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Residential Finance Survey: 2001 - Midwest
Table 5-2c. 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
330 224 13 87 6

PROPERTY CHARACTERISTICS


Number of Housing Units

2 housing units
243 172 5 62 4
3 housing units 34 20 2 12 0
4 housing units 53 32 6 13 2

Manner of Acquisition

By purchase
317 213 13 85 6
Placed one new mortgage 281 190 13 73 6
Placed two or more new mortgages 13 9 0 5 0
Assumed mortgage(s) already on property 18 12 0 6 0
Assumed mortgage(s) already on property
and placed new mortgage
3 3 0 0 0
Borrowed using assets other than this
property as collateral
1 0 0 1 0
Paid all cash-no borrowing 0 0 0 0 0
Other manner 0 0 0 0 0
By inheritance or gift 8 8 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 1 1 0 0 0
Not reported 4 3 0 1 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
173 116 9 47 2
Sale of stock or other partnership
shares for this project
9 9 0 0 0
Sale of previously owned stocks,
shares, or other securities
13 7 2 4 0
Sale of land or other real estate 18 5 0 13 0
Owner's cash, bank deposits,
share accounts, or bonds
93 74 3 15 2
Borrowing from a retirement plan 3 3 0 0 0
Borrowing using assets other than this
property as collateral
13 9 0 4 0
Proceeds from an insurance policy 0 0 0 0 0
From a state or local government source 3 3 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 7 3 0 3 0
Other cash source 9 7 2 0 0
Non-cash source 4 0 0 4 0
No downpayment required 14 8 1 5 0
Not reported 9 9 0 0 0
Other properties 154 107 4 38 4
Not reported 3 1 0 1 0

Year Property Acquired

1999 to 2001 (part)
99 71 3 24 2
1997 and 1998 50 29 2 19 0
1995 and 1996 30 20 4 6 0
1990 to 1994 68 50 2 16 0
1985 to 1989 43 29 2 9 4
1980 to 1984 22 17 0 5 0
1975 to 1979 12 6 0 6 0
1970 to 1974 5 2 0 3 0
1969 or earlier 0 0 0 0 0

Property New or Previously Owned When
Acquired

Acquired by purchase
317 213 13 85 6
New 42 27 2 14 0
Previously owned 258 174 11 67 6
As residential property 239 161 11 61 6
Converted from nonresidential use 19 13 0 6 0
Other 7 4 0 3 0
Not reported 9 8 0 1 0
Other properties 9 9 0 0 0
Not reported 4 3 0 1 0

Year Structure Built

1999 to March 2000
5 1 0 4 0
1997 and 1998 8 4 0 4 0
1995 and 1996 2 0 0 2 0
1990 to 1994 20 15 0 5 0
1980 to 1989 31 20 4 6 2
1970 to 1979 29 21 0 8 0
1960 to 1969 44 38 0 6 0
1950 to 1959 32 16 3 12 0
1940 to 1949 21 19 0 3 0
1939 or earlier 136 90 6 37 4

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
143 96 5 41 2
Less than $20,000 24 11 2 11 0
$20,000 to $39,999 49 36 0 12 0
$40,000 to $59,999 30 24 0 6 0
$60,000 to $79,999 21 10 2 8 2
$80,000 to $99,999 9 7 0 2 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 3 3 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 5 5 0 0 0
Median 39781 40225 34550 37401 70000
Mean 72948 77854 36268 65534 75000
Other properties 186 129 9 45 4

Value

Less than $20,000
1 0 0 1 0
$20,000 to $39,999 18 13 2 2 0
$40,000 to $59,999 38 19 1 18 0
$60,000 to $79,999 40 22 5 13 0
$80,000 to $99,999 35 31 2 1 0
$100,000 to $124,999 47 41 0 6 0
$125,000 to $149,999 47 23 0 19 4
$150,000 to $174,999 11 10 0 1 0
$175,000 to $199,999 25 16 0 9 0
$200,000 to $249,999 29 24 0 5 0
$250,000 to $299,999 14 7 2 5 0
$300,000 to $499,999 10 6 0 2 2
$500,000 or more 16 11 0 5 0
Median 117570 116292 71912 126855 142902
Mean 163932 163727 93445 172554 203368

