The HUD1 Settlement Statement
Also called a closing statement
This week's newsletter will give you the details of your closing statement.
It will show fees and charges that relate to the purchase of a home and which party pays for each item.
This is a sample HUD1 settlement statement, these fees and charges are unique to this sample, but it will give you an idea of what your closing statement will look like. The purchase was for $51,000 with a $5,000 escrow for repairs which is an FHA 203b loan. It was a foreclosure.
Line 101 is the purchase price of the home $51,000
Line 103 is the total closing costs charged to the Buyer $9,965.22, in this case the amount includes $5,000 for repair escrow.
Lines 106-112 are the items that have been paid in advance by the Seller and the pro-rated amount from the closing date is due from the Buyer to the Seller-Line 107 $98.83 for County taxes.
Line 120 is the total amount due from the Buyer to the Seller $61,064.05, which are the 3 items above added together.
Line 201 is the credit for your earnest money deposit, in this case it was $1,000.00
Line 202 is the loan amount $56,459.00
Line 205 is a credit the lender gave to the Buyer $564.59
Line 218 is the seller paid closing costs $1,530.00
Line 220 is the total amount paid for or on behalf of the Buyer $59,553.59 which is the total of the 4 items above added together.
Line 303 shows the total amount you owe to the Seller at closing $61,064.05 minus the items that have been paid for or by you $59,553,59 which equals the amount you'll have to pay at closing $1,510.46 in the form of a cashier's check or wire transfer.
If the image of the sample HUD1 isn't clear, email me and I'll send you a copy of it.
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