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Residential Finance Survey: 2001 - South
Table 8-2d. Type of First Mortgage, Condominium Properties
^Number of mortgaged properties in thousands.
For information on confidentiality protection, sampling error, nonsampling error, and definitions, see text.
For minimum base of derived figures (percent, median, etc.) and meaning of symbols, see text.
Monthly Rental Receipts, Rental Receipts as Percent of Value, Rental Vacancy Losses as Percent of Potential Receipts, Interest and Principal Payments on First Mortgage as Percent of Rental Receipts and Real Estate Tax as Percent of Rental Receipts acquired before 2000 exclude properties with less than half of units in rental market during all of year preceding survey and cooperatively owned apartments^^

Fixed rate mortgage
Total mortgaged
properties
Amortized Short term with
balloon payment
Adjustable rate
mortgage (ARM)
Other mortgage

Homeowner condominium
properties with traditional
first mortgage
634 473 34 119 8

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
560 413 33 107 7
Placed one new mortgage 530 384 33 106 7
Placed two or more new mortgages 12 12 0 0 0
Assumed mortgage(s) already on property 11 10 0 1 0
Assumed mortgage(s) already on property
and placed new mortgage
1 1 0 0 0
Borrowed using assets other than this
property as collateral
0 0 0 0 0
Paid all cash-no borrowing 5 5 0 0 0
Other manner 0 0 0 0 0
By inheritance or gift 1 1 0 0 0
By divorce 2 2 0 0 0
By some other manner 28 24 0 4 0
Not reported 43 33 1 7 1

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
407 302 20 79 7
Sale of previous home 101 66 12 22 2
Sale of other real property or other
investments
23 11 0 11 1
Savings 257 196 6 50 5
Borrowing from a retirement plan 5 5 0 0 0
Borrowing using assets other than this
property as collateral
8 8 0 0 0
Proceeds from an insurance policy 1 1 0 0 0
Payments in a lease-purchase agreement 0 0 0 0 0
From a state or local government source 0 0 0 0 0
From a non-profit organization 6 6 0 0 0
From parents or relatives 33 28 1 4 0
Other 11 7 0 4 0
No downpayment required 21 20 0 1 0
Not reported 15 6 0 9 0
Other properties 200 151 14 34 0
Not reported 28 21 0 6 1

Year Property Acquired

1999 to 2001 (part)
249 191 8 45 5
1997 and 1998 130 97 9 23 1
1995 and 1996 72 48 2 20 2
1990 to 1994 104 73 5 25 0
1985 to 1989 40 30 8 2 0
1980 to 1984 22 17 1 3 0
1975 to 1979 14 14 0 0 0
1970 to 1974 0 0 0 0 0
1969 or earlier 4 4 0 0 0

Property New or Previously Occupied When
Acquired

Acquired by purchase
560 413 33 107 7
New 109 63 13 31 2
Previously occupied by someone else 442 344 20 74 5
Converted from non-residential use 3 0 0 3 0
Other 0 0 0 0 0
Not reported 6 6 0 0 0
Other properties 31 27 0 4 0
Not reported 43 33 1 7 1

Year Structure Built

1999 to March 2000
34 23 1 9 0
1997 and 1998 50 32 8 11 0
1995 and 1996 33 19 0 11 4
1990 to 1994 76 52 5 20 0
1980 to 1989 207 158 8 41 0
1970 to 1979 166 132 11 19 4
1960 to 1969 33 28 1 4 0
1950 to 1959 14 12 0 1 0
1940 to 1949 3 3 0 0 0
1939 or earlier 17 16 0 1 0

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
352 267 17 62 5
Less than $20,000 1 1 0 0 0
$20,000 to $39,999 22 18 1 2 0
$40,000 to $59,999 57 43 2 10 1
$60,000 to $79,999 61 44 1 15 0
$80,000 to $99,999 50 43 0 7 0
$100,000 to $124,999 45 36 0 7 2
$125,000 to $149,999 39 29 4 5 1
$150,000 to $174,999 10 5 0 5 0
$175,000 to $199,999 17 9 2 6 0
$200,000 to $249,999 18 8 5 6 0
$250,000 to $299,999 12 10 1 0 0
$300,000 to $499,999 12 12 0 0 0
$500,000 or more 10 10 0 0 0
Median 94287 92460 147107 92485 112307
Mean 129819 133816 152526 108361 103749
Other properties 282 206 17 56 3

Value

Less than $20,000
2 2 0 0 0
$20,000 to $39,999 30 25 1 4 0
$40,000 to $59,999 51 41 2 6 1
$60,000 to $79,999 104 84 4 17 0
$80,000 to $99,999 139 100 10 27 1
$100,000 to $124,999 91 58 4 26 4
$125,000 to $149,999 70 53 4 13 0
$150,000 to $174,999 25 18 0 5 1
$175,000 to $199,999 19 16 2 0 0
$200,000 to $249,999 33 19 5 10 0
$250,000 to $299,999 19 10 0 9 0
$300,000 to $499,999 38 34 1 3 0
$500,000 or more 12 12 0 0 0
Median 98727 96946 98607 105905 107516
Mean 130996 134131 121998 122650 107314

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
221 166 4 47 3
Less than $500 14 11 0 3 0
$500 to $999 12 11 0 1 0
$1,000 to $2,499 64 43 0 19 1
$2,500 to $4,999 43 36 1 4 2
$5,000 to $7,499 38 27 3 8 0
$7,500 to $9,999 6 3 0 3 0
$10,000 to $14,999 5 4 0 1 0
$15,000 to $19,999 21 18 0 2 0
$20,000 to $29,999 3 1 0 1 0
$30,000 or more 15 12 0 3 0
Median 3659 3781 5603 2455 2673
Mean 10988 12620 4318 6434 2269
Properties with no capital
improvements between 1998 and 2000
303 216 26 60 1
Capital improvements not
reported
110 91 5 11 3

Age Restrictions

Condominium building restricted to
people age 55 or older
47 37 1 8 0
Condominium building not restricted to
people age 55 or older
556 411 32 105 8
Not reported 32 25 1 6 0

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
12 10 0 0 1
Other government grant or subsidy 0 0 0 0 0
Property tax relief 23 13 1 8 0
Subsidy from a non-profit corporation 0 0 0 0 0
None of the above benefits 434 318 25 85 6
Not reported 166 131 8 26 0

Source of Property Benefits@1

With property benefits
34 24 1 8 1
Federal government 8 8 0 0 0
State government 11 3 0 8 0
Local government 15 10 1 1 1
Non-profit corporation 0 0 0 0 0
Not reported 1 1 0 0 0
With no property benefits 434 318 25 85 6
Not reported 166 131 8 26 0

