I was recently asked what the heck is a HUD 1- Here is a quick definition
HUD-1 Settlement Statement
A document that provides an itemized listing of the funds that are payable at closing. Items that appear on the statement include loan fees, points, and initial escrow amounts, and other fees. The totals at the bottom of the HUD-1 statement define the seller's net proceeds and the buyer's net payment at closing. The form for the statement is published by the Department of Housing and Urban Development (HUD). The HUD-1 statement is also known as the "closing statement" or "settlement sheet."
It took awhile to complete but I recently put together a home buyers book. If you ever need info on purchasing a home, do not hesitate to call me @ 240-472-9008. I can forward you a copy upon request.
Until next time take care.
