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.
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.
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.
The HUD-1 form contains the following components:
To complete a HUD-1, you will need to provide the following information:
