What is a HUD-1?
I understand the difference between a Truth In Lending statement and a Good Faith Estimate of settlement costs. But how does the HUD-1 differ from these two? Thanks.
- 1 decade agoFavorite Answer
This represnts the final numbers charged in the loan closing. It is the exact charges listed on government form "HUD - I - A settlement Statement".
- 1 decade ago
The HUD-1 will look similar to your Good Faith Estimate. The HUD-1 is just the form it takes at closing. It will have the buyer's and the seller's credits and debits for the entire transaction.
- Anonymous1 decade ago
The HUD-1 is the closing statement. It contains all of the numbers involved in the transaction. One side of the statement shows all of the numbers involved between you and the lender and the other side of the statement shows all of the numbers involved between you and the seller.
Make sure that the closing attorney or title closer explains every number to you before you sign it. If you have any questions about it or if you dispute any of the numbers, waiting until after you've signed it will be too late.Source(s): 20 years of practicing commercial and residential real estate law