Value Per Housing Unit@8

Less than $20,000
36 20 4 12 0
$20,000 to $39,999 89 54 7 28 0
$40,000 to $59,999 59 52 0 6 0
$60,000 to $79,999 67 42 2 19 4
$80,000 to $99,999 32 22 0 9 2
$100,000 to $124,999 21 18 0 3 0
$125,000 to $149,999 11 8 0 3 0
$150,000 to $174,999 1 1 0 0 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 2 0 0 2 0
$250,000 to $299,999 4 4 0 0 0
$300,000 to $499,999 0 0 0 0 0
$500,000 or more 9 5 0 3 0
Median 53606 54750 27816 49338 74322
Mean 71860 72098 28735 77529 75281

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
185 113 7 61 4
Less than $500 7 0 0 7 0
$500 to $999 12 8 0 4 0
$1,000 to $2,499 36 23 0 9 4
$2,500 to $4,999 31 26 2 3 0
$5,000 to $7,499 44 34 5 5 0
$7,500 to $9,999 2 0 0 2 0
$10,000 to $14,999 29 8 0 20 0
$15,000 to $19,999 8 8 0 0 0
$20,000 to $29,999 8 4 0 4 0
$30,000 or more 6 1 0 5 0
Median 5311 4962 5770 8805 1750
Mean 7293 6266 5198 9772 2200
Properties with no capital
improvements between 1998 and 2000
88 69 6 11 2
Capital improvements not
reported
57 42 0 14 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
185 113 7 61 4
Less than $500 20 8 0 11 0
$500 to $999 15 10 0 6 0
$1,000 to $2,499 63 47 4 8 4
$2,500 to $4,999 47 37 3 8 0
$5,000 to $7,499 27 8 0 19 0
$7,500 to $9,999 0 0 0 0 0
$10,000 to $14,999 8 4 0 4 0
$15,000 to $19,999 0 0 0 0 0
$20,000 to $29,999 5 0 0 5 0
$30,000 or more 0 0 0 0 0
Median 2369 2239 2279 4208 1750
Mean 3190 2512 2012 4723 1100
Properties with no capital
improvements between 1998 and 2000
88 69 6 11 2
Capital improvements not
reported
57 42 0 14 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
275 185 13 73 4
Less than $100 11 10 0 1 0
$100 to $199 20 14 6 0 0
$200 to $299 31 24 2 5 0
$300 to $399 51 34 3 14 0
$400 to $499 38 29 0 8 0
$500 to $599 33 26 0 7 0
$600 to $799 33 9 2 18 4
$800 to $999 32 20 0 12 0
$1000 or more 16 13 0 3 0
No rental receipts 10 6 0 4 0
Median 452 426 230 578 700
Mean 480 464 286 544 652
Acquired 2000 and 2001 (part) 55 39 0 14 2

Rental Receipts as Percent of Value@8

Acquired before 2000
275 185 13 73 4
Less than 5 percent 20 17 0 3 0
5 to 9 percent 50 37 0 14 0
10 to 14 percent 140 91 9 36 4
15 to 19 percent 32 21 3 8 0
20 to 24 percent 13 7 0 6 0
25 to 29 percent 2 2 0 0 0
30 to 39 percent 3 1 0 1 0
40 percent or more 4 4 0 0 0
Median 12 12 13 12 13
Acquired 2000 and 2001 (part) 55 39 0 14 2

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
275 185 13 73 4
Less than 1.0 percent 97 64 4 25 4
1.0 to 2.9 percent 7 6 0 1 0
3.0 to 4.9 percent 0 0 0 0 0
5.0 to 6.9 percent 8 2 0 5 0
7.0 to 8.9 percent 18 7 0 11 0
9.0 to 10.9 percent 19 15 3 1 0
11.0 to 12.9 percent 10 10 0 0 0
13.0 to 14.9 percent 4 4 0 0 0
15.0 percent or more 46 29 4 14 0
Not reported or not computed 66 49 2 15 0
Median 5.1 2.5 9.9 6.0 0.5
Acquired 2000 and 2001 (part) 55 39 0 14 2

Age Restrictions

Property restricted to people
age 55 or older
83 50 3 29 0
Property not restricted to people
age 55 or older
238 166 10 57 6
Not reported 9 8 0 1 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
2 2 0 0 0
Government rental subsidy 15 11 0 4 0
Government grant 5 5 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 283 193 10 75 6
Not reported 28 18 3 7 0

Source of Property Benefits@1

With property benefits
18 14 0 4 0
Federal government 4 2 0 2 0
State government 5 5 0 0 0
Local government 11 9 0 2 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 283 193 10 75 6
Not reported 28 18 3 7 0

