NEW Residential Real Estate Purchase Contract
The new residential real estate purchase contracts debued March 1. Classes on the new Purchase Contract for brokers and agents will be held in early March. Click here to access the complete explanation of the changes and modifications published as a special insert in the February 2004 issue of the magazine. The forms can be purchased in two ways:
- Printed: from the CBR Member Service Center. Cost for the 8-page contract sets (4 double-sided pads of 30 sheets each) is $10 plus tax.
- Electronic: through Professional Computer Forms (PCF). Online and desktop versions available. Click here for more info.
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NEW FHA Home Inspection Form
The FHA revised its Home Inspection Form to incorporate radon testing as one of the components homebuyers should consider at the time of purchase. The new form also clarifies the importance of and differences between an appraisal and a home inspection. According to the form, the buyer is to have considered the form before signing a contract with the seller. Starting February 22, HUD requires use of the revised form when lenders submit their package of information for FHA loan endorsement. To access the form, visit www.ColumbusRealtors.com. To purchase pads of this form, visit the CBR Member Service Center.
REALTOR® Dues Now prorated monthly
For many years, new REALTORS® joining the organization have paid dues based on a quarterly prorated schedule. As of January 1, 2004, local, state and national dues for REALTORS® (brokers and agents) are now prorated monthly based on license date.
Status - Agency Disclosure Legislation
In early February, the Ohio Senate unanimously passed SB 106 - a measure intended to modernize Ohio’s real estate agency disclosure law. The bill, supported by the Ohio Association of REALTORS® and the Ohio Division of Real Estate & Professional Licensing, now proceeds to the Ohio House for deliberation. Outlook is favorable and we hope to see passage by the end of the year. |
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OHFA drops rate to 4.95% on their First-time Homebuyer Program
On Feb. 24, the Ohio Housing Finance Agency issue notice that the mortgage rates for the First-Time Homebuyer Program have been changed to 4.95% unassisted and 5.45% assisted. (The old interest rates were 4.875% and 5.375% respectively.) The new rates took effect immediately and will remain available until the funds are depleted. Qualified loans must close by September 30, 2004.
OHFA’s First-Time Homebuyer Program provides borrowers with the flexibility of choosing a mortgage rate that best meets their needs. The rate includes a 2% downpayment assistance grant to qualified borrowers based on the purchase price of the home.
Thirty-year fixed FHA-VA-RECD loans are eligible. Homes must be existing, spec or nearly complete. Two-one buy downs are permitted. Check with your lender to see if they are participating. |
Mortgage rates Down to 5.46 percent in mid February
According to the Mortgage Brokers Association, the average contract mortgage interest rate for 30-year fixed-rate mortgages had decreased to 5.46 percent for the week ending February 13, from 5.60 percent one week earlier. This is the lowest since June of 2003 when the average rate was 5.1 percent. The average contract interest rates for 15-year fixed-rate mortgages decreased to 4.78 percent and for one-year ARMs decreased to 3.27 percent. The dip in mortgage rates sent home buyers and homeowners into mortgage offices. The MBA says applications for purchase loans increased 2.9 percent for the week, and applications for refinancings increased 6.4 percent.
Despite these rock bottom rates, the MBA is still forecasting the 30-year fixed rate to remain at 5.9 - 6.1 percent for the year.
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