Hud 1 Template

What is Hud 1 Template?

Hud 1 Template is a standardized form used in real estate transactions in the United States. It is also known as the Settlement Statement and is required by the Department of Housing and Urban Development (HUD) for all transactions involving federally regulated mortgage loans. The form provides a detailed breakdown of the costs and fees associated with the transaction, including the loan terms, closing costs, and other relevant financial information.

What are the types of Hud 1 Template?

There are two main types of Hud 1 Templates. The first type is used for purchases of residential properties, where the buyer is obtaining financing through a mortgage loan. The second type is used for refinancing transactions, where the borrower is replacing an existing loan with a new one. Both types of Hud 1 Templates serve the same purpose of disclosing the financial aspects of the transaction, but they have slight differences in terms of the information included.

Hud 1 Template for purchases of residential properties
Hud 1 Template for refinancing transactions

How to complete Hud 1 Template

Completing a Hud 1 Template requires careful attention to detail and accurate information. Here are the steps to follow:

01
Gather all the necessary documents and information, including the sales contract, loan documents, and other relevant paperwork.
02
Review the instructions provided with the Hud 1 Template to understand the required information for each section.
03
Fill in the buyer's and seller's personal information, such as names, addresses, and contact details.
04
Enter the loan information, including the loan amount, interest rate, and term.
05
Itemize the closing costs and fees associated with the transaction, such as appraisal fees, title fees, and loan origination fees.
06
Calculate the total amount due from the buyer and seller, taking into account any adjustments or prorations.
07
Double-check all the information entered to ensure accuracy and completeness.
08
Sign and date the Hud 1 Template, and make copies for all parties involved in the transaction.

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Video Tutorial How to Fill Out Hud 1 Template

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Questions & answers

The settlement agent shall complete the HUD-1 to itemize all charges imposed upon the Borrower and the Seller by the loan originator and all sales commissions, whether to be paid at settlement or outside of settlement, and any other charges which either the Borrower or the Seller will pay at settlement.
Another big distinction between the Closing Disclosure and the HUD-1 is where the HUD-1 listed all terms, charges and credits for both the buyer and the seller, the Closing Disclosure has a separate form for the buyer as it does for the seller. This provides for more consumer protection at the closing table.
Now, for most kinds of mortgage loans, borrowers receive a form called the Closing Disclosure instead of a HUD-1 form.
As mentioned above, borrowers taking out reverse mortgages, HELOCs or certain manufactured home loans will get HUD-1 settlement statements instead.
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. If you applied for a mortgage on or before October 3, 2015, or if you are applying for a reverse mortgage, you receive a HUD-1.
The settlement statement can be provided to the homebuyer and seller by the mortgage lender, settlement agent, title company or a real estate attorney. If you got your mortgage prior to October 2015, you received a HUD-1 settlement statement.