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Residential Finance Survey: 2001 - Northeast
Table 5-2b. 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
257 200 7 48 1

PROPERTY CHARACTERISTICS


Number of Housing Units

2 housing units
171 145 1 26 0
3 housing units 57 34 5 16 1
4 housing units 29 22 1 6 0

Manner of Acquisition

By purchase
248 192 7 48 1
Placed one new mortgage 224 172 7 44 0
Placed two or more new mortgages 15 13 0 2 1
Assumed mortgage(s) already on property 6 4 0 2 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
3 3 0 0 0
Paid all cash-no borrowing 0 0 0 0 0
Other manner 0 0 0 0 0
By inheritance or gift 2 2 0 0 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
0 0 0 0 0
By foreclosure or assignment 0 0 0 0 0
By some other manner 2 2 0 0 0
Not reported 5 5 0 0 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
139 112 3 25 0
Sale of stock or other partnership
shares for this project
7 4 3 0 0
Sale of previously owned stocks,
shares, or other securities
11 6 0 4 0
Sale of land or other real estate 13 13 0 0 0
Owner's cash, bank deposits,
share accounts, or bonds
88 74 3 11 0
Borrowing from a retirement plan 3 3 0 0 0
Borrowing using assets other than this
property as collateral
12 12 0 0 0
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 4 4 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 1 0 0 1 0
Other cash source 3 3 0 0 0
Non-cash source 0 0 0 0 0
No downpayment required 14 9 0 5 0
Not reported 1 1 0 0 0
Other properties 115 86 4 23 1
Not reported 2 2 0 0 0

Year Property Acquired

1999 to 2001 (part)
73 53 3 17 0
1997 and 1998 37 32 0 5 0
1995 and 1996 31 29 0 2 0
1990 to 1994 53 45 2 5 1
1985 to 1989 31 18 0 13 0
1980 to 1984 13 8 2 3 0
1975 to 1979 12 12 0 0 0
1970 to 1974 5 3 0 1 0
1969 or earlier 1 0 0 1 0

Property New or Previously Owned When
Acquired

Acquired by purchase
248 192 7 48 1
New 20 13 0 7 0
Previously owned 224 174 7 42 1
As residential property 218 168 7 42 1
Converted from nonresidential use 6 6 0 0 0
Other 1 1 0 0 0
Not reported 3 3 0 0 0
Other properties 4 4 0 0 0
Not reported 5 5 0 0 0

Year Structure Built

1999 to March 2000
1 1 0 0 0
1997 and 1998 4 1 0 2 0
1995 and 1996 0 0 0 0 0
1990 to 1994 10 6 0 4 0
1980 to 1989 10 10 0 0 0
1970 to 1979 22 22 0 0 0
1960 to 1969 3 0 3 0 0
1950 to 1959 22 12 0 10 0
1940 to 1949 24 24 0 0 0
1939 or earlier 161 123 5 32 1

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
108 83 3 23 0
Less than $20,000 6 6 0 0 0
$20,000 to $39,999 39 29 3 7 0
$40,000 to $59,999 15 11 0 4 0
$60,000 to $79,999 25 21 0 4 0
$80,000 to $99,999 9 9 0 0 0
$100,000 to $124,999 10 6 0 4 0
$125,000 to $149,999 1 0 0 1 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 1 1 0 0 0
$250,000 to $299,999 0 0 0 0 0
$300,000 to $499,999 3 0 0 3 0
$500,000 or more 0 0 0 0 0
Median 52905 51310 30000 65035 0
Mean 64152 54432 38333 103013 0
Other properties 148 117 4 26 1

Value

Less than $20,000
0 0 0 0 0
$20,000 to $39,999 7 5 0 2 0
$40,000 to $59,999 19 13 1 5 0
$60,000 to $79,999 34 27 0 7 0
$80,000 to $99,999 8 6 1 2 0
$100,000 to $124,999 46 40 0 5 0
$125,000 to $149,999 19 19 0 0 0
$150,000 to $174,999 21 20 0 1 1
$175,000 to $199,999 16 9 0 7 0
$200,000 to $249,999 29 23 0 7 0
$250,000 to $299,999 15 10 0 6 0
$300,000 to $499,999 27 19 5 3 0
$500,000 or more 16 10 1 5 0
Median 144914 136671 369679 186223 162500
Mean 186205 173346 343163 216658 170000

Value Per Housing Unit@8

Less than $20,000
13 9 1 2 0
$20,000 to $39,999 64 49 0 14 0
$40,000 to $59,999 49 41 1 6 1
$60,000 to $79,999 31 28 0 3 0
$80,000 to $99,999 27 20 0 7 0
$100,000 to $124,999 27 21 0 7 0
$125,000 to $149,999 17 8 5 4 0
$150,000 to $174,999 9 7 0 2 0
$175,000 to $199,999 7 7 0 0 0
$200,000 to $249,999 4 4 0 0 0
$250,000 to $299,999 5 4 1 0 0
$300,000 to $499,999 5 2 0 3 0
$500,000 or more 0 0 0 0 0
Median 62183 60450 133710 72711 50000
Mean 78797 75601 115664 87113 56667

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
160 138 5 17 1
Less than $500 6 6 0 0 0
$500 to $999 2 0 0 2 0
$1,000 to $2,499 28 22 0 6 0
$2,500 to $4,999 21 19 0 2 0
$5,000 to $7,499 28 27 0 0 1
$7,500 to $9,999 11 11 0 0 0
$10,000 to $14,999 25 19 2 4 0
$15,000 to $19,999 22 19 0 3 0
$20,000 to $29,999 16 14 3 0 0
$30,000 or more 1 1 0 0 0
Median 7129 7068 21827 3619 6250
Mean 8710 8640 19177 6667 6000
Properties with no capital
improvements between 1998 and 2000
56 37 3 17 0
Capital improvements not
reported
40 26 0 14 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
160 138 5 17 1
Less than $500 13 8 0 5 0
$500 to $999 11 9 0 3 0
$1,000 to $2,499 43 40 0 2 1
$2,500 to $4,999 40 34 2 4 0
$5,000 to $7,499 21 18 0 3 0
$7,500 to $9,999 23 20 3 0 0
$10,000 to $14,999 9 9 0 0 0
$15,000 to $19,999 0 0 0 0 0
$20,000 to $29,999 0 0 0 0 0
$30,000 or more 0 0 0 0 0
Median 3290 3401 7957 1672 1750
Mean 3710 3850 6392 1957 2000
Properties with no capital
improvements between 1998 and 2000
56 37 3 17 0
Capital improvements not
reported
40 26 0 14 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
215 168 4 42 1
Less than $100 3 0 1 2 0
$100 to $199 19 19 0 0 0
$200 to $299 25 19 1 5 0
$300 to $399 25 18 0 7 0
$400 to $499 30 20 0 9 1
$500 to $599 25 20 0 5 0
$600 to $799 8 8 0 0 0
$800 to $999 50 41 0 9 0
$1000 or more 19 14 2 3 0
No rental receipts 11 8 0 3 0
Median 498 514 80999 465 450
Mean 540 539 834 513 458
Acquired 2000 and 2001 (part) 42 33 3 6 0

Rental Receipts as Percent of Value@8

Acquired before 2000
215 168 4 42 1
Less than 5 percent 27 26 1 0 0
5 to 9 percent 54 39 2 13 0
10 to 14 percent 89 68 1 20 1
15 to 19 percent 20 13 0 6 0
20 to 24 percent 8 8 0 0 0
25 to 29 percent 6 5 1 0 0
30 to 39 percent 0 0 0 0 0
40 percent or more 0 0 0 0 0
Median 11 11 9 12 13
Acquired 2000 and 2001 (part) 42 33 3 6 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
215 168 4 42 1
Less than 1.0 percent 81 65 2 14 0
1.0 to 2.9 percent 6 2 0 4 0
3.0 to 4.9 percent 10 9 0 1 0
5.0 to 6.9 percent 1 1 0 0 0
7.0 to 8.9 percent 11 8 0 2 0
9.0 to 10.9 percent 3 0 0 3 0
11.0 to 12.9 percent 4 4 0 0 0
13.0 to 14.9 percent 0 0 0 0 0
15.0 percent or more 32 28 1 3 0
Not reported or not computed 67 50 2 14 1
Median 0.9 0.9 0.8 1.0 0.0
Acquired 2000 and 2001 (part) 42 33 3 6 0

Age Restrictions

Property restricted to people
age 55 or older
51 35 2 13 1
Property not restricted to people
age 55 or older
201 162 4 35 0
Not reported 4 2 2 0 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
11 10 0 0 1
Government rental subsidy 16 11 1 3 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 211 169 6 36 0
Not reported 23 13 0 10 0

