency
68 46 4 17 0
Individual or individual's estate 35 30 5 0 0
Other 25 21 0 4 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
859 585 57 210 7
Less than 40 percent 28 26 0 2 0
40 to 49 percent 15 11 0 4 0
50 to 59 percent 38 25 3 10 0
60 to 69 percent 98 56 6 37 0
70 to 79 percent 126 74 9 39 4
80 to 89 percent 138 95 15 27 1
90 to 94 percent 80 64 1 15 0
95 to 99 percent 35 28 0 7 0
100 percent or more 294 199 23 71 2
Not reported 7 7 0 0 0
Median 89 90 87 85 79
Other properties 260 195 11 50 3
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
859 585 57 210 7
Less than 40 percent 31 26 0 5 0
40 to 49 percent 9 8 0 1 0
50 to 59 percent 29 11 4 14 0
60 to 69 percent 197 119 14 63 0
70 to 79 percent 153 89 16 45 4
80 to 89 percent 138 101 7 30 1
90 to 94 percent 46 41 1 4 0
95 to 99 percent 28 26 0 2 0
100 percent or more 221 157 16 47 2
Not reported 7 7 0 0 0
Median 81 84 76 75 79
Other properties 260 195 11 50 3
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
52 43 0 6 3
Not subprime loan 1066 736 68 255 7
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
271 0 0 261 10
Treasury security 68 0 0 68 0
Average cost of funds in bank district 25 0 0 25 0
National average cost of funds 12 0 0 12 0
OTS contract mortgage rate 0 0 0 0 0
Other method 29 0 0 28 1
No index used 4 0 0 4 0
Not reported 132 0 0 123 9
Other properties 848 780 68 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
271 0 0 261 10
Monthly 23 0 0 23 0
Every 3 months 6 0 0 6 0
Every 6 months 11 0 0 11 0
Yearly 82 0 0 82 0
Every 3 years 10 0 0 10 0
Every 5 years 11 0 0 11 0
Other 1 0 0 0 1
Not reported 127 0 0 119 9
Other properties 848 780 68 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
271 0 0 261 10
Less than 1 percent 6 0 0 6 0
1 percent 2 0 0 2 0
1.1 to 1.9 percent 9 0 0 9 0
2 percent 65 0 0 65 0
2.1 to 2.9 percent 4 0 0 4 0
3 percent 5 0 0 5 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 15 0 0 14 1
No caps 43 0 0 43 0
Not reported 123 0 0 114 9
Other properties 848 780 68 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
271 0 0 261 10
Less than 1 percent 3 0 0 3 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 1 0 0 1 0
3 percent 1 0 0 0 1
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 103 0 0 103 0
No caps 39 0 0 39 0
Not reported 124 0 0 115 9
Other properties 848 780 68 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
271 0 0 261 10
Yes, rate has changed 108 0 0 107 1
No change since mortgage made 38 0 0 38 0
Not reported 124 0 0 116 9
Other properties 848 780 68 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
271 0 0 261 10
Less than 1 percent 4 0 0 4 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 3 0 0 3 0
2.1 to 2.9 percent 43 0 0 43 0
3 percent 26 0 0 26 0
3.1 to 3.9 percent 33 0 0 33 0
4 percent 5 0 0 5 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 23 0 0 22 1
Not reported 134 0 0 125 9
Median 3.1 0.0 0.0 3.1 5002.4
Other properties 848 780 68 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
271 0 0 261 10
Can be converted 19 0 0 18 1
Cannot be converted 118 0 0 118 0
Not reported 134 0 0 125 9
Other properties 848 780 68 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
4 0 0 4 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 4 0 0 4 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
986 780 68 137 1
Not reported 128 0 0 120 9

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
4 0 0 4 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 4 0 0 4 0
Not reported 0 0 0 0 0
Monthly payments cannot change 986 780 68 137 1
Not reported 128 0 0 120 9

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
1063 755 67 231 10
Interest and principal 1063 755 67 231 10
Fully amortized 974 737 6 222 10
Not fully amortized 89 18 61 10 0
Interest only 0 0 0 0 0
No regular payments required 16 2 1 13 0
Not reported 40 23 0 17 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
1063 755 67 231 10
Real estate taxes 281 214 4 63 1
Property insurance 208 165 4 38 1
Mortgage insurance 32 32 0 0 0
Other 73 63 0 11 0
No items included or not reported 770 530 63 169 9
No regular payments of interest
and principal
55 25 1 29 0