Reason for Benefits@1

With property benefits
18 14 0 4 0
Occupied by low- or moderate-income
individuals
15 11 0 4 0
Occupied by elderly or disabled
individuals
3 3 0 0 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
3 3 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 283 193 10 75 6
Not reported 28 18 3 7 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
259 171 11 72 6
Limited partnership 38 31 0 7 0
Joint venture 5 5 0 0 0
General partnership 2 2 0 0 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
19 11 0 8 0
Housing cooperative organization 4 4 0 0 0
Non-profit or church-related institution 2 0 2 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
0 0 0 0 0
By telephone or FAX 16 5 5 6 0
By regular mail 4 4 0 0 0
By personal visit 253 180 8 61 4
Through third party (such as real
estate agent or builder)
30 13 0 16 2
Some other way 3 3 0 0 0
Not reported 15 13 0 1 0
Not available 8 6 0 2 0

Origin of First Mortgage

Mortgage made at time property acquired
269 189 8 67 6
Mortgage assumed at the time property
acquired
19 12 0 8 0
Mortgage placed later than acquisition of
property
41 24 5 12 0
Refinanced mortgage 41 24 5 12 0
Same lender 18 10 2 6 0
Different lender 24 14 3 6 0
Mortgage placed on property
owned free and clear of debt
0 0 0 0 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
41 24 5 12 0
Obtain lower interest rate 25 14 5 6 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
0 0 0 0 0
Receive cash or increase outstanding
balance of loan
6 5 0 1 0
Other reason 5 0 0 5 0
Not reported 0 0 0 0 0
Other properties 288 200 8 75 6
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
10 2 0 8 0
Less than $20,000 8 0 0 8 0
$20,000 to $39,999 0 0 0 0 0
$40,000 to $59,999 2 2 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 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 13051 50000 0 10000 0
Mean 18852 40000 0 12400 0
Properties that refinanced
and did not receive cash back
26 18 5 3 0
Properties that refinanced
and did not report if received
cash back
5 4 0 1 0
Properties that did not
refinance
288 200 8 75 6
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
10 2 0 8 0
For additions, improvements or repairs
to this property
8 0 0 8 0
To consolidate debts 0 0 0 0 0
For investment in other real estate 2 2 0 0 0
For other types of investments 3 0 0 3 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 0 0 0 0 0
To purchase an automobile, truck, or
other vehicle
0 0 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
0 0 0 0 0
Other 2 2 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
26 18 5 3 0
Properties that refinanced
and did not report if received
cash back
5 4 0 1 0
Properties that did not
refinance
288 200 8 75 6
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
123 88 4 29 2
1997 and 1998 68 39 7 22 0
1995 and 1996 34 27 0 7 0
1990 to 1994 59 40 2 17 0
1985 to 1989 23 14 0 5 4
1980 to 1984 12 12 0 0 0
1979 or earlier 11 5 0 6 0

First Mortgage Insurance Status

FHA-insured first mortgage
29 25 1 3 0
VA-guaranteed first mortgage 12 12 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
5 3 0 2 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
10 6 0 3 0
Insured conventional first mortgage 18 17 0 0 0
Uninsured conventional first mortgage 256 161 11 78 6
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
25 19 0 6 0
$20,000 to $29,999 28 11 5 12 0
$30,000 to $39,999 34 29 1 4 0
$40,000 to $49,999 18 6 4 8 0
$50,000 to $59,999 23 18 0 2 4
$60,000 to $79,999 54 43 0 11 0
$80,000 to $99,999 42 32 0 10 0
$100,000 to $149,999 62 42 0 20 0
$150,000 to $199,999 20 18 0 3 0
$200,000 to $249,999 7 0 2 5 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 13 6 0 5 2
Not reported 4 3 0 1 0
Median 72810 73555 39898 78920 57161
Mean 87738 84612 63566 96724 130929

Total Mortgage Loan

Less than $20,000
25 19 0 6 0
$20,000 to $29,999 24 11 5 9 0
$30,000 to $39,999 37 29 1 7 0
$40,000 to $49,999 16 6 2 8 0
$50,000 to $59,999 21 18 0 0 4
$60,000 to $79,999 56 43 2 11 0
$80,000 to $99,999 35 26 0 9 0
$100,000 to $149,999 67 46 0 21 0
$150,000 to $199,999 21 16 0 5 0
$200,000 to $249,999 10 3 2 5 0
$250,000 to $299,999 0 0 0 0 0
$300,000 or more 13 6 0 5 2
Not reported 4 3 0 1 0
Median 73805 73555 39898 83132 57161
Mean 92496 89529 65872 101753 130929

