HUD 1 Form

An HUD-1 Form is used by HUD. It is better known as a Settlement Statement. This document is completed when someone is going through the process of buying or refinancing property, such as a home. The real estate agent involved in the sale will complete this document. Because this document will be sent to HUD, a federal agency, it is important to make sure that all of the information listed is accurate.

What is a HUD 1?

A HUD 1 form is used by the Department of Housing and Urban Development. This form is known as a Settlement Statement or Closing Sheet. It will be used when a party is purchasing or refinancing real estate. The form is filled out by the agent who is completing the settlement.
The form will itemize all the services and fees related to the process of purchasing or refinancing real estate. It will also include a Good Faith Estimate for the entire transaction. The borrowing party has the right to request a Settlement Statement on the first day of the settlement. The HUD 1 form should be looked at with a real estate agent and the settlement agent to ensure accuracy.

Most Common Uses of a HUD 1 Form

The HUD-1 settlement statement is a standard government real estate form that used to be used as the standard real estate settlement form in all transactions in the United States which involve federally related mortgage loans.  If you applied for a mortgage on or before October 3, 2015, you should have received a HUD-1 statement.

After October 2015, borrowers began receiving a Closing Disclosure instead of a HUD-1 for most mortgage loans.

The HUD-1 settlement statement is still used today for reverse mortgages.

How to complete a HUD 1 (Step by Step)

To complete a HUD-1, you will need to provide the following information:

  • Type of loan: FHA, RHS, Conv. Unins., VA, Conv. Ins.
  • File number
  • Loan number
  • Mortgage insurance case number
  • Name and address of borrower
  • Name and address of the seller
  • Name and address of lender
  • Property location
  • Settlement agent
  • Settlement date
  • Place of settlement
  • Summary of Borrower’s Transaction
    • Gross amount due from borrower
    • Adjustment for items paid by seller in advance
    • Gross amount due from borrower
    • Amount paid by or on behalf of borrower
    • Adjustments for items unpaid by seller
    • Total paid by/for borrower
    • Cash at settlement from/to borrower
  • Summary of Seller’s Transaction
    • Gross amount due to seller
    • Adjustment for items paid by seller in advance
    • Gross amount due to seller
    • Reductions in amount due to seller
    • Adjustments for items unpaid by seller
    • Total reduction amount due to seller
    • Cash at settlement to/from seller
  • Settlement Charges
    • Total real estate broker fees
    • Items payable in connection with loan
    • Items required by lender to be paid in advance
    • Reserves deposited with lender
    • Title charges
    • Government recording and transfer charges
    • Additional settlement charges
    • Total settlement charges
  • Comparison of Good Faith Estimate (GFE) and HUD-1 Charges
  • Charges That in Total Cannot Increase More Than 10%
  • Charges That Can Change
  • Loan Terms

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