Reason for Benefits@1

With property benefits
34 24 1 8 1
Occupied by low- or moderate-income
individuals
6 4 0 0 1
Occupied by elderly or disabled
individuals
5 4 0 1 0
A historic structure 2 2 0 0 0
Located in a community development or
economic development area
1 0 0 1 0
Covered by a Homestead Exemption 19 11 1 6 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 4 4 0 0 0
With no property benefits 434 318 25 85 6
Not reported 166 131 8 26 0

OWNER CHARACTERISTICS


Owner Status

1 owner
413 306 25 78 3
2 owners 200 151 9 39 1
3 or more owners 21 17 0 1 3

Age of Owner

Under 25
13 11 0 0 2
25 to 34 87 65 6 16 0
35 to 44 98 74 1 21 1
45 to 54 139 119 9 12 0
55 to 64 122 88 6 25 3
65 to 74 81 45 9 26 0
75 and over 50 36 3 11 0
Not reported 45 35 0 8 1
Median 51 50 56 57 55

Race of Owner

White alone
573 414 33 119 8
Black or African American alone 32 30 1 0 0
American Indian or Alaska Native alone 0 0 0 0 0
Asian alone 27 27 0 0 0
Native Hawaiian or Other Pacific
Islander alone
0 0 0 0 0
Two or more races 2 2 0 0 0

Sex of Owner

Male/Male and female co-owners
375 279 14 74 8
Female 259 195 20 44 0

Hispanic/Latino Origin

Hispanic/Latino owner(s) only
90 69 1 18 2
No Hispanic/Latino owner(s) 544 404 33 101 6

Veteran Status@1

Veteran
98 74 2 20 1
Active member of Reserves or National
Guard for at least 6 years
14 11 0 2 0
Persian Gulf War or after
(August 1990 to present)
8 8 0 0 0
Vietnam or after
(August 1964 to July 1990)
19 16 0 1 1
Korean conflict or after
(July 1950 to July 1964)
36 20 2 12 1
World War II or after
(September 1940 to June 1950)
26 22 0 4 0
Nonveteran 478 357 32 86 4
Not reported 58 43 0 12 3

Income

Less than $5,000
79 45 9 25 0
$5,000 to $9,999 5 3 1 0 0
$10,000 to $14,999 18 16 0 2 0
$15,000 to $19,999 29 23 0 6 0
$20,000 to $24,999 35 26 7 2 0
$25,000 to $29,999 25 15 2 6 1
$30,000 to $34,999 44 38 1 4 1
$35,000 to $39,999 61 48 2 10 0
$40,000 to $49,999 67 50 4 11 1
$50,000 to $59,999 52 37 1 14 0
$60,000 to $79,999 78 65 0 13 0
$80,000 to $99,999 52 32 0 18 2
$100,000 to $119,999 22 18 1 1 2
$120,000 or more 68 58 5 6 0
Median 43336 44613 25599 43277 47277
Mean 60533 65797 39522 45505 61523

Owned Home Previously

Previously owned home
358 258 21 78 1
Never owned home before 239 186 13 36 4
Not reported 37 30 0 4 3

MORTGAGE CHARACTERISTICS


Method of Loan Application

By computer over the Internet or
by e-mail
5 5 0 0 0
By telephone or FAX 91 64 12 15 0
By regular mail 8 6 0 2 0
By personal visit 325 240 13 66 6
Through third party (such as real
estate agent or builder)
152 120 4 27 2
Some other way 4 0 4 0 0
Not reported 40 30 1 8 0
Not available 10 8 0 1 0

Origin of First Mortgage

Mortgage made at time property acquired
557 407 34 108 8
Mortgage assumed at the time property
acquired
12 11 0 1 0
Mortgage placed later than acquisition of
property
65 56 0 9 0
Refinanced mortgage 54 45 0 9 0
Same lender 6 4 0 2 0
Different lender 48 41 0 8 0
Mortgage placed on property
owned free and clear of debt
11 11 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
65 56 0 9 0
Obtain lower interest rate 43 40 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
5 0 0 5 0
Receive cash or increase outstanding
balance of loan
15 13 0 1 0
Other reason 2 2 0 0 0
Not reported 0 0 0 0 0
Other properties 569 418 34 109 8
Not available 0 0 0 0 0

Cash Received From Refinancing or
Placing Mortgage on Property Owned
Free and Clear

Properties on which cash
received
19 16 0 3 0
Less than $20,000 7 5 0 2 0
$20,000 to $39,999 7 5 0 1 0
$40,000 to $59,999 5 5 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 27317 30245 20000- 20000- 20000-
Mean 24145 26652 0 11899 0
Properties that refinanced
and did not receive cash back
45 39 0 6 0
Properties that refinanced
and did not report if received
cash back
1 1 0 0 0
Properties that did not
refinance
569 418 34 109 8
Not available 0 0 0 0 0

Use of Cash From Refinancing or
Placing Mortgage on Property Owned Free
and Clear

Properties on which cash
received@1
19 16 0 3 0
For additions, improvements or repairs
to this property
8 6 0 1 0
To consolidate debts 9 5 0 3 0
For investment in other real estate 0 0 0 0 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 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
1 1 0 0 0
To purchase consumer product other than
automobile, truck, or other vehicle
1 1 0 0 0
Other 0 0 0 0 0
Not reported 5 5 0 0 0
Properties that refinanced
and did not receive cash back
45 39 0 6 0
Properties that refinanced
and did not report if received
cash back
1 1 0 0 0
Properties that did not
refinance
569 418 34 109 8
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
276 211 8 52 5
1997 and 1998 143 113 9 20 1
1995 and 1996 66 43 2 18 2
1990 to 1994 108 79 5 24 0
1985 to 1989 24 14 8 2 0
1980 to 1984 10 6 1 3 0
1979 or earlier 7 7 0 0 0

First Mortgage Insurance Status

FHA-insured first mortgage
94 76 0 19 0
VA-guaranteed first mortgage 10 10 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
11 10 0 1 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
10 6 0 4 0
Insured conventional first mortgage 74 63 4 8 0
Uninsured conventional first mortgage 435 310 30 86 8
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
15 15 0 0 0
$20,000 to $29,999 33 23 1 9 0
$30,000 to $39,999 50 39 4 8 0
$40,000 to $49,999 60 43 0 15 1
$50,000 to $59,999 106 83 12 11 0
$60,000 to $79,999 123 81 5 34 3
$80,000 to $99,999 94 74 4 15 2
$100,000 to $149,999 98 69 2 25 1
$150,000 to $199,999 20 11 6 3 0
$200,000 to $249,999 17 17 0 0 0
$250,000 to $299,999 6 6 0 0 0
$300,000 or more 9 9 0 0 0
Not reported 4 4 0 0 0
Median 68323 67760 61815 70030 75336
Mean 82546 84779 83166 73773 78855