Traditional First Mortgage Outstanding
Debt

Less than $10,000
24 21 2 1 0
$10,000 to $19,999 27 13 2 12 0
$20,000 to $29,999 32 21 3 9 0
$30,000 to $39,999 27 20 3 4 0
$40,000 to $49,999 20 8 0 8 4
$50,000 to $59,999 39 26 0 13 0
$60,000 to $79,999 47 37 0 11 0
$80,000 to $99,999 22 18 0 4 0
$100,000 to $149,999 55 38 0 16 0
$150,000 to $199,999 16 14 2 0 0
$200,000 to $249,999 4 2 0 2 0
$250,000 to $299,999 3 0 0 1 2
$300,000 or more 8 4 0 3 0
Not reported 4 3 0 1 0
Median 58215 61234 27787 56689 47161
Mean 76407 75073 54318 80249 122276

Total Mortgage Outstanding Debt

Less than $10,000
22 21 0 1 0
$10,000 to $19,999 29 13 4 12 0
$20,000 to $29,999 32 21 3 9 0
$30,000 to $39,999 27 20 3 4 0
$40,000 to $49,999 18 8 0 6 4
$50,000 to $59,999 39 26 0 13 0
$60,000 to $79,999 45 35 0 10 0
$80,000 to $99,999 19 14 0 5 0
$100,000 to $149,999 59 42 0 16 0
$150,000 to $199,999 18 14 2 2 0
$200,000 to $249,999 4 2 0 2 0
$250,000 to $299,999 3 0 0 1 2
$300,000 or more 10 6 0 3 0
Not reported 4 3 0 1 0
Median 58744 61303 27787 58321 47161
Mean 79751 78578 56162 83609 122276

Current Interest Rate on First Mortgage

Less than 6.0 percent
93 67 5 16 6
6.0 percent 3 0 0 3 0
6.1 to 6.4 percent 2 2 0 0 0
6.5 to 6.9 percent 19 17 0 2 0
7.0 percent 28 15 0 13 0
7.1 to 7.4 percent 9 6 0 4 0
7.5 to 7.9 percent 35 19 3 14 0
8.0 percent 16 1 2 13 0
8.1 to 8.4 percent 25 17 0 9 0
8.5 to 8.9 percent 8 7 0 1 0
9.0 percent 4 4 0 0 0
9.1 to 9.4 percent 7 1 2 4 0
9.5 to 9.9 percent 7 4 1 2 0
10.0 percent 8 8 0 0 0
10.1 to 10.4 percent 0 0 0 0 0
10.5 to 10.9 percent 0 0 0 0 0
11.0 percent 6 6 0 0 0
11.1 to 12.9 percent 15 15 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 43 37 0 6 0
Not reported 0 0 0 0 0
Median 7.6 7.7 7.8 7.7 3.0

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
126 69 7 50 0
Not reported 200 152 6 37 6

Term of First Mortgage

Less than 5 years
1 1 0 0 0
5 years 6 4 2 0 0
6 to 9 years 2 0 2 0 0
10 years 5 5 0 0 0
11 to 14 years 6 2 0 4 0
15 years 33 21 3 10 0
16 to 19 years 0 0 0 0 0
20 years 9 3 0 7 0
21 to 24 years 0 0 0 0 0
25 years 6 0 0 6 0
26 to 29 years 0 0 0 0 0
30 years 109 73 1 34 0
More than 30 years 2 2 0 0 0
No stated term 151 114 5 27 6
Median 30 30 15 30 0

Unexpired Term of First Mortgage

Less than 5 years
15 9 2 4 0
5 to 9 years 26 16 2 7 0
10 to 14 years 19 9 3 7 0
15 to 19 years 14 6 0 8 0
20 to 24 years 36 23 0 13 0
25 to 29 years 55 38 1 15 0
30 or more years 14 9 0 5 0
No stated term or not computed 151 114 5 27 6
Median 22 23 10 21 0

