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Residential Finance Survey: 2001 - South
Table 5-2d. 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
253 156 28 69 0

PROPERTY CHARACTERISTICS


Number of Housing Units

2 housing units
183 109 19 56 0
3 housing units 21 15 3 3 0
4 housing units 48 32 6 10 0

Manner of Acquisition

By purchase
241 146 28 67 0
Placed one new mortgage 201 124 24 53 0
Placed two or more new mortgages 18 6 1 11 0
Assumed mortgage(s) already on property 8 8 0 0 0
Assumed mortgage(s) already on property
and placed new mortgage
8 5 2 2 0
Borrowed using assets other than this
property as collateral
0 0 0 0 0
Paid all cash-no borrowing 3 1 0 2 0
Other manner 3 3 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 3 3 0 0 0
By some other manner 0 0 0 0 0
Not reported 7 4 0 3 0

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
122 66 21 34 0
Sale of stock or other partnership
shares for this project
7 7 0 0 0
Sale of previously owned stocks,
shares, or other securities
7 5 0 3 0
Sale of land or other real estate 7 4 0 3 0
Owner's cash, bank deposits,
share accounts, or bonds
59 34 3 23 0
Borrowing from a retirement plan 2 2 0 0 0
Borrowing using assets other than this
property as collateral
26 10 14 3 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 0 0 0 0 0
From parents or relatives 1 1 0 0 0
Other cash source 4 4 0 0 0
Non-cash source 0 0 0 0 0
No downpayment required 18 12 5 1 0
Not reported 5 0 0 5 0
Other properties 130 88 7 35 0
Not reported 2 2 0 0 0

Year Property Acquired

1999 to 2001 (part)
53 20 17 16 0
1997 and 1998 38 31 0 7 0
1995 and 1996 39 22 5 12 0
1990 to 1994 33 19 3 11 0
1985 to 1989 43 36 1 6 0
1980 to 1984 17 9 1 7 0
1975 to 1979 17 11 1 5 0
1970 to 1974 8 5 0 3 0
1969 or earlier 7 4 0 4 0

Property New or Previously Owned When
Acquired

Acquired by purchase
241 146 28 67 0
New 40 24 0 16 0
Previously owned 196 118 28 51 0
As residential property 185 114 20 51 0
Converted from nonresidential use 11 4 7 0 0
Other 0 0 0 0 0
Not reported 4 4 0 0 0
Other properties 5 5 0 0 0
Not reported 7 4 0 3 0

Year Structure Built

1999 to March 2000
7 7 0 0 0
1997 and 1998 2 2 0 0 0
1995 and 1996 10 6 0 3 0
1990 to 1994 6 6 0 0 0
1980 to 1989 60 36 3 20 0
1970 to 1979 33 19 2 12 0
1960 to 1969 27 11 7 9 0
1950 to 1959 36 34 2 0 0
1940 to 1949 26 4 13 9 0
1939 or earlier 45 30 0 15 0

Purchase Price Per Housing Unit@8

Properties acquired by
purchase 1997 to 2001 (part)
83 44 17 22 0
Less than $20,000 19 10 9 0 0
$20,000 to $39,999 31 13 6 12 0
$40,000 to $59,999 22 11 0 10 0
$60,000 to $79,999 12 10 2 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 to $499,999 0 0 0 0 0
$500,000 or more 0 0 0 0 0
Median 34826 39010 19522 38579 0
Mean 40242 43027 27415 44303 0
Other properties 170 112 11 47 0

Value

Less than $20,000
0 0 0 0 0
$20,000 to $39,999 27 19 5 3 0
$40,000 to $59,999 25 13 5 7 0
$60,000 to $79,999 31 18 4 8 0
$80,000 to $99,999 46 31 0 14 0
$100,000 to $124,999 50 21 9 20 0
$125,000 to $149,999 23 18 0 5 0
$150,000 to $174,999 7 7 0 0 0
$175,000 to $199,999 12 12 0 0 0
$200,000 to $249,999 9 5 0 4 0
$250,000 to $299,999 3 2 1 0 0
$300,000 to $499,999 12 5 2 5 0
$500,000 or more 9 6 1 2 0
Median 98915 97987 76069 101858 0
Mean 137381 135409 133095 143553 0