Total Mortgage Loan

Less than $20,000
13 13 0 0 0
$20,000 to $29,999 35 25 1 9 0
$30,000 to $39,999 50 39 4 8 0
$40,000 to $49,999 55 39 0 15 1
$50,000 to $59,999 100 77 12 11 0
$60,000 to $79,999 129 87 5 34 3
$80,000 to $99,999 88 67 4 15 2
$100,000 to $149,999 98 80 2 15 1
$150,000 to $199,999 31 11 6 13 0
$200,000 to $249,999 11 11 0 0 0
$250,000 to $299,999 12 12 0 0 0
$300,000 or more 9 9 0 0 0
Not reported 4 4 0 0 0
Median 69484 69518 61815 70030 75336
Mean 84973 86742 83166 78903 78855

Traditional First Mortgage Outstanding
Debt

Less than $10,000
12 10 0 2 0
$10,000 to $19,999 19 16 0 4 0
$20,000 to $29,999 50 33 9 9 0
$30,000 to $39,999 51 39 1 10 0
$40,000 to $49,999 88 67 7 12 1
$50,000 to $59,999 84 58 8 18 0
$60,000 to $79,999 127 95 1 27 3
$80,000 to $99,999 76 54 4 16 2
$100,000 to $149,999 83 60 4 17 1
$150,000 to $199,999 17 14 0 3 0
$200,000 to $249,999 9 9 0 0 0
$250,000 to $299,999 6 6 0 0 0
$300,000 or more 9 9 0 0 0
Not reported 4 4 0 0 0
Median 61774 62651 50095 63148 75336
Mean 75339 78616 56404 67894 74438

Total Mortgage Outstanding Debt

Less than $10,000
12 10 0 2 0
$10,000 to $19,999 19 16 0 4 0
$20,000 to $29,999 50 33 9 9 0
$30,000 to $39,999 51 39 1 10 0
$40,000 to $49,999 78 58 7 12 1
$50,000 to $59,999 84 58 8 18 0
$60,000 to $79,999 126 94 1 27 3
$80,000 to $99,999 81 59 4 16 2
$100,000 to $149,999 78 66 4 7 1
$150,000 to $199,999 28 14 0 13 0
$200,000 to $249,999 3 3 0 0 0
$250,000 to $299,999 12 12 0 0 0
$300,000 or more 9 9 0 0 0
Not reported 4 4 0 0 0
Median 63330 64742 50095 63148 75336
Mean 77148 79811 56404 72679 74438

Current Interest Rate on First Mortgage

Less than 6.0 percent
218 149 24 38 8
6.0 percent 8 4 0 4 0
6.1 to 6.4 percent 12 10 0 1 0
6.5 to 6.9 percent 41 24 4 13 0
7.0 percent 71 58 5 9 0
7.1 to 7.4 percent 36 21 1 14 0
7.5 to 7.9 percent 55 43 0 12 0
8.0 percent 20 20 0 0 0
8.1 to 8.4 percent 20 19 0 1 0
8.5 to 8.9 percent 22 20 0 1 0
9.0 percent 4 2 0 2 0
9.1 to 9.4 percent 6 6 0 0 0
9.5 to 9.9 percent 8 8 0 0 0
10.0 percent 4 4 0 0 0
10.1 to 10.4 percent 7 7 0 0 0
10.5 to 10.9 percent 8 5 0 2 0
11.0 percent 2 2 0 0 0
11.1 to 12.9 percent 8 8 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 83 62 0 21 0
Not reported 0 0 0 0 0
Median 7.1 7.1 4.2 7.0 3.0

Type of Interest Rate Buydown

Properties with interest rate
buydown
13 8 1 4 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 13 8 1 4 0
Properties without interest
rate buydown
239 176 9 55 0
Not reported 382 290 24 60 8

Term of First Mortgage

Less than 5 years
5 0 5 0 0
5 years 0 0 0 0 0
6 to 9 years 5 0 5 0 0
10 years 1 1 0 0 0
11 to 14 years 0 0 0 0 0
15 years 45 36 0 10 0
16 to 19 years 0 0 0 0 0
20 years 9 8 0 1 0
21 to 24 years 0 0 0 0 0
25 years 3 3 0 0 0
26 to 29 years 4 4 0 0 0
30 years 258 201 0 56 0
More than 30 years 0 0 0 0 0
No stated term 303 220 24 51 8
Median 30 30 6 30 5-

Unexpired Term of First Mortgage

Less than 5 years
17 7 10 0 0
5 to 9 years 14 9 0 5 0
10 to 14 years 36 28 0 8 0
15 to 19 years 12 7 0 5 0
20 to 24 years 49 37 0 12 0
25 to 29 years 151 114 0 38 0
30 or more years 52 52 0 0 0
No stated term or not computed 303 220 24 51 8
Median 26 26 5- 25 5-

Holder of First Mortgage

Commercial bank or trust company
102 65 8 27 1
Savings and loan association, federal
savings bank
36 23 1 12 0
Mutual savings bank 19 9 8 1 0
Life insurance company 21 13 4 2 2
Mortgage banker or mortgage company 50 38 0 13 0
Federally-sponsored secondary market
agency or pool
309 247 8 49 5
Conventional mortgage pool 11 11 0 0 0
Other federal agency 20 12 0 7 0
Real estate investment trust 1 0 0 1 0
Pension or retirement fund 0 0 0 0 0
Credit union 14 12 0 1 0
Finance company 8 8 0 0 0
State or municipal government or
housing finance agency
19 15 0 4 0
Individual or individual's estate 8 4 4 0 0
Other 16 16 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
498 359 33 100 7
Less than 40 percent 15 15 0 0 0
40 to 49 percent 11 7 0 4 0
50 to 59 percent 17 11 0 7 0
60 to 69 percent 71 42 7 21 2
70 to 79 percent 99 62 12 24 1
80 to 89 percent 79 59 8 12 0
90 to 94 percent 53 36 2 14 0
95 to 99 percent 60 42 1 13 3
100 percent or more 88 80 2 5 0
Not reported 6 6 0 0 0
Median 84 86 77 77 79
Other properties 136 114 1 19 1
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
498 359 33 100 7
Less than 40 percent 11 11 0 0 0
40 to 49 percent 8 4 0 4 0
50 to 59 percent 17 11 0 7 0
60 to 69 percent 109 70 7 30 2
70 to 79 percent 99 70 11 17 1
80 to 89 percent 74 54 9 11 0
90 to 94 percent 46 38 2 6 0
95 to 99 percent 55 30 1 20 3
100 percent or more 74 66 2 5 0
Not reported 6 6 0 0 0
Median 80 82 78 75 79
Other properties 136 114 1 19 1
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
37 17 0 20 0
Not subprime loan 597 456 34 99 8
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
126 0 0 119 8
Treasury security 53 0 0 53 0
Average cost of funds in bank district 3 0 0 3 0
National average cost of funds 0 0 0 0 0
OTS contract mortgage rate 0 0 0 0 0
Other method 1 0 0 1 0
No index used 0 0 0 0 0
Not reported 70 0 0 62 8
Other properties 508 473 34 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
126 0 0 119 8
Monthly 10 0 0 10 0
Every 3 months 0 0 0 0 0
Every 6 months 1 0 0 1 0
Yearly 43 0 0 43 0
Every 3 years 0 0 0 0 0
Every 5 years 5 0 0 5 0
Other 0 0 0 0 0
Not reported 66 0 0 58 8
Other properties 508 473 34 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
126 0 0 119 8
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 1 0 0 1 0
2 percent 21 0 0 21 0
2.1 to 2.9 percent 7 0 0 7 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 2 0 0 2 0
4.0 percent or more 14 0 0 14 0
No caps 16 0 0 16 0
Not reported 66 0 0 58 8
Other properties 508 473 34 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
126 0 0 119 8
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 50 0 0 50 0
No caps 10 0 0 10 0
Not reported 66 0 0 58 8
Other properties 508 473 34 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
126 0 0 119 8
Yes, rate has changed 45 0 0 45 0
No change since mortgage made 16 0 0 16 0
Not reported 66 0 0 58 8
Other properties 508 473 34 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
126 0 0 119 8
Less than 1 percent 0 0 0 0 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 2 0 0 2 0
2 percent 12 0 0 12 0
2.1 to 2.9 percent 37 0 0 37 0
3 percent 2 0 0 2 0
3.1 to 3.9 percent 7 0 0 7 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 0 0 0 0 0
Not reported 66 0 0 58 8
Median 2.5 0.0 0.0 2.5 0.0
Other properties 508 473 34 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
126 0 0 119 8
Can be converted 6 0 0 6 0
Cannot be converted 34 0 0 34 0
Not reported 86 0 0 78 8
Other properties 508 473 34 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
3 0 0 3 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 1 0 0 1 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 2 0 0 2 0
Other 0 0 0 0 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
567 473 34 59 0
Not reported 64 0 0 56 8

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
3 0 0 3 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 1 0 0 1 0
No negative amortization allowed 2 0 0 2 0
Not reported 0 0 0 0 0
Monthly payments cannot change 567 473 34 59 0
Not reported 64 0 0 56 8

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
600 446 30 116 8
Interest and principal 596 446 26 116 8
Fully amortized 559 437 0 115 8
Not fully amortized 37 10 26 1 0
Interest only 4 0 4 0 0
No regular payments required 5 0 5 0 0
Not reported 29 27 0 2 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
596 446 26 116 8
Real estate taxes 211 162 0 49 0
Property insurance 85 73 0 13 0
Mortgage insurance 88 67 0 21 0
Other 65 51 0 15 0
No items included or not reported 374 273 26 68 8
No regular payments of interest
and principal
38 27 9 2 0

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
600 446 30 116 8
Less than $100 0 0 0 0 0
$100 to $199 19 11 4 4 0
$200 to $299 51 44 1 5 0
$300 to $399 81 61 4 15 1
$400 to $499 110 67 8 33 2
$500 to $599 86 65 5 14 1
$600 to $699 56 44 0 13 0
$700 to $799 54 31 0 19 3
$800 to $899 29 29 0 0 0
$900 to $999 21 16 0 5 0
$1,000 to $1,249 41 29 4 9 0
$1,250 to $1,499 21 17 4 0 0
$1,500 or more 32 32 0 0 0
Median 546 560 472 510 546
Mean 676 714 583 564 570
No regular payments required 5 0 5 0 0
Not reported 29 27 0 2 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
630 473 30 119 8
Up-to-date, ahead of schedule, or
less than 90 days past due
275 206 5 64 0
Delinquent by 90 days or more 7 6 0 1 0
Legal proceedings have begun 3 1 0 1 0
Legal proceedings have not begun 5 5 0 0 0
Not reported 0 0 0 0 0
Not reported 347 262 24 53 8
Other properties 5 0 5 0 0

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
600 446 30 116 8
Less than $100 0 0 0 0 0
$100 to $199 17 9 4 4 0
$200 to $299 51 44 1 5 0
$300 to $399 77 56 4 15 1
$400 to $499 112 69 8 33 2
$500 to $599 84 64 5 14 1
$600 to $699 49 42 0 8 0
$700 to $799 57 34 0 19 3
$800 to $899 29 29 0 0 0
$900 to $999 21 16 0 5 0
$1,000 to $1,249 46 34 4 9 0
$1,250 to $1,499 21 17 4 0 0
$1,500 or more 37 32 0 5 0
Median 552 568 472 510 546
Mean 697 731 583 602 570
No regular monthly payments
required
34 27 5 2 0

Interest and Principal Payments on
Total Mortgages as Percent of Income

Regular monthly payments of
interest and/or principal
600 446 30 116 8
Less than 5 percent 30 23 0 8 0
5 to 9 percent 108 82 4 20 2
10 to 14 percent 127 106 3 16 2
15 to 19 percent 105 73 5 26 1
20 to 24 percent 57 36 4 15 3
25 to 29 percent 34 34 0 0 0
30 to 34 percent 16 15 0 1 0
35 to 39 percent 13 9 4 0 0
40 to 49 percent 15 14 1 0 0
50 percent or more 26 20 0 6 0
Not reported or not computed 69 36 9 24 0
Median 15.0 14.7 18.7 15.4 16.3
No regular monthly payments
required
34 27 5 2 0

Rental and vacant condominium
properties with traditional first
mortgage
266 185 27 39 14

PROPERTY CHARACTERISTICS


Manner of Acquisition

By purchase
206 138 22 35 11
Placed one new mortgage 196 136 19 29 11
Placed two or more new mortgages 4 0 3 1 0
Assumed mortgage(s) already on property 6 2 0 4 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
0 0 0 0 0
Paid all cash-no borrowing 0 0 0 0 0
Other manner 0 0 0 0 0
By inheritance or gift 8 5 4 0 0
By divorce 0 0 0 0 0
By tax free exchange of
other property
2 2 0 0 0
By foreclosure or assignment 4 4 0 0 0
By some other manner 16 14 2 0 0
Not reported 30 22 0 5 3