Holder of First Mortgage

Commercial bank or trust company
61 37 7 17 0
Savings and loan association, federal
savings bank
65 26 0 34 6
Mutual savings bank 11 1 0 9 0
Life insurance company 7 7 0 0 0
Mortgage banker or mortgage company 16 16 0 1 0
Federally-sponsored secondary market
agency or pool
108 92 3 13 0
Conventional mortgage pool 4 4 0 0 0
Other federal agency 3 0 0 3 0
Real estate investment trust 1 1 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 13 7 2 4 0
Finance company 5 5 0 0 0
State or municipal government or
housing finance agency
17 14 1 2 0
Individual or individual's estate 9 9 0 0 0
Other 9 6 0 3 0

First Mortgage Loan as a Percent of
Purchase Price

Properties acquired by
purchase with first mortgage
made or assumed at time of
purchase
276 190 8 74 6
Less than 40 percent 11 10 0 1 0
40 to 49 percent 1 0 0 1 0
50 to 59 percent 12 7 0 6 0
60 to 69 percent 28 21 3 4 0
70 to 79 percent 37 17 3 13 4
80 to 89 percent 49 30 2 17 0
90 to 94 percent 34 34 0 0 0
95 to 99 percent 19 12 0 7 0
100 percent or more 82 56 0 24 2
Not reported 3 3 0 0 0
Median 90 91 74 87 77
Other properties 53 35 5 13 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
276 190 8 74 6
Less than 40 percent 11 10 0 1 0
40 to 49 percent 4 3 0 1 0
50 to 59 percent 15 6 0 9 0
60 to 69 percent 57 35 3 19 0
70 to 79 percent 36 13 3 16 4
80 to 89 percent 40 32 2 7 0
90 to 94 percent 20 20 0 0 0
95 to 99 percent 14 12 0 2 0
100 percent or more 76 56 0 18 2
Not reported 3 3 0 0 0
Median 83 88 74 74 77
Other properties 53 35 5 13 0
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
13 7 0 6 0
Not subprime loan 316 217 13 81 6
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
92 0 0 87 6
Treasury security 29 0 0 29 0
Average cost of funds in bank district 9 0 0 9 0
National average cost of funds 3 0 0 3 0
OTS contract mortgage rate 0 0 0 0 0
Other method 11 0 0 11 0
No index used 4 0 0 4 0
Not reported 35 0 0 29 6
Other properties 237 224 13 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
92 0 0 87 6
Monthly 1 0 0 1 0
Every 3 months 3 0 0 3 0
Every 6 months 0 0 0 0 0
Yearly 36 0 0 36 0
Every 3 years 8 0 0 8 0
Every 5 years 7 0 0 7 0
Other 0 0 0 0 0
Not reported 36 0 0 31 6
Other properties 237 224 13 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
92 0 0 87 6
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 6 0 0 6 0
2 percent 26 0 0 26 0
2.1 to 2.9 percent 4 0 0 4 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4.0 percent or more 7 0 0 7 0
No caps 14 0 0 14 0
Not reported 35 0 0 29 6
Other properties 237 224 13 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
92 0 0 87 6
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 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 38 0 0 38 0
No caps 19 0 0 19 0
Not reported 35 0 0 29 6
Other properties 237 224 13 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
92 0 0 87 6
Yes, rate has changed 36 0 0 36 0
No change since mortgage made 21 0 0 21 0
Not reported 35 0 0 29 6
Other properties 237 224 13 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
92 0 0 87 6
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 8 0 0 8 0
3 percent 12 0 0 12 0
3.1 to 3.9 percent 17 0 0 17 0
4 percent 5 0 0 5 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 10 0 0 10 0
Not reported 41 0 0 35 6
Median 3.4 0.0 0.0 3.4 0.0
Other properties 237 224 13 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
92 0 0 87 6
Can be converted 7 0 0 7 0
Cannot be converted 50 0 0 50 0
Not reported 35 0 0 29 6
Other properties 237 224 13 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
291 224 13 53 0
Not reported 35 0 0 29 6

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 291 224 13 53 0
Not reported 35 0 0 29 6

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
317 218 13 80 6
Interest and principal 317 218 13 80 6
Fully amortized 297 214 5 73 6
Not fully amortized 20 4 8 7 0
Interest only 0 0 0 0 0
No regular payments required 1 0 0 1 0
Not reported 11 6 0 5 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
317 218 13 80 6
Real estate taxes 95 63 3 29 0
Property insurance 74 52 3 19 0
Mortgage insurance 9 9 0 0 0
Other 21 13 0 8 0
No items included or not reported 222 156 10 51 6
No regular payments of interest
and principal
12 6 0 7 0