Value Per Housing Unit@8

Less than $20,000
35 22 8 6 0
$20,000 to $39,999 76 49 7 19 0
$40,000 to $59,999 72 37 6 29 0
$60,000 to $79,999 40 32 3 5 0
$80,000 to $99,999 11 8 3 0 0
$100,000 to $124,999 5 0 0 5 0
$125,000 to $149,999 2 2 0 0 0
$150,000 to $174,999 1 0 0 1 0
$175,000 to $199,999 0 0 0 0 0
$200,000 to $249,999 3 0 1 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 4 2 0 2 0
Median 44302 43666 37691 46620 0
Mean 58663 58142 47139 64476 0

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
133 72 16 45 0
Less than $500 0 0 0 0 0
$500 to $999 10 0 6 3 0
$1,000 to $2,499 17 11 0 5 0
$2,500 to $4,999 34 22 1 11 0
$5,000 to $7,499 33 16 2 15 0
$7,500 to $9,999 9 3 5 0 0
$10,000 to $14,999 11 2 0 9 0
$15,000 to $19,999 10 10 0 0 0
$20,000 to $29,999 7 7 0 0 0
$30,000 or more 3 0 1 2 0
Median 5451 5390 5545 5503 0
Mean 7040 7569 5807 6622 0
Properties with no capital
improvements between 1998 and 2000
81 58 8 15 0
Capital improvements not
reported
39 26 4 9 0

Value of Capital Improvements Per Unit

Properties with capital
improvements between 1998
and 2000
133 72 16 45 0
Less than $500 10 0 6 3 0
$500 to $999 18 11 1 5 0
$1,000 to $2,499 47 32 2 12 0
$2,500 to $4,999 33 14 5 14 0
$5,000 to $7,499 8 0 0 8 0
$7,500 to $9,999 8 8 0 0 0
$10,000 to $14,999 8 7 1 0 0
$15,000 to $19,999 0 0 0 0 0
$20,000 to $29,999 2 0 0 2 0
$30,000 or more 0 0 0 0 0
Median 2251 2158 1327 2718 0
Mean 3155 3306 2392 3180 0
Properties with no capital
improvements between 1998 and 2000
81 58 8 15 0
Capital improvements not
reported
39 26 4 9 0

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
223 142 20 61 0
Less than $100 8 2 0 6 0
$100 to $199 27 22 2 3 0
$200 to $299 48 32 4 12 0
$300 to $399 54 32 2 20 0
$400 to $499 29 18 6 5 0
$500 to $599 17 10 0 7 0
$600 to $799 12 9 3 0 0
$800 to $999 13 8 0 5 0
$1000 or more 4 2 1 0 0
No rental receipts 10 5 1 4 0
Median 342 337 415 340 0
Mean 364 364 479 328 0
Acquired 2000 and 2001 (part) 30 14 8 8 0

Rental Receipts as Percent of Value@8

Acquired before 2000
223 142 20 61 0
Less than 5 percent 24 18 0 7 0
5 to 9 percent 40 23 2 15 0
10 to 14 percent 99 62 15 21 0
15 to 19 percent 24 19 0 6 0
20 to 24 percent 16 12 1 3 0
25 to 29 percent 0 0 0 0 0
30 to 39 percent 0 0 0 0 0
40 percent or more 3 3 0 0 0
Median 12 12 12 11 0
Acquired 2000 and 2001 (part) 30 14 8 8 0

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
223 142 20 61 0
Less than 1.0 percent 57 43 5 10 0
1.0 to 2.9 percent 7 4 0 3 0
3.0 to 4.9 percent 12 4 1 7 0
5.0 to 6.9 percent 7 5 0 3 0
7.0 to 8.9 percent 15 7 2 5 0
9.0 to 10.9 percent 7 4 0 4 0
11.0 to 12.9 percent 3 2 0 1 0
13.0 to 14.9 percent 1 1 0 0 0
15.0 percent or more 31 22 3 6 0
Not reported or not computed 81 49 9 23 0
Median 4.1 2.8 4.5 4.8 0.0
Acquired 2000 and 2001 (part) 30 14 8 8 0

Age Restrictions

Property restricted to people
age 55 or older
52 33 6 14 0
Property not restricted to people
age 55 or older
191 116 21 55 0
Not reported 9 8 1 0 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
0 0 0 0 0
Government rental subsidy 9 6 1 3 0
Government grant 0 0 0 0 0
Property tax relief 9 6 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 218 130 25 63 0
Not reported 16 15 1 0 0

Source of Property Benefits@1

With property benefits
18 11 1 6 0
Federal government 7 3 1 3 0
State government 6 6 0 0 0
Local government 6 3 0 3 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 218 130 25 63 0
Not reported 16 15 1 0 0