Source of Downpayment@1

Properties purchased
1995 to 2001 (part)
119 84 12 15 8
Sale of stock or other partnership
shares for this project
2 0 0 0 2
Sale of previously owned stocks,
shares, or other securities
3 3 0 0 0
Sale of land or other real estate 7 6 0 2 0
Owner's cash, bank deposits,
share accounts, or bonds
88 64 12 11 2
Borrowing from a retirement plan 0 0 0 0 0
Borrowing using assets other than this
property as collateral
2 0 0 2 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 5 5 0 0 0
Other cash source 0 0 0 0 0
Non-cash source 0 0 0 0 0
No downpayment required 8 4 0 0 4
Not reported 10 7 0 3 0
Other properties 123 84 15 20 5
Not reported 24 18 0 5 2

Year Property Acquired

1999 to 2001 (part)
81 55 8 9 8
1997 and 1998 48 41 4 3 0
1995 and 1996 33 24 0 7 2
1990 to 1994 38 26 5 5 2
1985 to 1989 29 18 5 6 0
1980 to 1984 21 11 4 5 0
1975 to 1979 14 10 0 4 0
1970 to 1974 3 0 0 0 3
1969 or earlier 0 0 0 0 0

Property New or Previously Owned When
Acquired

Acquired by purchase
206 138 22 35 11
New 46 33 0 10 3
Previously owned 157 103 22 24 8
As residential property 152 97 22 24 8
Converted from nonresidential use 6 6 0 0 0
Other 0 0 0 0 0
Not reported 3 3 0 0 0
Other properties 30 25 5 0 0
Not reported 30 22 0 5 3

Year Structure Built

1999 to March 2000
11 9 0 2 0
1997 and 1998 13 12 0 2 0
1995 and 1996 16 9 0 7 0
1990 to 1994 24 17 6 2 0
1980 to 1989 71 51 7 11 2
1970 to 1979 90 56 9 13 11
1960 to 1969 22 21 0 2 0
1950 to 1959 8 5 0 2 2
1940 to 1949 5 0 5 0 0
1939 or earlier 5 5 0 0 0

Purchase Price

Properties acquired by
purchase 1997 to 2001 (part)
98 68 12 11 7
Less than $20,000 5 5 0 0 0
$20,000 to $39,999 14 4 2 2 7
$40,000 to $59,999 29 21 8 0 0
$60,000 to $79,999 15 13 2 0 0
$80,000 to $99,999 4 4 0 0 0
$100,000 to $124,999 9 5 0 5 0
$125,000 to $149,999 7 4 0 3 0
$150,000 to $174,999 5 5 0 0 0
$175,000 to $199,999 2 2 0 0 0
$200,000 to $249,999 3 1 0 2 0
$250,000 to $299,999 2 2 0 0 0
$300,000 to $499,999 2 2 0 0 0
$500,000 or more 0 0 0 0 0
Median 61040 67228 49559 119411 30000
Mean 84303 90536 45824 117641 34581
Other properties 168 117 15 28 8

Value

Less than $20,000
2 2 0 0 0
$20,000 to $39,999 17 10 4 3 0
$40,000 to $59,999 59 37 12 5 5
$60,000 to $79,999 47 29 5 5 8
$80,000 to $99,999 45 36 0 8 0
$100,000 to $124,999 23 18 2 3 0
$125,000 to $149,999 12 8 0 4 0
$150,000 to $174,999 20 14 0 6 0
$175,000 to $199,999 11 5 4 2 0
$200,000 to $249,999 14 12 0 2 0
$250,000 to $299,999 10 6 0 2 2
$300,000 to $499,999 4 4 0 0 0
$500,000 or more 3 3 0 0 0
Median 83664 87661 56448 95770 67063
Mean 107999 113740 75630 107074 97275

Value of Capital Improvements

Properties with capital
improvements between 1998
and 2000
101 77 6 15 2
Less than $500 4 2 0 2 0
$500 to $999 14 12 0 0 2
$1,000 to $2,499 28 25 0 3 0
$2,500 to $4,999 23 17 4 2 0
$5,000 to $7,499 11 9 0 2 0
$7,500 to $9,999 7 7 0 0 0
$10,000 to $14,999 7 3 0 4 0
$15,000 to $19,999 2 0 0 2 0
$20,000 to $29,999 1 1 0 0 0
$30,000 or more 5 2 2 1 0
Median 2957 2478 4216 6818 750
Mean 9611 4233 19444 34264 700
Properties with no capital
improvements between 1998 and 2000
99 59 19 14 6
Capital improvements not
reported
67 49 2 10 6

Monthly Rental Receipts Per Housing Unit

Acquired before 2000
209 139 21 35 13
Less than $100 5 0 0 2 3
$100 to $199 0 0 0 0 0
$200 to $299 4 2 2 0 0
$300 to $399 11 11 0 0 0
$400 to $499 26 22 0 2 2
$500 to $599 32 20 5 4 3
$600 to $799 21 12 2 7 0
$800 to $999 33 21 4 7 0
$1000 or more 44 33 4 7 0
No rental receipts 33 19 4 6 4
Median 696 691 788 802 451
Mean 1755 972 627 6097 233
Acquired 2000 and 2001 (part) 57 46 6 4 2

Rental Receipts as Percent of Value@8

Acquired before 2000
209 139 21 35 13
Less than 5 percent 10 4 0 3 2
5 to 9 percent 58 45 6 6 0
10 to 14 percent 81 55 7 17 3
15 to 19 percent 9 6 3 0 0
20 to 24 percent 6 6 0 0 0
25 to 29 percent 2 2 0 0 0
30 to 39 percent 1 1 0 0 0
40 percent or more 5 2 2 1 0
Median 11 10 11 11 10
Acquired 2000 and 2001 (part) 57 46 6 4 2

Rental Vacancy Losses as Percent of
Potential Receipts

Acquired before 2000
209 139 21 35 13
Less than 1.0 percent 54 41 2 7 4
1.0 to 2.9 percent 0 0 0 0 0
3.0 to 4.9 percent 0 0 0 0 0
5.0 to 6.9 percent 2 0 2 0 0
7.0 to 8.9 percent 3 0 3 0 0
9.0 to 10.9 percent 1 0 0 1 0
11.0 to 12.9 percent 2 2 0 0 0
13.0 to 14.9 percent 0 0 0 0 0
15.0 percent or more 29 24 4 2 0
Not reported or not computed 118 73 11 25 9
Median 0.8 0.8 8.1 0.7 0.5
Acquired 2000 and 2001 (part) 57 46 6 4 2

Age Restrictions

Condominium building restricted to
people age 55 or older
48 32 4 8 5
Condominium building not restricted to
people age 55 or older
208 147 23 28 10
Not reported 10 7 0 3 0

Meal Service Provided for
Age-Restricted Condominiums

Meal serviced provided
29 15 4 5 5
Charge included in rent 17 11 0 2 5
Charge not included in rent 0 0 0 0 0
Not reported 11 4 4 4 0
Meal service not provided 53 33 6 13 2
Not reported 185 137 18 21 8

Type of Property Benefits@1

Government-sponsored below-market
interest rate mortgage loan
5 5 0 0 0
Government rental subsidy 3 3 0 0 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 207 137 25 33 11
Not reported 51 40 2 6 3

Source of Property Benefits@1

With property benefits
8 8 0 0 0
Federal government 8 8 0 0 0
State government 0 0 0 0 0
Local government 0 0 0 0 0
Non-profit corporation 0 0 0 0 0
Not reported 0 0 0 0 0
With no property benefits 207 137 25 33 11
Not reported 51 40 2 6 3

Reason for Benefits@1

With property benefits
8 8 0 0 0
Occupied by low- or moderate-income
individuals
3 3 0 0 0
Occupied by elderly or disabled
individuals
0 0 0 0 0
A historic structure 0 0 0 0 0
Located in a community development or
economic development area
0 0 0 0 0
Covered by a Homestead Exemption 0 0 0 0 0
Covered by a Community Land Trust 0 0 0 0 0
Covered by disaster relief 0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 5 5 0 0 0
With no property benefits 207 137 25 33 11
Not reported 51 40 2 6 3

OWNER CHARACTERISTICS


Type of Owner

Individual investor(s)
233 167 24 34 8
Limited partnership 16 8 3 3 2
Joint venture 2 2 0 0 0
General partnership 1 1 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
9 2 0 2 4
Housing cooperative organization 0 0 0 0 0
Non-profit or church-related institution 1 1 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


Origin of First Mortgage

Mortgage made at time property acquired
233 167 22 34 10
Mortgage assumed at the time property
acquired
13 9 0 4 0
Mortgage placed later than acquisition of
property
19 9 4 1 4
Refinanced mortgage 19 9 4 1 4
Same lender 3 2 0 1 0
Different lender 16 7 4 0 4
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
19 9 4 1 4
Obtain lower interest rate 18 9 4 0 4
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
0 0 0 0 0
Other reason 0 0 0 0 0
Not reported 1 0 0 1 0
Other properties 247 177 22 38 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
2 2 0 0 0
Less than $20,000 0 0 0 0 0
$20,000 to $39,999 2 2 0 0 0
$40,000 to $59,999 0 0 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 30000 30000 20000- 20000- 20000-
Mean 32000 32000 0 0 0
Properties that refinanced
and did not receive cash back
17 7 4 1 4
Properties that refinanced
and did not report if received
cash back
0 0 0 0 0
Properties that did not
refinance
247 177 22 38 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
2 2 0 0 0
For additions, improvements or repairs
to this property
2 2 0 0 0
To consolidate debts 0 0 0 0 0
For investment in other real estate 0 0 0 0 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 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 0 0 0 0 0
Not reported 0 0 0 0 0
Properties that refinanced
and did not receive cash back
17 7 4 1 4
Properties that refinanced
and did not report if received
cash back
0 0 0 0 0
Properties that did not
refinance
247 177 22 38 10
Not available 0 0 0 0 0

Year First Mortgage Made or
Assumed

1999 to 2001 (part)
91 61 12 9 8
1997 and 1998 56 47 6 3 0
1995 and 1996 32 19 4 7 2
1990 to 1994 42 32 3 5 2
1985 to 1989 17 8 2 7 0
1980 to 1984 11 8 0 3 0
1979 or earlier 17 10 0 4 3

First Mortgage Insurance Status

FHA-insured first mortgage
21 20 0 0 2
VA-guaranteed first mortgage 0 0 0 0 0
Rural Housing Service-Rural Development-
insured or -guaranteed first mortgage
3 0 0 3 0
Other federal, state, or local
government-insured or guaranteed
first mortgage
6 6 0 0 0
Insured conventional first mortgage 23 16 2 5 0
Uninsured conventional first mortgage 213 144 25 31 13
Not reported 0 0 0 0 0

Traditional First Mortgage Loan

Less than $20,000
11 11 0 0 0
$20,000 to $29,999 24 15 4 5 0
$30,000 to $39,999 35 14 9 8 5
$40,000 to $49,999 39 37 0 3 0
$50,000 to $59,999 20 16 3 0 0
$60,000 to $79,999 57 37 6 11 2
$80,000 to $99,999 27 18 0 9 0
$100,000 to $149,999 30 23 3 2 2
$150,000 to $199,999 13 5 2 2 4
$200,000 to $249,999 2 2 0 0 0
$250,000 to $299,999 2 2 0 0 0
$300,000 or more 6 6 0 0 0
Not reported 2 0 0 0 2
Median 61209 60100 51470 67268 107961
Mean 73428 75691 60449 63883 97254

Total Mortgage Loan

Less than $20,000
11 11 0 0 0
$20,000 to $29,999 22 13 4 5 0
$30,000 to $39,999 37 16 9 8 5
$40,000 to $49,999 39 37 0 3 0
$50,000 to $59,999 20 16 3 0 0
$60,000 to $79,999 52 37 2 11 2
$80,000 to $99,999 27 18 0 9 0
$100,000 to $149,999 34 23 7 2 2
$150,000 to $199,999 13 5 2 2 4
$200,000 to $249,999 2 2 0 0 0
$250,000 to $299,999 2 2 0 0 0
$300,000 or more 6 6 0 0 0
Not reported 2 0 0 0 2
Median 61313 60100 51470 67268 107961
Mean 74140 75734 67131 63883 97254

Traditional First Mortgage Outstanding
Debt

Less than $10,000
8 3 0 2 3
$10,000 to $19,999 35 24 4 7 0
$20,000 to $29,999 23 17 2 4 0
$30,000 to $39,999 47 32 8 6 2
$40,000 to $49,999 28 18 2 7 2
$50,000 to $59,999 23 17 4 3 0
$60,000 to $79,999 44 29 4 5 6
$80,000 to $99,999 19 13 0 4 2
$100,000 to $149,999 24 20 4 0 0
$150,000 to $199,999 7 5 0 2 0
$200,000 to $249,999 0 0 0 0 0
$250,000 to $299,999 3 3 0 0 0
$300,000 or more 4 4 0 0 0
Not reported 0 0 0 0 0
Median 47236 49121 42876 41218 63676
Mean 63199 67680 56281 51287 51107

