HUD-1 Form

What is the HUD-1 Form?

The HUD-1 Form, also known as the Settlement Statement, is a standardized document used in real estate transactions in the United States. It is issued by the Department of Housing and Urban Development (HUD) and provides an itemized breakdown of all the costs associated with the sale or refinancing of a property.

Key components of the settlement statement HUD 1 form

The HUD-1 form consists of several sections that outline the various expenses and fees associated with the transaction. These sections include:

• Sales/Brokerage Information: This section includes the names and contact information of the buyer, seller, and real estate agents involved in the transaction.
• Loan Terms: Here, the loan amount, interest rate, and other important terms and conditions are specified, providing a clear understanding of the financial obligations.
• Settlement Charges: This section itemizes all the costs related to the transaction, including appraisal fees, title insurance, attorney fees, and recording fees. It also includes any deposits or down payments made by the buyer.
• Adjustments: This part accounts for any prorated expenses, such as property taxes, utility bills, or prepaid interest, that need to be divided between the buyer and the seller.
• Summary of Borrower's Transaction: This section presents a detailed breakdown of the total amount due from the buyer and the total amount due to the seller. It includes the net proceeds for the seller and the cash required from the buyer to complete the transaction.

What I need HUD-1 form for?

According to the terms of the Real Estate Transaction Settlement Procedure Act (RESPA), the HUD-1 form is required to be used as a standard form of real estate settlement in all federal mortgage transactions in the United States of America. The form isn’t followed by any other documents.

How To Fill Out the Form HUD-1

PDFliner is an online platform that offers a user-friendly interface for completing various forms digitally, including the HUD 1 fillable form. Here's a step-by-step guide on how to fill it out on PDFliner:

1. Start completing by entering the Type of Loan section, including details such as the Loan Type, Loan Term, and Interest Rate.
2. Next, enter the details regarding the borrower in the Summary of Borrower's Transaction section, including the Purchase Price, Deposit, and Loan Amount.
3. In the Summary of Seller's Transaction section, type the details about the seller of the property, such as the Sale Price and the amount of any credits or prorations.
4. In the Settlement Charges section, fill in all the charges that are related to the loan, such as the Interest, Loan Origination Fee, and other related costs.
5. Add up all the Settlement Charges and enter the Total Settlement Charges in the designated field.
6. In the Loan Terms section, enter all of the details about the loan, including the Loan Type, Term, and Interest Rate.
7. Finally, fill out the Signature Page, including the buyer's and seller's signatures. Also, make sure the settlement agent has signed the form.

Organizations that work with HUD-1 form

• Housing and Urban Development Department.