Reason for Benefits@1

With property benefits
18 11 1 6 0
Occupied by low- or moderate-income
individuals
10 6 1 3 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
2 2 0 0 0
Covered by a Homestead Exemption 5 3 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 218 130 25 63 0
Not reported 16 15 1 0 0

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
207 122 22 62 0
Limited partnership 14 12 0 2 0
Joint venture 0 0 0 0 0
General partnership 4 3 1 0 0
Life insurance company 0 0 0 0 0
Depository institution 2 2 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
18 14 2 2 0
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 8 2 3 3 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 15 2 3 10 0
By regular mail 0 0 0 0 0
By personal visit 178 113 19 46 0
Through third party (such as real
estate agent or builder)
23 16 3 4 0
Some other way 4 3 1 0 0
Not reported 23 15 0 8 0
Not available 10 6 2 2 0

Origin of First Mortgage

Mortgage made at time property acquired
197 120 23 53 0
Mortgage assumed at the time property
acquired
16 12 2 2 0
Mortgage placed later than acquisition of
property
40 24 2 14 0
Refinanced mortgage 26 17 2 7 0
Same lender 8 7 0 2 0
Different lender 18 10 2 5 0
Mortgage placed on property
owned free and clear of debt
14 7 0 7 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
40 24 2 14 0
Obtain lower interest rate 10 5 0 5 0
Increase payment period for mortgage 0 0 0 0 0
Reduce payment period for mortgage 0 0 0 0 0
Renew or extend loan that had fallen
due, without increasing outstanding
balance
0 0 0 0 0
Receive cash or increase outstanding
balance of loan
16 10 0 6 0
Other reason 13 8 2 2 0
Not reported 2 0 0 2 0
Other properties 213 133 25 55 0
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
19 12 1 6 0
Less than $20,000 8 8 0 0 0
$20,000 to $39,999 0 0 0 0 0
$40,000 to $59,999 8 4 0 4 0
$60,000 to $79,999 0 0 0 0 0
$80,000 to $99,999 2 0 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 1 0 1 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 44222 15856 162500 54553 0
Mean 43355 26788 150000 59385 0
Properties that refinanced
and did not receive cash back
13 5 1 7 0
Properties that refinanced
and did not report if received
cash back
8 6 0 2 0
Properties that did not
refinance
213 133 25 55 0
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
19 12 1 6 0
For additions, improvements or repairs
to this property
4 4 0 0 0
To consolidate debts 6 6 0 0 0
For investment in other real estate 7 4 1 2 0
For other types of investments 0 0 0 0 0
For educational or medical expenses 0 0 0 0 0
To start a business 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
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
13 5 1 7 0
Properties that refinanced
and did not report if received
cash back
8 6 0 2 0
Properties that did not
refinance
213 133 25 55 0
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
80 38 21 21 0
1997 and 1998 50 38 0 12 0
1995 and 1996 44 25 2 17 0
1990 to 1994 30 19 3 7 0
1985 to 1989 30 22 1 6 0
1980 to 1984 10 6 0 4 0
1979 or earlier 10 8 0 3 0

First Mortgage Insurance Status

FHA-insured first mortgage
15 14 0 2 0
VA-guaranteed first mortgage 10 10 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
11 6 0 5 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
9 6 0 3 0
Insured conventional first mortgage 16 9 1 6 0
Uninsured conventional first mortgage 191 111 27 53 0
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
6 3 0 3 0
$20,000 to $29,999 24 16 7 0 0
$30,000 to $39,999 23 13 1 9 0
$40,000 to $49,999 40 21 5 14 0
$50,000 to $59,999 20 14 6 0 0
$60,000 to $79,999 46 28 0 18 0
$80,000 to $99,999 24 15 3 7 0
$100,000 to $149,999 42 31 0 11 0
$150,000 to $199,999 7 6 1 0 0
$200,000 to $249,999 7 3 2 2 0
$250,000 to $299,999 3 0 1 2 0
$300,000 or more 9 4 1 3 0
Not reported 2 2 0 0 0
Median 65404 67201 50366 69432 0
Mean 94593 92331 94808 99540 0