Current Interest Rate on First Mortgage

Less than 6.0 percent
88 57 15 9 6
6.0 percent 4 2 0 0 2
6.1 to 6.4 percent 0 0 0 0 0
6.5 to 6.9 percent 19 13 2 4 0
7.0 percent 33 26 2 5 0
7.1 to 7.4 percent 10 5 0 5 0
7.5 to 7.9 percent 25 18 3 4 0
8.0 percent 8 5 0 3 0
8.1 to 8.4 percent 5 3 0 2 0
8.5 to 8.9 percent 0 0 0 0 0
9.0 percent 5 2 4 0 0
9.1 to 9.4 percent 2 0 0 2 0
9.5 to 9.9 percent 12 8 0 0 4
10.0 percent 8 4 2 2 0
10.1 to 10.4 percent 0 0 0 0 0
10.5 to 10.9 percent 8 8 0 0 0
11.0 percent 3 2 0 0 2
11.1 to 12.9 percent 3 3 0 0 0
13.0 percent 0 0 0 0 0
13.1 percent or more 33 30 0 4 0
Not reported 0 0 0 0 0
Median 7.1 7.1 5.3 7.2 6.0

Type of Interest Rate Buydown

Properties with interest rate
buydown
3 0 0 3 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 3 0 0 3 0
Properties without interest
rate buydown
107 65 12 22 8
Not reported 156 120 15 14 6

Term of First Mortgage

Less than 5 years
5 0 3 0 2
5 years 4 0 0 0 4
6 to 9 years 2 0 2 0 0
10 years 7 2 5 0 0
11 to 14 years 0 0 0 0 0
15 years 18 12 0 7 0
16 to 19 years 0 0 0 0 0
20 years 6 6 0 0 0
21 to 24 years 0 0 0 0 0
25 years 2 0 0 2 0
26 to 29 years 1 1 0 0 0
30 years 80 59 2 16 3
More than 30 years 0 0 0 0 0
No stated term 140 106 15 14 5
Median 30 30 10 30 5

Unexpired Term of First Mortgage

Less than 5 years
6 1 3 0 2
5 to 9 years 21 9 5 2 4
10 to 14 years 24 14 2 8 0
15 to 19 years 11 8 0 3 0
20 to 24 years 10 5 0 4 2
25 to 29 years 41 30 2 8 2
30 or more years 11 11 0 0 0
No stated term or not computed 140 106 15 14 5
Median 20 25 7 18 7

Holder of First Mortgage

Commercial bank or trust company
58 25 8 17 8
Savings and loan association, federal
savings bank
46 34 11 2 0
Mutual savings bank 9 9 0 0 0
Life insurance company 2 2 0 0 0
Mortgage banker or mortgage company 24 19 0 6 0
Federally-sponsored secondary market
agency or pool
93 72 8 9 5
Conventional mortgage pool 2 2 0 0 0
Other federal agency 9 7 0 2 0
Real estate investment trust 0 0 0 0 0
Pension or retirement fund 0 0 0 0 0
Credit union 4 4 0 0 0
Finance company 0 0 0 0 0
State or municipal government or
housing finance agency
2 2 0 0 0
Individual or individual's estate 10 8 0 0 2
Other 7 3 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
187 130 17 33 7
Less than 40 percent 8 8 0 0 0
40 to 49 percent 2 0 0 2 0
50 to 59 percent 6 2 0 4 0
60 to 69 percent 3 1 2 0 0
70 to 79 percent 24 15 0 8 2
80 to 89 percent 48 31 7 9 0
90 to 94 percent 14 13 0 2 0
95 to 99 percent 15 10 0 6 0
100 percent or more 67 50 8 4 5
Not reported 0 0 0 0 0
Median 91 93 89 83 100+
Other properties 79 56 10 6 8
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
187 130 17 33 7
Less than 40 percent 8 8 0 0 0
40 to 49 percent 2 0 0 0 2
50 to 59 percent 5 0 0 5 0
60 to 69 percent 14 8 2 3 0
70 to 79 percent 30 19 2 8 2
80 to 89 percent 45 29 8 7 0
90 to 94 percent 13 7 2 4 0
95 to 99 percent 14 11 2 2 0
100 percent or more 56 48 2 4 3
Not reported 0 0 0 0 0
Median 87 90 86 80 77
Other properties 79 56 10 6 8
Not available 0 0 0 0 0

First Mortgage Risk

Subprime loan
12 11 0 2 0
Not subprime loan 254 175 27 38 14
Not reported 0 0 0 0 0

Index Used to Adjust Interest Rate
on ARM

Properties with adjustable
rate first mortgage
54 0 0 39 14
Treasury security 13 0 0 13 0
Average cost of funds in bank district 0 0 0 0 0
National average cost of funds 3 0 0 3 0
OTS contract mortgage rate 0 0 0 0 0
Other method 2 0 0 2 0
No index used 3 0 0 2 2
Not reported 33 0 0 20 13
Other properties 212 185 27 0 0
Not reported 0 0 0 0 0

Frequency With Which Rate Can Be
Adjusted

Properties with adjustable
rate first mortgage
54 0 0 39 14
Monthly 3 0 0 3 0
Every 3 months 0 0 0 0 0
Every 6 months 0 0 0 0 0
Yearly 11 0 0 11 0
Every 3 years 3 0 0 3 0
Every 5 years 0 0 0 0 0
Other 2 0 0 2 0
Not reported 34 0 0 20 14
Other properties 212 185 27 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Per Adjustment
Period

Properties with adjustable
rate first mortgage
54 0 0 39 14
Less than 1 percent 2 0 0 2 0
1 percent 0 0 0 0 0
1.1 to 1.9 percent 0 0 0 0 0
2 percent 13 0 0 13 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 3 0 0 3 0
No caps 8 0 0 0 8
Not reported 28 0 0 21 6
Other properties 212 185 27 0 0
Not reported 0 0 0 0 0

Caps on Interest Rate Over Life of ARM

Properties with adjustable
rate first mortgage
54 0 0 39 14
Less than 1 percent 2 0 0 2 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 16 0 0 16 0
No caps 8 0 0 0 8
Not reported 28 0 0 21 6
Other properties 212 185 27 0 0
Not reported 0 0 0 0 0

Interest Rate Changed Since
Mortgage Made

Properties with adjustable
rate first mortgage
54 0 0 39 14
Yes, rate has changed 19 0 0 17 2
No change since mortgage made 10 0 0 4 6
Not reported 24 0 0 18 6
Other properties 212 185 27 0 0
Not reported 0 0 0 0 0

Percentage of Margin Over Index on ARM

Properties with adjustable rate
first mortgage
54 0 0 39 14
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 15 0 0 15 0
3 percent 0 0 0 0 0
3.1 to 3.9 percent 0 0 0 0 0
4 percent 0 0 0 0 0
4.1 to 4.9 percent 0 0 0 0 0
5 percent or more 7 0 0 0 7
Not reported 32 0 0 25 8
Median 2.8 0.0 0.0 2.5 5002.4
Other properties 212 185 27 0 0
Not reported 0 0 0 0 0