Source of Property Benefits@1

With property benefits
23 18 1 3 1
Federal government 16 16 0 1 0
State government 7 2 1 2 1
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 211 169 6 36 0
Not reported 23 13 0 10 0

Reason for Benefits@1

With property benefits
23 18 1 3 1
Occupied by low- or moderate-income
individuals
22 18 1 2 1
Occupied by elderly or disabled
individuals
1 0 0 1 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 211 169 6 36 0
Not reported 23 13 0 10 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
236 183 6 46 1
Limited partnership 6 6 0 0 0
Joint venture 4 1 0 2 0
General partnership 0 0 0 0 0
Life insurance company 1 1 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
7 6 1 0 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 0 0 0 0 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
0 0 0 0 0
By telephone or FAX 28 16 2 10 0
By regular mail 6 3 1 2 0
By personal visit 160 136 5 20 0
Through third party (such as real
estate agent or builder)
36 28 0 7 1
Some other way 8 8 0 1 0
Not reported 16 9 0 7 0
Not available 3 1 0 2 0

Origin of First Mortgage

Mortgage made at time property acquired
208 159 7 41 1
Mortgage assumed at the time property
acquired
3 1 0 2 0
Mortgage placed later than acquisition of
property
45 40 0 5 0
Refinanced mortgage 39 34 0 4 0
Same lender 10 8 0 2 0
Different lender 28 26 0 2 0
Mortgage placed on property
owned free and clear of debt
6 6 0 1 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
45 40 0 5 0
Obtain lower interest rate 26 23 0 3 0
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 0 0 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
2 0 0 2 0
Receive cash or increase outstanding
balance of loan
14 14 0 0 0
Other reason 0 0 0 0 0
Not reported 3 3 0 0 0
Other properties 212 161 7 43 1
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
20 17 0 2 0
Less than $20,000 6 4 0 2 0
$20,000 to $39,999 4 4 0 0 0
$40,000 to $59,999 3 3 0 0 0
$60,000 to $79,999 6 6 0 0 0
$80,000 to $99,999 0 0 0 0 0
$100,000 to $124,999 0 0 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 37145 43022 0 10000 0
Mean 41412 44882 0 14000 0
Properties that refinanced
and did not receive cash back
25 22 0 3 0
Properties that refinanced
and did not report if received
cash back
0 0 0 0 0
Properties that did not
refinance
212 161 7 43 1
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
20 17 0 2 0
For additions, improvements or repairs
to this property
3 3 0 0 0
To consolidate debts 8 6 0 2 0
For investment in other real estate 8 8 0 0 0
For other types of investments 0 0 0 0 0
For educational or medical expenses 6 6 0 0 0
To start a business 0 0 0 0 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
3 3 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
25 22 0 3 0
Properties that refinanced
and did not report if received
cash back
0 0 0 0 0
Properties that did not
refinance
212 161 7 43 1
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
104 76 3 25 0
1997 and 1998 48 43 0 5 0
1995 and 1996 33 33 0 0 0
1990 to 1994 37 29 2 5 1
1985 to 1989 23 14 0 9 0
1980 to 1984 7 1 2 3 0
1979 or earlier 5 3 0 1 0

First Mortgage Insurance Status

FHA-insured first mortgage
19 14 1 3 1
VA-guaranteed first mortgage 0 0 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
0 0 0 0 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
0 0 0 0 0
Insured conventional first mortgage 26 23 3 0 0
Uninsured conventional first mortgage 211 164 3 45 0
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
3 3 0 0 0
$20,000 to $29,999 3 1 0 2 0
$30,000 to $39,999 9 9 0 0 0
$40,000 to $49,999 33 28 1 5 0
$50,000 to $59,999 19 19 0 0 0
$60,000 to $79,999 55 42 0 13 0
$80,000 to $99,999 26 21 0 5 0
$100,000 to $149,999 58 50 4 3 1
$150,000 to $199,999 28 13 1 14 0
$200,000 to $249,999 11 7 2 3 0
$250,000 to $299,999 4 4 0 0 0
$300,000 or more 4 1 0 3 0
Not reported 2 2 0 0 0
Median 83465 78737 133659 96701 125000
Mean 101242 92556 130472 131831 134888

