Get the free A. Settlement Statement (HUD-1) - HUD.gov / U.S ...

FHA SINGLE FAMILY LOAN SALES 20131 (SLS 20131) QUALIFICATION STATEMENT The Federal Housing Administration (FHA), an organizational unit of the U.S. Department of Housing and Urban Development (HUD),

How to fill out a settlement statement hud-1

How to fill out a settlement statement hud-1

1. To fill out a settlement statement HUD-1, follow these steps point by point:
2. Begin with the basic information: Fill in the name, address, and social security number of the buyer and seller, as well as the property details.
3. Enter the loan details: Include the loan amount, interest rate, and any points or fees.
4. Specify the borrower's closing costs: Itemize the costs such as appraisal fees, credit report fees, title charges, and attorney fees.
5. Outline the seller's charges: List the expenses the seller is responsible for, like real estate commissions and any outstanding loan balances.
6. Indicate the lender's charges: Include fees such as loan origination fees, underwriting fees, and document preparation fees.
7. Enter the settlement charges: These are the costs that are split between the buyer and seller, such as prorated property taxes and homeowner association fees.
8. Calculate the adjustments: Account for any prorated mortgage interest, prepaid property taxes, or prepaid insurance premiums.
9. Show the total settlement charges: Sum up all the costs and present the grand total.
10. Include the deposit or earnest money paid by the buyer: Specify the amount and account for it in the appropriate section.
11. Detail the loan amount and funds advanced to the borrower: State the principal loan amount and any additional charges or fees.
12. Specify the reserve funds: Indicate any impound or reserve funds held by the lender for future payments of taxes or insurance.
13. Calculate the cash at settlement: Determine the amount owed by the buyer or to the seller based on all the adjustments and charges.
14. Provide details on the loan payoff: If the seller has an existing loan, include the loan number, payoff amount, and the creditor's name.
15. Show any additional settlement charges: Include any other fees, such as inspections or surveys, that are not already listed.
16. Complete the bottom section: Sign and date the form, acknowledging the accuracy and completeness of the information.
17. Remember to review the HUD-1 settlement statement thoroughly before signing.

Who needs a settlement statement hud-1?

1. A settlement statement HUD-1 is typically needed by:
2. - Homebuyers: Buyers require the HUD-1 statement to understand the details of their closing costs and fees.
3. - Sellers: Sellers need the HUD-1 statement to see their charges and expenses associated with the sale.
4. - Real estate agents and brokers: They use the HUD-1 statement to assist their clients in understanding the financial aspects of the transaction.
5. - Lenders and mortgage companies: Lenders require the HUD-1 statement for record-keeping purposes and to comply with regulatory policies.
6. - Title companies: Title companies use the HUD-1 statement as part of the closing process to provide an accurate breakdown of costs.
7. - Attorneys: Attorneys involved in real estate transactions rely on the HUD-1 statement to ensure all financial details are properly accounted for.
8. Overall, the HUD-1 statement is an essential document for various parties involved in real estate transactions to understand the financial aspects of the deal.

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What is a settlement statement hud-1?

A settlement statement hud-1 is a form used in real estate transactions to itemize all the charges and credits to the buyer and seller.

Who is required to file a settlement statement hud-1?

The settlement statement hud-1 is typically filed by the closing agent or settlement agent involved in the real estate transaction.

How to fill out a settlement statement hud-1?

To fill out a settlement statement hud-1, you need to list all the costs and fees associated with the transaction, including the purchase price, loan amount, and any other relevant charges.

What is the purpose of a settlement statement hud-1?

The purpose of a settlement statement hud-1 is to provide transparency and clarity regarding the financial aspects of a real estate transaction.

What information must be reported on a settlement statement hud-1?

A settlement statement hud-1 must include details of all fees, charges, and credits related to the transaction, as well as the names of the buyer and seller.