Total Mortgage Loan

Less than $20,000
6 3 0 3 0
$20,000 to $29,999 24 16 7 0 0
$30,000 to $39,999 23 13 1 9 0
$40,000 to $49,999 33 16 3 14 0
$50,000 to $59,999 22 14 8 0 0
$60,000 to $79,999 46 28 0 18 0
$80,000 to $99,999 28 18 3 7 0
$100,000 to $149,999 40 29 0 10 0
$150,000 to $199,999 11 9 1 1 0
$200,000 to $249,999 5 3 2 0 0
$250,000 to $299,999 5 0 1 3 0
$300,000 or more 9 4 1 3 0
Not reported 2 2 0 0 0
Median 67729 71004 52800 69432 0
Mean 97886 96426 95477 102105 0

Traditional First Mortgage Outstanding
Debt

Less than $10,000
14 11 0 3 0
$10,000 to $19,999 21 14 0 7 0
$20,000 to $29,999 28 16 7 5 0
$30,000 to $39,999 20 9 1 10 0
$40,000 to $49,999 30 19 5 6 0
$50,000 to $59,999 25 14 6 5 0
$60,000 to $79,999 38 19 0 19 0
$80,000 to $99,999 33 24 3 7 0
$100,000 to $149,999 19 18 1 0 0
$150,000 to $199,999 6 6 0 0 0
$200,000 to $249,999 7 2 2 3 0
$250,000 to $299,999 1 0 1 0 0
$300,000 or more 9 4 1 3 0
Not reported 0 0 0 0 0
Median 55097 56836 50366 56294 0
Mean 81857 80471 89170 82030 0

Total Mortgage Outstanding Debt

Less than $10,000
11 11 0 0 0
$10,000 to $19,999 22 12 0 10 0
$20,000 to $29,999 28 16 7 5 0
$30,000 to $39,999 18 6 1 10 0
$40,000 to $49,999 27 16 5 6 0
$50,000 to $59,999 31 19 6 5 0
$60,000 to $79,999 40 21 0 19 0
$80,000 to $99,999 32 24 3 6 0
$100,000 to $149,999 19 18 1 0 0
$150,000 to $199,999 9 8 0 1 0
$200,000 to $249,999 6 2 2 2 0
$250,000 to $299,999 3 0 1 2 0
$300,000 or more 9 4 1 3 0
Not reported 0 0 0 0 0
Median 56920 59304 50366 56294 0
Mean 84557 83694 89592 84477 0

Current Interest Rate on First Mortgage

Less than 6.0 percent
94 58 9 27 0
6.0 percent 0 0 0 0 0
6.1 to 6.4 percent 3 0 0 3 0
6.5 to 6.9 percent 12 6 0 7 0
7.0 percent 18 11 0 7 0
7.1 to 7.4 percent 5 1 0 3 0
7.5 to 7.9 percent 18 10 3 5 0
8.0 percent 9 5 0 4 0
8.1 to 8.4 percent 12 6 1 5 0
8.5 to 8.9 percent 13 8 0 5 0
9.0 percent 2 2 0 0 0
9.1 to 9.4 percent 2 2 0 0 0
9.5 to 9.9 percent 2 2 0 0 0
10.0 percent 13 2 9 3 0
10.1 to 10.4 percent 5 5 0 0 0
10.5 to 10.9 percent 6 0 6 0 0
11.0 percent 5 5 0 0 0
11.1 to 12.9 percent 4 4 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 30 30 0 0 0
Not reported 0 0 0 0 0
Median 7.1 7.6 10.0 6.8 0.0

Type of Interest Rate Buydown

Properties with interest rate
buydown
2 2 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 2 2 0 0 0
Properties without interest
rate buydown
96 41 18 36 0
Not reported 155 113 9 33 0

Term of First Mortgage

Less than 5 years
10 0 9 2 0
5 years 10 3 6 0 0
6 to 9 years 0 0 0 0 0
10 years 1 0 0 1 0
11 to 14 years 3 3 0 0 0
15 years 12 9 1 2 0
16 to 19 years 1 1 0 0 0
20 years 18 5 0 13 0
21 to 24 years 2 2 0 0 0
25 years 5 2 0 3 0
26 to 29 years 0 0 0 0 0
30 years 59 41 0 18 0
More than 30 years 1 0 0 1 0
No stated term 131 89 11 30 0
Median 26 30 5 26 0

Unexpired Term of First Mortgage

Less than 5 years
28 11 15 2 0
5 to 9 years 17 10 0 8 0
10 to 14 years 10 6 1 3 0
15 to 19 years 16 8 0 8 0
20 to 24 years 14 10 0 4 0
25 to 29 years 27 13 0 13 0
30 or more years 10 9 0 1 0
No stated term or not computed 131 89 11 30 0
Median 17 19 3 20 0

Holder of First Mortgage

Commercial bank or trust company
54 27 14 12 0
Savings and loan association, federal
savings bank
44 12 6 26 0
Mutual savings bank 2 2 0 0 0
Life insurance company 6 6 0 0 0
Mortgage banker or mortgage company 16 15 0 1 0
Federally-sponsored secondary market
agency or pool
90 60 4 26 0
Conventional mortgage pool 0 0 0 0 0
Other federal agency 8 8 0 0 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 3 2 0 1 0
Finance company 0 0 0 0 0
State or municipal government or
housing finance agency
15 8 3 4 0
Individual or individual's estate 8 8 0 0 0
Other 8 8 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
201 123 25 53 0
Less than 40 percent 2 2 0 0 0
40 to 49 percent 2 2 0 0 0
50 to 59 percent 5 4 0 1 0
60 to 69 percent 24 11 0 13 0
70 to 79 percent 27 17 5 5 0
80 to 89 percent 26 13 8 5 0
90 to 94 percent 16 8 0 8 0
95 to 99 percent 8 8 0 0 0
100 percent or more 89 57 12 21 0
Not reported 2 2 0 0 0
Median 94 97 89 91 0
Other properties 52 33 2 17 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
201 123 25 53 0
Less than 40 percent 3 2 0 2 0
40 to 49 percent 2 2 0 0 0
50 to 59 percent 6 1 2 3 0
60 to 69 percent 48 23 8 17 0
70 to 79 percent 38 23 12 4 0
80 to 89 percent 26 16 0 11 0
90 to 94 percent 7 7 0 0 0
95 to 99 percent 4 4 0 0 0
100 percent or more 63 43 4 16 0
Not reported 2 2 0 0 0
Median 81 86 73 81 0
Other properties 52 33 2 17 0
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
13 13 0 0 0
Not subprime loan 240 143 28 69 0
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
69 0 0 69 0
Treasury security 21 0 0 21 0
Average cost of funds in bank district 4 0 0 4 0
National average cost of funds 5 0 0 5 0
OTS contract mortgage rate 0 0 0 0 0
Other method 7 0 0 7 0
No index used 0 0 0 0 0
Not reported 33 0 0 33 0
Other properties 184 156 28 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
69 0 0 69 0
Monthly 5 0 0 5 0
Every 3 months 2 0 0 2 0
Every 6 months 7 0 0 7 0
Yearly 23 0 0 23 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 32 0 0 32 0
Other properties 184 156 28 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
69 0 0 69 0
Less than 1 percent 3 0 0 3 0
1 percent 2 0 0 2 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 21 0 0 21 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 6 0 0 6 0
No caps 4 0 0 4 0
Not reported 33 0 0 33 0
Other properties 184 156 28 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
69 0 0 69 0
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 34 0 0 34 0
No caps 4 0 0 4 0
Not reported 32 0 0 32 0
Other properties 184 156 28 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
69 0 0 69 0
Yes, rate has changed 24 0 0 24 0
No change since mortgage made 11 0 0 11 0
Not reported 34 0 0 34 0
Other properties 184 156 28 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
69 0 0 69 0
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 0 0 0 0 0
2.1 to 2.9 percent 11 0 0 11 0
3 percent 4 0 0 4 0
3.1 to 3.9 percent 10 0 0 10 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 2 0 0 2 0
Not reported 38 0 0 38 0
Median 3.0 0.0 0.0 3.0 0.0
Other properties 184 156 28 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
69 0 0 69 0
Can be converted 1 0 0 1 0
Cannot be converted 35 0 0 35 0
Not reported 33 0 0 33 0
Other properties 184 156 28 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
218 156 28 34 0
Not reported 35 0 0 35 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 218 156 28 34 0
Not reported 35 0 0 35 0

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
229 146 28 55 0
Interest and principal 229 146 28 55 0
Fully amortized 196 141 1 53 0
Not fully amortized 33 4 27 2 0
Interest only 0 0 0 0 0
No regular payments required 6 0 0 6 0
Not reported 18 10 0 8 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
229 146 28 55 0
Real estate taxes 41 28 1 11 0
Property insurance 34 22 1 11 0
Mortgage insurance 3 3 0 0 0
Other 14 12 0 2 0
No items included or not reported 184 113 27 44 0
No regular payments of interest
and principal
24 10 0 14 0

Monthly Interest and Principal
Payments on First Mortgage Per
Housing Unit

Regular monthly payments of
interest and/or principal
247 156 28 63 0
Less than $100 13 8 0 5 0
$100 to $199 82 54 9 20 0
$200 to $299 48 32 8 7 0
$300 to $399 24 9 5 11 0
$400 to $499 25 20 0 5 0
$500 to $599 10 6 4 0 0
$600 to $699 10 9 1 0 0
$700 to $799 4 4 0 0 0
$800 to $899 5 0 1 3 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 2 2 0 0 0
$1,250 to $1,499 2 0 0 2 0
$1,500 or more 5 3 0 2 0
Not reported 18 10 0 8 0
Median 240 236 263 234 0
Mean 348 352 320 351 0
No regular payments required 6 0 0 6 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
247 156 28 63 0
Up-to-date, ahead of schedule, or
less than 90 days past due
94 48 16 30 0
Delinquent by 90 days or more 9 5 2 2 0
Legal proceedings have begun 2 2 0 0 0
Legal proceedings have not begun 4 0 2 2 0
Not reported 3 3 0 0 0
Not reported 144 103 9 32 0
Other properties 6 0 0 6 0

Monthly Interest and Principal Payments
on Total Mortgages Per Housing Unit

Regular monthly payments of
interest and/or principal
247 156 28 63 0
Less than $100 29 16 0 13 0
$100 to $199 82 53 9 20 0
$200 to $299 42 28 6 7 0
$300 to $399 29 12 7 11 0
$400 to $499 28 23 0 5 0
$500 to $599 10 6 4 0 0
$600 to $699 6 5 1 0 0
$700 to $799 8 8 0 0 0
$800 to $899 3 0 1 2 0
$900 to $999 0 0 0 0 0
$1,000 to $1,249 4 2 0 2 0
$1,250 to $1,499 2 0 0 2 0
$1,500 or more 5 3 0 2 0
Not reported 0 0 0 0 0
Median 230 230 285 193 0
Mean 333 341 325 316 0
No regular payments required 6 0 0 6 0

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

Acquired before 2000 and
regular payments of interest
and/or princi
209 135 20 55 0
Less than 20 percent 1 1 0 0 0
20 to 29 percent 14 10 0 3 0
30 to 39 percent 3 2 0 1 0
40 to 49 percent 17 12 1 4 0
50 to 59 percent 24 23 0 2 0
60 to 69 percent 33 10 8 15 0
70 to 79 percent 13 13 0 0 0
80 to 89 percent 22 11 5 7 0
90 to 99 percent 8 7 0 2 0
100 percent or more 58 42 4 11 0
Not reported or not computed 16 5 1 10 0
Median 74 76 69 68 0
Other properties 44 21 8 14 0

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

Acquired before 2000 and regular
payments of interest and/or
principal
212 137 20 56 0
Less than 20 percent 1 1 0 0 0
20 to 29 percent 11 8 0 3 0
30 to 39 percent 6 4 0 2 0
40 to 49 percent 17 12 1 4 0
50 to 59 percent 24 22 0 2 0
60 to 69 percent 31 10 6 15 0
70 to 79 percent 13 13 0 0 0
80 to 89 percent 24 11 7 7 0
90 to 99 percent 4 3 0 2 0
100 percent or more 65 50 4 11 0
Not reported or not computed 16 5 1 10 0
Median 77 78 82 68 0
Other properties 41 20 8 13 0

Real Estate Tax Per $1,000 Value

Acquired before 2000
223 142 20 61 0
Less than $5 38 29 0 9 0
$5 to $9 69 39 11 19 0
$10 to $14 34 21 4 8 0
$15 to $19 31 23 1 7 0
$20 to $24 19 6 0 13 0
$25 to $29 14 14 0 0 0
$30 to $39 17 10 3 4 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 11 11 9 11 0
Acquired 2000 and 2001 (part) 30 14 8 8 0

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
223 142 20 61 0
Less than 5 percent 19 19 0 0 0
5 to 9 percent 71 39 13 18 0
10 to 14 percent 52 37 2 13 0
15 to 19 percent 21 16 0 4 0
20 to 24 percent 17 11 0 6 0
25 to 29 percent 7 2 3 2 0
30 to 34 percent 3 1 0 2 0
35 to 39 percent 6 6 0 0 0
40 percent or more 10 5 0 5 0
Not reported or not computed 17 5 1 10 0
Median 11 11 8 13 0
Acquired 2000 and 2001 (part) 30 14 8 8 0

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