According to their annual loan closing costs survey, Bankrate.com had Florida ranked number three behind only New York and Texas for being a high loan closing cost state. The new ranking was the second year in a row Florida held the number three postion and is up from being ranked number 5 in 2006.

This year’s top ten states included:

• New York - $4,016
• Texas - $3,975
• Florida - $3,683
• Oklahoma - $3,558
• New Mexico - $3,047
• New Jersey: $3,432
• Pennsylvania: $3,411
• Alaska: $3,409
• Colorado: $3,358
• California: $3,321

The bottom five states included:

• North Carolina -$2,650
• Kansas - $2,669
• Missouri - $2,758
• Maine - $2,793

Tags: Florida, loan closing costs, mortgages

The number of FHA loans issued shot up 126 percent in the first quarter of 2008 even though they still make up a just small part of the overall mortgage market. Demand for these often-neglected mortgages is surging because they do not require the higher down payments or stellar credit scores that lenders expect from borrowers for conventional loans. In addition, the amount of money people can borrow on these loans is up dramatically this year and many homeowners now find them attractive once again for both purchases and refinancing alike.

Tags: FHA, mortgages

HUD has announced a 30-day extension, to June 12, 2008, for the public to comment on the proposed new Real Estate Settlement Procedures Act (RESPA) rule. The announcement came just days before the initial comment period was set to end and on the heels of a letter HUD received signed by 149 members of Congress.

The Congressional letter referenced the extensive nature of the RESPA reform proposal and the fact that some aspects of the proposed changes had not previously been the subject of public comment. In addition, the letter stated that further analysis was needed on the proposed rule’s interaction with state and federal laws and regulations including the Federal Reserve Board’s recent proposal to amend its Truth in Lending Act regulations.

Tags: , HUD, legislature, mortgages, RESPA