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APPLICATION FOR HOUSING HUD & HUD w/ LIHTC1301 Hermitage Drive Florence, Alabama 35630 P: 2567665730 F: 2567765779 southernoaksvillage millenniahosuing. Office USE ONLY: DATE: TIME: RECD BY: INCOME

How to fill out hud amp hud w

How to fill out hud amp hud w

1. To fill out HUD-1 and HUD-W forms, follow these steps: 1. Gather all the necessary documentation, including the sales contract, loan documents, and any relevant invoices or receipts.
2. Start with the HUD-1 form. Enter the buyer's and seller's information, including their names, addresses, and contact details.
3. Provide details about the property being sold, such as its address, legal description, and sales price.
4. Include information about any loans or mortgages associated with the transaction, including the lender's name, loan amount, interest rate, and other relevant details.
5. Specify any additional fees or charges related to the transaction, such as agent commissions or settlement fees.
6. Calculate the total amounts for both the buyer and seller, including adjustments for prepaid items, prorated taxes, and any other applicable costs.
7. Review the document carefully for accuracy and completeness. Make sure all numbers and information are correct before finalizing.
8. Once you have completed the HUD-1 form, move on to the HUD-W form. This form is used to disclose the settlement charges and loan terms to the borrower.
9. Enter the borrower's information, including their name, address, and loan details.
10. List all settlement charges and fees associated with the loan, including origination fees, appraisal fees, and title insurance.
11. Calculate the total amount of the loan, including the principal balance, interest rate, and any additional fees.
12. Review the HUD-W form for accuracy and completeness. Ensure all information matches the borrower's expectations.
13. Once both forms are completed and reviewed, provide copies to all relevant parties, such as the buyer, seller, lender, and closing agent.

Who needs hud amp hud w?

1. HUD-1 and HUD-W forms are typically needed in real estate transactions. These forms are used to disclose information about the settlement charges and loan terms to the buyer and borrower.
2. Buyers, sellers, lenders, and closing agents involved in a real estate transaction may need to fill out these forms to ensure transparency and compliance with the law.
3. The HUD-1 form is required by the Department of Housing and Urban Development (HUD) for most residential real estate closings. It provides a detailed breakdown of all costs and charges associated with the transaction.
4. The HUD-W form, on the other hand, is required by the lender to disclose the loan terms and settlement charges to the borrower. It helps ensure that borrowers are aware of all costs and fees associated with their loan.
5. Both forms are important documents that help protect the interests of all parties involved in a real estate transaction and promote transparency in the process.

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