Total Mortgage Loan

Less than $20,000
3 3 0 0 0
$20,000 to $29,999 3 1 0 2 0
$30,000 to $39,999 9 9 0 0 0
$40,000 to $49,999 30 24 1 5 0
$50,000 to $59,999 23 23 0 0 0
$60,000 to $79,999 49 36 0 13 0
$80,000 to $99,999 26 21 0 5 0
$100,000 to $149,999 57 49 4 3 1
$150,000 to $199,999 32 17 1 14 0
$200,000 to $249,999 11 7 2 3 0
$250,000 to $299,999 7 7 0 0 0
$300,000 or more 4 1 0 3 0
Not reported 2 2 0 0 0
Median 87877 82938 133659 96701 125000
Mean 105268 97729 130472 131831 134888

Traditional First Mortgage Outstanding
Debt

Less than $10,000
14 9 0 5 0
$10,000 to $19,999 1 1 0 0 0
$20,000 to $29,999 3 3 0 0 0
$30,000 to $39,999 16 11 1 5 0
$40,000 to $49,999 41 38 0 3 0
$50,000 to $59,999 32 29 0 3 0
$60,000 to $79,999 28 21 0 7 0
$80,000 to $99,999 33 25 1 7 0
$100,000 to $149,999 57 40 5 10 1
$150,000 to $199,999 20 15 0 5 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 4 4 0 0 0
$300,000 or more 4 1 0 3 0
Not reported 2 2 0 0 0
Median 73508 67452 115248 83065 125000
Mean 87870 82377 107813 106874 114272

Total Mortgage Outstanding Debt

Less than $10,000
14 9 0 5 0
$10,000 to $19,999 1 1 0 0 0
$20,000 to $29,999 3 3 0 0 0
$30,000 to $39,999 15 9 1 5 0
$40,000 to $49,999 39 36 0 3 0
$50,000 to $59,999 31 28 0 3 0
$60,000 to $79,999 27 20 0 7 0
$80,000 to $99,999 33 25 1 7 0
$100,000 to $149,999 59 42 5 10 1
$150,000 to $199,999 21 16 0 5 0
$200,000 to $249,999 3 3 0 0 0
$250,000 to $299,999 4 4 0 0 0
$300,000 or more 4 1 0 3 0
Not reported 2 2 0 0 0
Median 77430 72330 115248 83065 125000
Mean 90860 86266 107813 106874 114272

Current Interest Rate on First Mortgage

Less than 6.0 percent
57 37 6 14 0
6.0 percent 3 0 0 3 0
6.1 to 6.4 percent 0 0 0 0 0
6.5 to 6.9 percent 20 17 0 4 0
7.0 percent 31 29 0 2 0
7.1 to 7.4 percent 17 12 0 5 0
7.5 to 7.9 percent 27 23 0 3 1
8.0 percent 7 7 0 0 0
8.1 to 8.4 percent 4 4 0 0 0
8.5 to 8.9 percent 12 9 0 4 0
9.0 percent 4 3 0 2 0
9.1 to 9.4 percent 2 2 0 0 0
9.5 to 9.9 percent 3 3 0 0 0
10.0 percent 0 0 0 0 0
10.1 to 10.4 percent 2 2 0 0 0
10.5 to 10.9 percent 3 0 0 3 0
11.0 percent 6 6 0 0 0
11.1 to 12.9 percent 4 3 1 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 52 43 0 9 0
Not reported 0 0 0 0 0
Median 7.5 7.6 3.4 7.2 7.8

Type of Interest Rate Buydown

Properties with interest rate
buydown
4 4 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 4 4 0 0 0
Properties without interest
rate buydown
115 85 0 29 1
Not reported 138 112 7 19 0

Term of First Mortgage

Less than 5 years
4 2 0 2 0
5 years 1 1 0 0 0
6 to 9 years 0 0 0 0 0
10 years 5 3 0 2 0
11 to 14 years 0 0 0 0 0
15 years 30 29 0 2 0
16 to 19 years 0 0 0 0 0
20 years 14 11 0 3 0
21 to 24 years 0 0 0 0 0
25 years 9 4 0 5 0
26 to 29 years 0 0 0 0 0
30 years 79 59 1 18 1
More than 30 years 0 0 0 0 0
No stated term 114 93 6 16 0
Median 30 30 31 30 31

Unexpired Term of First Mortgage

Less than 5 years
12 8 0 4 0
5 to 9 years 14 12 0 2 0
10 to 14 years 26 21 0 5 0
15 to 19 years 19 10 0 9 0
20 to 24 years 23 13 1 8 1
25 to 29 years 44 39 0 5 0
30 or more years 5 5 0 0 0
No stated term or not computed 114 93 6 16 0
Median 20 21 23 18 23