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
328 224 13 85 6
Less than $100 12 7 1 4 0
$100 to $199 82 53 9 20 0
$200 to $299 85 54 0 27 4
$300 to $399 53 42 3 8 0
$400 to $499 28 22 0 6 0
$500 to $599 27 25 0 2 0
$600 to $699 10 6 0 4 0
$700 to $799 2 0 0 0 2
$800 to $899 4 1 0 3 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 1 1 0 0 0
$1,250 to $1,499 8 3 0 6 0
$1,500 or more 4 4 0 0 0
Not reported 11 6 0 5 0
Median 275 291 157 259 272
Mean 400 425 179 367 404
No regular payments required 1 0 0 1 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
328 224 13 85 6
Up-to-date, ahead of schedule, or
less than 90 days past due
144 88 7 50 0
Delinquent by 90 days or more 5 0 0 5 0
Legal proceedings have begun 5 0 0 5 0
Legal proceedings have not begun 0 0 0 0 0
Not reported 0 0 0 0 0
Not reported 179 137 6 31 6
Other properties 1 0 0 1 0

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
328 224 13 85 6
Less than $100 23 13 1 9 0
$100 to $199 79 53 7 19 0
$200 to $299 86 54 2 26 4
$300 to $399 49 36 3 10 0
$400 to $499 24 23 0 1 0
$500 to $599 33 31 0 2 0
$600 to $699 15 6 0 9 0
$700 to $799 2 0 0 0 2
$800 to $899 4 1 0 3 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 1 1 0 0 0
$1,250 to $1,499 8 3 0 6 0
$1,500 or more 4 4 0 0 0
Not reported 0 0 0 0 0
Median 271 285 173 256 272
Mean 396 420 202 359 404
No regular payments required 1 0 0 1 0

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

Acquired before 2000 and
regular payments of interest
and/or princi
262 180 13 66 4
Less than 20 percent 11 10 0 1 0
20 to 29 percent 10 5 0 5 0
30 to 39 percent 22 19 0 3 0
40 to 49 percent 22 14 0 4 4
50 to 59 percent 62 33 6 22 0
60 to 69 percent 45 31 2 12 0
70 to 79 percent 11 6 2 3 0
80 to 89 percent 20 16 0 4 0
90 to 99 percent 5 1 0 3 0
100 percent or more 46 40 2 4 0
Not reported or not computed 10 6 0 4 0
Median 60 62 60 58 45
Other properties 67 45 0 20 2

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

Acquired before 2000 and regular
payments of interest and/or
principal
262 180 13 66 4
Less than 20 percent 11 10 0 1 0
20 to 29 percent 10 5 0 5 0
30 to 39 percent 19 19 0 0 0
40 to 49 percent 21 14 0 3 4
50 to 59 percent 60 27 6 26 0
60 to 69 percent 40 31 2 7 0
70 to 79 percent 9 8 0 1 0
80 to 89 percent 24 20 0 4 0
90 to 99 percent 8 0 0 8 0
100 percent or more 51 41 4 6 0
Not reported or not computed 10 6 0 4 0
Median 61 64 60 58 45
Other properties 67 45 0 20 2

Real Estate Tax Per $1,000 Value

Acquired before 2000
275 185 13 73 4
Less than $5 8 2 2 4 0
$5 to $9 65 49 2 13 0
$10 to $14 70 47 5 13 4
$15 to $19 52 36 0 16 0
$20 to $24 36 22 2 13 0
$25 to $29 24 19 0 5 0
$30 to $39 18 9 1 7 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 2 1 0 1 0
Median 15 14 12 17 13
Acquired 2000 and 2001 (part) 55 39 0 14 2

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
275 185 13 73 4
Less than 5 percent 14 7 2 6 0
5 to 9 percent 63 35 5 23 0
10 to 14 percent 72 50 2 16 4
15 to 19 percent 52 41 2 8 0
20 to 24 percent 23 17 1 4 0
25 to 29 percent 15 15 0 0 0
30 to 34 percent 7 0 0 7 0
35 to 39 percent 5 5 0 0 0
40 percent or more 12 8 0 3 0
Not reported or not computed 12 7 0 5 0
Median 14 15 9 12 13
Acquired 2000 and 2001 (part) 55 39 0 14 2

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