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
1103 778 67 248 10
Less than $100 46 28 1 17 0
$100 to $199 237 160 22 56 0
$200 to $299 228 164 8 52 4
$300 to $399 194 137 18 39 1
$400 to $499 128 103 4 21 0
$500 to $599 77 61 4 9 3
$600 to $699 73 61 6 7 0
$700 to $799 16 8 0 6 2
$800 to $899 19 6 1 11 0
$900 to $999 1 1 0 0 0
$1,000 to $1,249 10 10 0 0 0
$1,250 to $1,499 14 4 0 10 0
$1,500 or more 20 13 3 4 0
Not reported 40 23 0 17 0
Median 310 319 309 282 388
Mean 397 401 396 383 429
No regular payments required 16 2 1 13 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
1103 778 67 248 10
Up-to-date, ahead of schedule, or
less than 90 days past due
483 329 26 127 1
Delinquent by 90 days or more 15 7 2 6 0
Legal proceedings have begun 8 3 0 5 0
Legal proceedings have not begun 4 0 2 2 0
Not reported 3 3 0 0 0
Not reported 604 443 38 115 9
Other properties 16 2 1 13 0

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
1103 778 67 248 10
Less than $100 81 46 1 34 0
$100 to $199 233 158 20 55 0
$200 to $299 215 153 8 49 4
$300 to $399 203 139 20 43 1
$400 to $499 119 102 1 16 0
$500 to $599 89 73 4 9 3
$600 to $699 77 57 9 11 0
$700 to $799 17 10 0 6 2
$800 to $899 22 12 1 9 0
$900 to $999 1 1 0 0 0
$1,000 to $1,249 12 10 0 2 0
$1,250 to $1,499 14 4 0 10 0
$1,500 or more 20 13 3 4 0
Not reported 0 0 0 0 0
Median 311 323 319 271 388
Mean 393 399 413 364 429
No regular payments required 16 2 1 13 0

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

Acquired before 2000 and
regular payments of interest
and/or princi
900 638 52 205 5
Less than 20 percent 23 19 1 3 0
20 to 29 percent 57 43 1 13 0
30 to 39 percent 48 41 0 8 0
40 to 49 percent 93 66 5 17 4
50 to 59 percent 146 92 11 43 0
60 to 69 percent 157 107 12 36 1
70 to 79 percent 51 40 4 8 0
80 to 89 percent 80 49 5 26 0
90 to 99 percent 23 15 0 8 0
100 percent or more 183 146 12 25 0
Not reported or not computed 38 20 1 17 0
Median 64 64 66 63 46
Other properties 218 142 16 56 5

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

Acquired before 2000 and regular
payments of interest and/or
principal
906 643 52 206 5
Less than 20 percent 23 19 1 3 0
20 to 29 percent 53 39 1 13 0
30 to 39 percent 46 41 0 5 0
40 to 49 percent 91 66 5 16 4
50 to 59 percent 142 85 11 45 0
60 to 69 percent 152 107 10 34 1
70 to 79 percent 50 43 2 6 0
80 to 89 percent 85 52 7 26 0
90 to 99 percent 30 17 0 13 0
100 percent or more 195 154 14 27 0
Not reported or not computed 38 20 1 17 0
Median 65 66 67 63 46
Other properties 213 137 16 55 5

Real Estate Tax Per $1,000 Value

Acquired before 2000
944 659 53 227 5
Less than $5 113 78 7 27 0
$5 to $9 273 192 18 63 0
$10 to $14 168 121 11 32 4
$15 to $19 143 98 7 36 1
$20 to $24 88 49 3 36 0
$25 to $29 72 67 0 5 0
$30 to $39 83 50 7 26 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 5 3 0 1 0
Median 12 12 11 13 13
Acquired 2000 and 2001 (part) 175 121 15 34 5

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
944 659 53 227 5
Less than 5 percent 70 53 5 12 0
5 to 9 percent 248 158 23 67 0
10 to 14 percent 230 173 10 43 4
15 to 19 percent 140 108 2 29 1
20 to 24 percent 62 38 3 21 0
25 to 29 percent 53 42 3 8 0
30 to 34 percent 18 6 2 11 0
35 to 39 percent 17 13 4 0 0
40 percent or more 62 44 1 17 0
Not reported or not computed 44 24 1 19 0
Median 13 13 10 13 13
Acquired 2000 and 2001 (part) 175 121 15 34 5

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