Holder of First Mortgage

Commercial bank or trust company
39 28 0 11 0
Savings and loan association, federal
savings bank
25 11 3 11 0
Mutual savings bank 28 21 1 7 0
Life insurance company 3 3 0 0 0
Mortgage banker or mortgage company 11 11 0 0 0
Federally-sponsored secondary market
agency or pool
100 81 4 14 1
Conventional mortgage pool 0 0 0 0 0
Other federal agency 11 11 0 0 0
Real estate investment trust 3 3 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 5 2 0 4 0
Finance company 5 5 0 0 0
State or municipal government or
housing finance agency
14 14 0 0 0
Individual or individual's estate 7 7 0 0 0
Other 5 4 0 1 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
203 152 7 43 1
Less than 40 percent 11 11 0 0 0
40 to 49 percent 6 6 0 0 0
50 to 59 percent 9 7 2 0 0
60 to 69 percent 23 12 0 11 0
70 to 79 percent 35 23 1 11 0
80 to 89 percent 25 19 0 5 1
90 to 94 percent 17 14 1 2 0
95 to 99 percent 2 2 0 0 0
100 percent or more 74 56 3 14 0
Not reported 2 2 0 0 0
Median 87 89 94 80 85
Other properties 53 48 0 5 0
Not available 0 0 0 0 0

First Mortgage Loan as a Percent
of Value

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
203 152 7 43 1
Less than 40 percent 10 10 0 0 0
40 to 49 percent 0 0 0 0 0
50 to 59 percent 3 1 2 0 0
60 to 69 percent 42 31 0 11 0
70 to 79 percent 40 26 1 13 0
80 to 89 percent 33 20 0 12 1
90 to 94 percent 13 12 1 0 0
95 to 99 percent 6 6 0 0 0
100 percent or more 53 43 3 7 0
Not reported 2 2 0 0 0
Median 81 83 94 78 85
Other properties 53 48 0 5 0
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
13 13 0 0 0
Not subprime loan 244 187 7 48 1
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
49 0 0 48 1
Treasury security 16 0 0 16 0
Average cost of funds in bank district 2 0 0 2 0
National average cost of funds 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0
Other method 6 0 0 5 1
No index used 0 0 0 0 0
Not reported 26 0 0 26 0
Other properties 207 200 7 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
49 0 0 48 1
Monthly 3 0 0 3 0
Every 3 months 0 0 0 0 0
Every 6 months 0 0 0 0 0
Yearly 19 0 0 19 0
Every 3 years 2 0 0 2 0
Every 5 years 3 0 0 3 0
Other 1 0 0 0 1
Not reported 21 0 0 21 0
Other properties 207 200 7 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
49 0 0 48 1
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 14 0 0 14 0
2.1 to 2.9 percent 0 0 0 0 0
3 percent 2 0 0 2 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 1 0 0 0 1
No caps 10 0 0 10 0
Not reported 19 0 0 19 0
Other properties 207 200 7 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
49 0 0 48 1
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 0 0 0 0 0
3 percent 1 0 0 0 1
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 16 0 0 16 0
No caps 9 0 0 9 0
Not reported 21 0 0 21 0
Other properties 207 200 7 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
49 0 0 48 1
Yes, rate has changed 25 0 0 24 1
No change since mortgage made 6 0 0 6 0
Not reported 19 0 0 19 0
Other properties 207 200 7 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
49 0 0 48 1
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 3 0 0 3 0
2.1 to 2.9 percent 9 0 0 9 0
3 percent 7 0 0 7 0
3.1 to 3.9 percent 2 0 0 2 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 9 0 0 8 1
Not reported 19 0 0 19 0
Median 3.0 0.0 0.0 3.0 5002.4
Other properties 207 200 7 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
49 0 0 48 1
Can be converted 7 0 0 6 1
Cannot be converted 20 0 0 20 0
Not reported 22 0 0 22 0
Other properties 207 200 7 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
0 0 0 0 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 0 0 0 0 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
236 200 7 27 1
Not reported 21 0 0 21 0

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
0 0 0 0 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot change 236 200 7 27 1
Not reported 21 0 0 21 0

