Fillable Form HUD-1

HUD-1 Form is used to list down all charges and credits to the buyer and seller in real estate sales and refinancing.

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What is Form HUD-1?


Form HUD-1, Settlement Statement, is a form by the Department of Housing and Urban Development (HUD) that is used to itemize services and fees charged to the borrower by the lender or broker when applying for a loan for the purchase of a home.


 


It is important that borrowers understand all the charges on their HUD-1 Settlement Statement and how those charges are calculated because they will be responsible for paying some, or all, of them.


 


The following are common charges that may appear on a HUD-1 Settlement Statement:


  • Origination Charges — These are fees charged by the lender for processing the loan application and include items such as credit report fees, appraisal fees, and loan origination points.

  • Discount Points — Discount points are paid by the borrower to lower the interest rate on the loan. One point equals one percent of the loan amount.

  • Lender's Fees — These are fees charged by the lender for services such as document preparation, flood certifications, and tax service.

  • Broker's Fees — If a broker arranged your loan, he or she will charge a fee for that service. This fee is typically paid by the borrower at closing.

  • Title Charges — These include fees for title insurance, title searches, and escrow services. The borrower usually pays for all or part of these charges.

  • Government Recording Charges — Local governments charge fees for recording the deed and mortgage with the county clerk's office. These fees are generally paid by the borrower.

  • Transfer Taxes — State or local governments may impose taxes on the transfer of property. These taxes are generally paid by the borrower.

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    It is important to note that this is only a list of common charges that may appear on a HUD-1 Settlement Statement. Borrowers should carefully review their statements to make sure they understand all the charges and how they are calculated. If you have any questions, please ask your loan officer or real estate agent for clarification.


     


    Take note that the list of HUD-1 Settlement Statement Charges above is not exhaustive. There may be other charges that are specific to your loan or situation.


     


    As a document that itemizes services and fees charged to the borrower, the HUD-1 Settlement Statement is an important tool in helping you understand the charges associated with your loan. Be sure to review it carefully so that you can be prepared to pay any charges that may be due at closing.


     


    It is also important to note that the HUD-1 Settlement Statement is not the only settlement statement you will receive. You will also get a Closing Disclosure from your lender which will list many of the same charges. The Closing Disclosure will be provided to you at least three days before your loan closes so that you have time to review it and ask questions. The HUD-1 Settlement Statement is typically provided on the day of closing.


     


    While the HUD-1 Settlement Statement and Closing Disclosure both list many of the same charges, there are some key differences you should be aware of. The HUD-1 Statement will show credits to the borrower while the Closing Disclosure will show debits. For example, if you are paying $1,000 in points to lower your interest rate, that would be shown as a credit on the HUD-1 and a debit on the Closing Disclosure.


     


    In addition, the HUD-1 Settlement Statement will show any prepaid interest or escrow funds that were paid at closing while the Closing Disclosure will not.


     


    Furthermore, the HUD-1 Settlement Statement will show adjusted loan amounts for things like homeowners insurance or property taxes while the Closing Disclosure will show the original loan amount.


     


    It is important to review both the HUD-1 Settlement Statement and the Closing Disclosure carefully so that you understand all of the charges associated with your loan. If you have any questions, be sure to ask your lender or real estate agent for clarification.


     


    Who uses Form HUD-1?


    The HUD-1 Settlement Statement is used by both buyers and sellers in real estate transactions. It lists all of the charges that are associated with the loan and provides a breakdown of how those charges are calculated.


     


    For buyers:


    The HUD-1 Settlement Statement can help you understand the true cost of the home you are buying. Be sure to review it carefully so that you are aware of all the charges that will be due at closing.


     


    For sellers:


    The HUD-1 Settlement Statement can help you understand how much money you will net from the sale of your home. Be sure to review it carefully so that you are aware of all the credits and debits that will be applied to your final sales price.


     


    For lenders:


    The HUD-1 Settlement Statement can help lenders verify that all of the charges associated with the loan are accurate. It is also used to calculate the final loan amount that will be due at closing.


     


    For real estate agents:


    The HUD-1 Settlement Statement can help real estate agents verify that all of the charges associated with the sale are accurate. It can also help them calculate their commission from the sale.


     


    How to fill out Form HUD-1?


    Follow the instructions below to answer Form HUD-1 accurately and correctly.


     


    Page 1


    Item A. Name of Form


    This item shows “Settlement Statement.” 


     


    Item B. Type of Loan


    Mark the appropriate box to determine the type of loan you are availing of. You may select:


    Item 1. FHA — refers to the mortgages insured by the Federal Housing Administration


    Item 2. VA — refers to mortgages insured by the US Department of Veterans Affairs


    Item 3. RHS — refers to mortgage loans issued by the Department of Agriculture Rural Housing Service


    Item 4. Conv. Ins. — refers to conventional loans


    Item 5. Conv. Unins. — refers to conventional uninsured loans


     


    Item 6. File Number


    Enter the file number of the loan.


     


    Item 7. Loan Number


    Enter the loan number.


     


    Item 8. Mortgage Insurance Case Number


    Enter the mortgage insurance case number of the loan.


     


    Item C. Note


    This item is not fillable. It contains information on what you need to know about the form.


     


    Item D. Name and Address of Borrower


    Enter the name and address of the borrower.


     


    Item E. Name and Address of Seller


    Enter the name and address of the seller.


     


    Item F. Name and Address of Lender


    Enter the name and address of the lender.


     


    Item G. Property Location


    Enter the address of the location the borrower intends to purchase.


     


    Item H. Settlement Agent; Place of Settlement


    Enter the name of the settlement agent or the loan officer and the address where the settlement has been made.


     


    Item I. Settlement Date


    Enter the date of the settlement.


     


    Page 2


    Item J. Summary of Borrower’s Transaction


    In this item, you will provide the gross amount the borrower has to pay in the whole loan period. Enter all required information related to the transaction.


     


    Item K. Summary of Seller’s Transaction


    In this section, you will provide the gross amount the seller has to pay in the whole loan period. Enter all required information related to the transaction.


     


    Item L. Settlement Charges


    This item has sub-items that have three columns:


  • First column: Type of Charge

  • Second column: Paid From Borrower’s Funds at Settlement

  • Third column: Paid From Borrower’s Funds at Settlement

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    Provide all the required information as this will serve as transparency for both the borrower and the seller.


    The following are the sub-items:


  • Sub-item 700.Total real estate broker fees

  • Sub-item 800. Items payable in connection with the loan

  • Sub-item 900. Items required by the lender to be paid in advance

  • Sub-item 1000. Reserves deposited with the lender

  • Sub-item 1100. Title charges

  • Sub-item 1200. Government recording and transfer charges

  • Sub-item 1300. Additional settlement charges

  • Sub-item 1400. Total settlement charges

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    Page 3


    Enter any additional information that might be necessary to record.


    The following are the sub-items:


  • Comparison of Good Faith Estimate (GFE) and HUD-1 Charges.

  • Charges That in Total Cannot Increase More Than 10%

  • Charges That Can Change

  • Loan Terms

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    Table of Contents
    Fillable Form HUD-1