United States yearbook - 1982 (1)

Mortgage Loans 763
No. 1370. Characteristics of Conventional First mortgage Loans for Purchase of Single-
Family Homes: 1975 to 1982
[Annual averages, except as indicated. Refers to loans originated directly (rather than through correspondents) by savings and loan
associations, mortgage companies, commercial banks, or mutual savings banks]
LOAN CHARACTERISTIC
Unit
NEW HOMES
1975 1978 1979 1980 1981
1982,
May
EXISTING HOMES
1975 1978 1979 1980 1981
1982,
May
Contract Interest rate.............. Percent... 8.75 9.33 10.5 12.3 14.1 15.1 8.97 9.40 10.6 12.5 14.5 15.6
initial fees, charges 1............... Percent... 1.53 1.39 1.66 2.09 2.66 3.16 1.18 1.26 1.44 1.91 2.27 2.33
27.0 28.0 28.5 28.1 27.7 25.9 24.2 26.4 27.1 26.9 25.9 22.3
Loan to price ratio.................. Percent... 76.2 75.2 73.8 73.2 74.0 77.4 73.5 75.0 74.0 73,5 72.9 65.1
Purchase price....................... . $1,000.... 44.7 62.8 74.4 63.2 90.3 86.4 39.2 54.5 64.8 68.3 68.5 69.3
‘ Rate applies to any general or specific charges paid by borrower or seller, in order to obtain a loan, except those for mortgage,
credit, life, or property Insurance; for property transfer; and for title search and insurance.
Source: U.S. Federal Home Loan Bank Board, monthly news releases.
No. 1371. Home Loans Guaranteed and Insured by VA: 1975 to 1981
[Based on complete count of primary loans closed for conventionally built homes. See also table 623]
N EW HOM E8
EXISTING HOMES
C H A R AC T ER ISTIC S
1975 1977 1978 1979 1960 1931 1975 1977 1976 1979 1980 1981
Number of Primary
Loans.................... 66,587 77,540 78,606 72,682 63,848 44,967 227,007 294,070 274,191 272,826 191,783 91,060
Average loan
($1,000)................ 32.9 39.6 44.0 51.5 58.7 63.6 28.6 34.6 30.3 44.8 49.6 51.4
PERCENT O F HOM E LOANS
Loan amount:
Less than
$25,000.............. 12.2 3.7 1.9 .9 .7 .6 40.5 23.2 17.3 10.5 8.2 8.2
$25,000-$29,999.„. 23.8 11.0 5.6 1.9 .9 .6 20.5 16.8 15.1 10.8 $.5 8.4
$30,000-$34,999.... 31.2 19.5 13.0 6.0 2.5 1.3 15.7 16.6 15.3 12.4 10.3 9.8
$3G,000-$39,999.... 19.5 23.1 19.6 11.7 5.7 4.2 10.2 15.0 14.3 13.1 11.4 11.1
$40,0Q0-$49,999.... 1 f 34.4 30.8 23.5 18.9 18.3 20.2 19.9 19.3
$50,000-359,999.... I 16.2 24.6 26.5 24.1 9.8 13.3 14.9 14.1
S60,000-569,999.... I 6.6 13.7 18.7 20.7 6.4 9.3 10.3 9.7
$70,000 and over... J I 2-7 10.4 21.5 29.6 3.5 10.4 16.5 19.4
Mortgage maturity:
Less then 25 yr.... .3 .3 .3 .3 .3 .5 2.9 2.1 1.7 1.4 1.2 1.6
25 yr...................... .5 .5 .3 .2 .2 .6 6.1 4.5 4.0 2.9 2.4 2.6
26-29 yr............... 4.9 1.8 3.9 2 .6 1.3 1.1 1 .2 .5 1.4 .9 .3 .3
30 yr...................... 94.3 97.4 95.5 96.9 96.2 97.8 69.8 92.9 92.9 94.B 96.1 95.5
Downpayment
status:
With downpaymt.... 42.6 44.5 46.3 4 7 .4 4 5 .2 4 5 .7 2 6 .5 26.4 26.2 28.0 29.7 28.2
With no
downpmnt......... 57.1 55.5 53.7 5 2 .6 5 4 .0 54.3 73.5 73.6 73.8 7 2 .0 70.3 71.8
Source: U.S. Veterans Administration, unpublished data.
No. 1372. One-Family Homes, F H A -In s u re d M o rtg a g e s : 1975 t o 1981
[Data for sec. 203(b) of National Housing Act only. For definition of median, see Guide to Tabular Presentation]
C H AR AC TER ISTIC
Unit
NEW HOM ES
EXISTING HOMES
1975 1977 1976 1979 1960 1981 1975 1977 1978 1979 1980 1981
Avg. monthly, occupant expenses:
Average purchase transactions:
1,000..... 3 5 .7 4 2 .5 3 6 ,6 3 7 .0 3 0 .7 1 7 8 .9 229.9 218.9 241.8
49 5 6 5 6 57 5 6 40 41 44 43
2 2 2 4 2 3 29 30 34 20 22 24 28
4 2 5 4 61 68 74 87 43 53 60 68 79
$1,000 33.0 37.2 41.5 50.3 56.0 60.9 26.9 29.2 34.0 39.4 45.0
701 772 856 981 660 701 846
$1,000 6.4 7.3 7.7 9.8 11.0 12.4 5.5 5.8 6.9 8.1 10.1 11.4
Median value and cost:
Amount of mortgage................................ $1,000.... 29.7 34.0 37.3 45.0 50.1 53.8 24.6 27.1 30.9 35.4 39.6 41.5
Estimated value... $1,000... 32.5 37.2 4 i.l 50.4 56.0 60.9 26.2 28.9 33.0 36.4 44.0 47.0
Annual loan/value ratio........................... Percent... 92.8 92.0 93.0 83.5 92.6 91.5 94.9 94.6 95.5 95.1 93.9 93.2
Income of occupant $1,000..... 17.1 18.8 20.4 24.3 27.1 32.2 15.5 16.6 18.3 21.2 24.7 28.4
Monthly mortgage payment..................... Dollars__ 284 329 969 469 568 697 245 260 300 366 466 545
Term of mortgage....................................... Years..... 30.0 29.9 29.9 29.9 29.9 29.8 29.3 29.4 29.5 29.5 29.5 29.5
‘ Sales price plus closing costs. aIncludes street improvements or utilities, rough grading, terracing and retaining walls, if any,
for site.
Source: U.S. Dept, of Housing and Urban Development, 1975-1979, H U D S ta tis tic a l Y e a rbo o k ; th e re a fte r, unpublished data.