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OMB Approval No. 2502-0265 A. Settlement Statement HUD-1 B. Type of Loan FHA RHS VA 8. Mortgage Insurance Case Number Conv. Ins. C. Note Conv. Unins. 6. File Number 7. Loan Number This form is furnished to give you a statement of actual settlement costs. Less reductions in amounts due seller line 520 To Borrower To From Seller The Public Reporting Burden for this collection of information is estimated at 35 minutes per response for collecting reviewing and reporting the data. This agency may...

How to fill out hud 1 template

How to fill out HUD-1

1. Header: Enter the address of the property being sold and the transaction date.
2. Settlement Statement: Fill in the details of the buyer and seller, including their names and contact information.
3. Section 100: List the sales price and any items related to the buyer's side of the transaction.
4. Section 200: Enter the seller's credits and adjustments.
5. Section 300: Outline the settlement charges applicable to the buyer including loan fees, title charges, and other expenses.
6. Section 400: Detail the computation of cash needed to close for the buyer and seller.
7. Summary: Review the totals for both sides to ensure they match.
8. Signatures: Ensure both the buyer and seller sign the HUD-1 form.

Who needs HUD-1?

1. Those buying or selling residential real estate properties.
2. Lenders who require an itemized list of closing costs.
3. Real estate professionals involved in the transaction.

Instructions and Help about hud 1 template

At the closing on the purchase of your home you'll be required to sign what seems like an endless number of closing documents most of these documents are standard and required to be signed by buyers in every jurisdiction we at Paragon title specialize not only in the preparation of this multitude of papers but also in doing everything we can to ensure that you understand exactly what they mean one of the most important documents is the settlement statement a summary of all the charges associated with the purchase of your new home this video will walk you through the settlement statement and explain line by line all the charges that one might have to pay based on a hypothetical transaction for a home purchase in Montgomery County Maryland if a buyer was purchasing a home in the District of Columbia or Virginia some of the charges that would be assessed would be different however most of the concepts and explanations are very much the same now let's start with line 303 of the settlement statement on this line you see the total amount due at closing of $120170011.97 based upon our hypothetical this amount is calculated by adding together the balance of your down payment plus your closing costs the sales contract requires you to pay this balance with either a cashier's or certified check or wired funds now let's take a closer look at how these closing costs were derived the details of your closing costs start on page two while the settlement statement breaks down the buyers and the sellers' transaction in this video were focusing solely on the buyers expenses shown in the left-hand column of the settlement statement near the top of the page line 703 is the administrative portion of the Commission that the buyer agreed to pay in the buyer broker agreement lines 801 through 803 show your loan origination charges this is what the lender charges you to originate your loan in this instance the fee is one percent of your loan amount plus two hundred and fifty dollars for processing this fee would have been disclosed to you along with all the other closing costs in the good faith estimate from your lender additional lender charges of $400 for the Hazel and $80 for the credit report are shown on lines 804 and 805 but also say POC beside them POC means that these fees were paid outside of closing and are not included in the total of settlement costs nor the total amount due as shown on 303 of this statement they are listed only for record-keeping purposes the tax service fee listed on line 806 is a one-time charge to set up an account held by the lender to pay your annual property taxes this concept will be explained more in detail later in this video line 807 the flood certification is a one-time fee collected by your lender to get an assurance that your new home is not located in a flood zone prepaid interest on your loan is defined on line 901 in this example the settlement is taking place on November 1st 2012 the first mortgage payment will not be due...

People Also Ask about

How do I get a copy of HUD-1?

Where Can I Find My HUD-1 Settlement Statement? If your loan hasn't closed yet, you can get your HUD-1 from your lender. If you've already closed, you should be able to find your HUD-1 settlement statement with your closing documents.

Are HUD-1 forms still used?

The HUD-1 form, listing all closing costs, is given to all parties involved in reverse mortgage and mortgage refinance transactions. Since late 2015, a different form, the Closing Disclosure, is prepared for the parties involved in all other real estate transactions.

What replaced the HUD-1 form?

The Closing Disclosure combines and replaces the HUD-1 Settlement Statement and the final Truth-in-Lending (TIL) statement. The form mirrors the information provided on the Loan Estimate.

What is HUD-1A used for?

The HUD-1 Settlement Statement is a document that lists all charges and credits to the buyer and to the seller in a real estate settlement, or all the charges in a mortgage refinance.

What is the difference between HUD-1 and hud1a?

Both the HUD-1 and HUD-1A were used in almost all real estate transactions prior to Oct. 3, 2015. The HUD-1 is a longer form used in transactions involving a seller. The HUD-1A is a shortened form used optionally for transactions without a seller, such as a mortgage refinance or subordinate lien loans.

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What is HUD-1?

HUD-1 is a standard form used in real estate transactions to itemize all credits and debits for the buyer and seller during a real estate closing.

Who is required to file HUD-1?

The HUD-1 form is required to be filed by lenders and settlement agents involved in the closing process of a mortgage refinancing or purchase loan.

How to fill out HUD-1?

To fill out HUD-1, the settlement agent gathers transaction details, including all income and expenses related to the sale, and enters them into the appropriate sections of the form.

What is the purpose of HUD-1?

The purpose of HUD-1 is to provide a clear breakdown of all financial transactions in a real estate deal to ensure transparency for both buyers and sellers.

What information must be reported on HUD-1?

HUD-1 must report information such as the purchase price, loan amount, closing costs, prepaid expenses, and any adjustments agreed upon by the buyer and seller.