ARM Convertible to Fixed Rate Mortgage

Properties with adjustable rate
first mortgage
54 0 0 39 14
Can be converted 0 0 0 0 0
Cannot be converted 25 0 0 18 7
Not reported 29 0 0 22 8
Other properties 212 185 27 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
5 0 0 5 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 2 0 0 2 0
Payments can change every 3 years 0 0 0 0 0
Payments can change every 5 years 0 0 0 0 0
Other 4 0 0 4 0
Not reported 0 0 0 0 0
Monthly payments cannot
change
238 185 27 18 8
Not reported 22 0 0 16 6

First Mortgage Allows for Negative
Amortization

Monthly payments can change
(other than change in interest
rate)
5 0 0 5 0
Yes, unrestricted negative amortization 0 0 0 0 0
Yes, restricted negative amortization 0 0 0 0 0
No negative amortization allowed 5 0 0 5 0
Not reported 0 0 0 0 0
Monthly payments cannot change 238 185 27 18 8
Not reported 22 0 0 16 6

MORTGAGE PAYMENTS AND OTHER EXPENSES


Method of Payment of First Mortgage

Regular payments of interest
and/or principal
258 181 27 39 10
Interest and principal 255 181 27 39 8
Fully amortized 229 180 6 36 8
Not fully amortized 26 2 21 3 0
Interest only 2 0 0 0 2
No regular payments required 4 0 0 0 4
Not reported 4 4 0 0 0

Items Included in First Mortgage
Payment@1

Regular monthly payments of
both interest and principal
255 181 27 39 8
Real estate taxes 64 53 2 10 0
Property insurance 40 37 2 2 0
Mortgage insurance 5 3 0 2 0
Other 28 21 2 6 0
No items included or not reported 188 128 25 27 8
No regular payments of interest
and principal
11 4 0 0 7

Monthly Interest and Principal Payments
on First Mortgage

Monthly payments of interest
and/or principal
258 181 27 39 10
Less than $100 11 10 0 2 0
$100 to $199 16 14 0 2 0
$200 to $299 19 13 0 7 0
$300 to $399 46 26 15 2 3
$400 to $499 51 43 2 5 2
$500 to $599 28 17 0 11 0
$600 to $699 20 15 0 4 2
$700 to $799 13 12 0 2 0
$800 to $899 5 5 0 0 0
$900 to $999 11 7 3 2 0
$1,000 to $1,249 10 8 2 0 0
$1,250 to $1,499 4 4 0 0 0
$1,500 or more 23 10 6 3 4
Median 471 466 391 520 628
Mean 1000 591 2416 575 6317
No regular payments required 4 0 0 0 4
Not reported 4 4 0 0 0

Current First Mortgage Payment Status

Regular monthly payments of
principal and/or interest
261 185 27 39 10
Up-to-date, ahead of schedule, or
less than 90 days past due
105 66 10 25 4
Delinquent by 90 days or more 4 2 2 0 0
Legal proceedings have begun 0 0 0 0 0
Legal proceedings have not begun 2 0 2 0 0
Not reported 2 2 0 0 0
Not reported 152 117 15 14 6
Other properties 4 0 0 0 4

Monthly Interest and Principal Payments
on Total Mortgages

Regular monthly payments of
interest and/or principal
258 181 27 39 10
Less than $100 11 10 0 2 0
$100 to $199 16 14 0 2 0
$200 to $299 19 13 0 7 0
$300 to $399 46 26 15 2 3
$400 to $499 51 43 2 5 2
$500 to $599 28 17 0 11 0
$600 to $699 20 15 0 4 2
$700 to $799 13 12 0 2 0
$800 to $899 5 5 0 0 0
$900 to $999 8 7 0 2 0
$1,000 to $1,249 13 8 4 0 0
$1,250 to $1,499 4 4 0 0 0
$1,500 or more 23 10 6 3 4
Median 471 466 391 520 628
Mean 1013 591 2534 575 6317
No regular monthly payments
required
8 4 0 0 4

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

Acquired before 2000 and
regular payments of interest
and/or princi
203 138 21 35 8
Less than 20 percent 10 7 2 1 0
20 to 29 percent 6 4 0 2 0
30 to 39 percent 9 9 0 0 0
40 to 49 percent 9 5 0 4 0
50 to 59 percent 22 16 0 6 0
60 to 69 percent 26 22 2 2 0
70 to 79 percent 18 16 0 3 0
80 to 89 percent 9 6 0 2 2
90 to 99 percent 6 5 2 0 0
100 percent or more 55 31 13 8 4
Not reported or not computed 33 19 4 8 3
Median 72.0 68.7 99.5+ 62.4 99.5+
Other properties 63 47 6 4 6

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

Acquired before 2000 and regular
payments of interest and/or
principal
203 138 21 35 8
Less than 20 percent 10 7 2 1 0
20 to 29 percent 6 4 0 2 0
30 to 39 percent 9 9 0 0 0
40 to 49 percent 9 5 0 4 0
50 to 59 percent 22 16 0 6 0
60 to 69 percent 26 22 2 2 0
70 to 79 percent 18 16 0 3 0
80 to 89 percent 9 6 0 2 2
90 to 99 percent 6 5 2 0 0
100 percent or more 55 31 13 8 4
Not reported or not computed 33 19 4 8 3
Median 72.0 68.7 99.5+ 62.4 99.5+
Other properties 63 47 6 4 6

Real Estate Tax Per $1,000 Value

Acquired before 2000
209 139 21 35 13
Less than $5 44 30 4 5 5
$5 to $9 58 39 8 9 2
$10 to $14 51 33 6 7 4
$15 to $19 30 21 2 7 0
$20 to $24 6 3 0 2 2
$25 to $29 12 7 0 4 0
$30 to $39 3 3 0 0 0
$40 to $49 0 0 0 0 0
$50 to $59 0 0 0 0 0
$60 or more 5 2 2 1 0
Not reported or not computed 0 0 0 0 0
Median 10 10 9 12 8
Acquired 2000 and 2001 (part) 57 46 6 4 2

Real Estate Tax as Percent of Rental
Receipts

Acquired before 2000
209 139 21 35 13
Less than 5 percent 21 17 2 2 0
5 to 9 percent 53 38 6 5 4
10 to 14 percent 46 28 10 8 0
15 to 19 percent 21 16 0 4 2
20 to 24 percent 14 10 0 4 0
25 to 29 percent 9 6 0 3 0
30 to 34 percent 3 2 0 2 0
35 to 39 percent 0 0 0 0 0
40 percent or more 5 5 0 0 0
Not reported or not computed 38 19 4 8 8
Median 11 10 10 14 8
Acquired 2000 and 2001 (part) 57 46 6 4 2

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