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
247 197 7 41 1
Interest and principal 247 197 7 41 1
Fully amortized 232 190 0 41 1
Not fully amortized 15 7 7 1 0
Interest only 0 0 0 0 0
No regular payments required 3 0 0 3 0
Not reported 7 3 0 4 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
247 197 7 41 1
Real estate taxes 80 63 0 16 1
Property insurance 41 39 0 1 1
Mortgage insurance 15 15 0 0 0
Other 19 17 0 1 0
No items included or not reported 167 135 7 26 0
No regular payments of interest
and principal
10 3 0 7 0

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
254 200 7 45 1
Less than $100 2 0 0 2 0
$100 to $199 45 35 1 9 0
$200 to $299 53 48 0 5 0
$300 to $399 72 58 3 11 1
$400 to $499 24 20 1 3 0
$500 to $599 19 12 0 7 0
$600 to $699 21 18 3 0 0
$700 to $799 5 3 0 2 0
$800 to $899 0 0 0 0 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 3 3 0 0 0
$1,250 to $1,499 1 1 0 0 0
$1,500 or more 3 0 0 3 0
Not reported 7 3 0 4 0
Median 333 328 389 339 350
Mean 371 359 407 422 304
No regular payments required 3 0 0 3 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
254 200 7 45 1
Up-to-date, ahead of schedule, or
less than 90 days past due
129 102 0 26 1
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 125 99 7 19 0
Other properties 3 0 0 3 0

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
254 200 7 45 1
Less than $100 9 3 0 6 0
$100 to $199 43 33 1 9 0
$200 to $299 46 41 0 5 0
$300 to $399 76 61 3 11 1
$400 to $499 22 18 1 3 0
$500 to $599 25 18 0 7 0
$600 to $699 21 18 3 0 0
$700 to $799 2 0 0 2 0
$800 to $899 3 3 0 0 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 3 3 0 0 0
$1,250 to $1,499 1 1 0 0 0
$1,500 or more 3 0 0 3 0
Not reported 0 0 0 0 0
Median 337 337 389 322 350
Mean 371 367 407 387 304
No regular payments required 3 0 0 3 0

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

Acquired before 2000 and
regular payments of interest
and/or princi
206 166 4 35 1
Less than 20 percent 1 0 1 0 0
20 to 29 percent 19 17 0 1 0
30 to 39 percent 9 9 0 0 0
40 to 49 percent 21 20 1 0 0
50 to 59 percent 28 13 0 15 0
60 to 69 percent 52 42 2 7 1
70 to 79 percent 11 9 0 2 0
80 to 89 percent 14 12 0 2 0
90 to 99 percent 8 5 0 3 0
100 percent or more 34 30 1 3 0
Not reported or not computed 10 7 0 3 0
Median 64 65 62 60 65
Other properties 50 35 3 13 0

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

Acquired before 2000 and regular
payments of interest and/or
principal
206 166 4 35 1
Less than 20 percent 1 0 1 0 0
20 to 29 percent 17 16 0 1 0
30 to 39 percent 9 9 0 0 0
40 to 49 percent 18 17 1 0 0
50 to 59 percent 28 13 0 15 0
60 to 69 percent 50 40 2 7 1
70 to 79 percent 11 9 0 2 0
80 to 89 percent 13 11 0 2 0
90 to 99 percent 15 13 0 3 0
100 percent or more 34 30 1 3 0
Not reported or not computed 10 7 0 3 0
Median 65 66 62 60 65
Other properties 50 35 3 13 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
215 168 4 42 1
Less than $5 13 10 0 3 0
$5 to $9 47 38 0 9 0
$10 to $14 25 20 1 4 0
$15 to $19 29 24 0 4 1
$20 to $24 28 17 1 10 0
$25 to $29 30 30 0 0 0
$30 to $39 42 28 3 11 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 1 1 0 0 0
Median 19 18 32 20 18
Acquired 2000 and 2001 (part) 42 33 3 6 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
215 168 4 42 1
Less than 5 percent 9 9 0 0 0
5 to 9 percent 41 32 1 8 0
10 to 14 percent 51 39 1 10 0
15 to 19 percent 31 28 0 1 1
20 to 24 percent 15 8 0 7 0
25 to 29 percent 21 14 0 7 0
30 to 34 percent 4 0 2 2 0
35 to 39 percent 1 1 0 0 0
40 percent or more 31 26 1 4 0
Not reported or not computed 12 9 0 3 0
Median 15 15 31 19 18
Acquired 2000 and 2001 (part) 42 33 3 6 0

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