HUD-1 Settlement Statement

The HUD-1, also known as the settlement statement, is a prescribed form from the U.S. Department of Housing and Urban Development (HUD). This form itemizes all charges imposed on the borrower and all charges imposed on the seller, in connection with the settlement of your home purchase.  

For home purchases made after October 3, 2015, most buyers now receive a form called Closing Disclosure, instead of a HUD-1.

What is a Closing Disclosure?

A Closing Disclosure (CD) is a five-page form (sample below) that provides final details about the mortgage loan you have selected. It includes the loan terms, your projected monthly payments, and how much you will pay in fees and other costs to get your mortgage. (closing costs). 

The lender is required to give you the Closing Disclosure at least three business days before you close on the mortgage loan. This three-day window allows you time to compare your final terms and costs to those estimated in the Loan Estimate that you previously received from the lender. The three days also gives you time to ask your lender any questions before you go to the closing table.

Your Teacher Next Door Program Specialist will review and discuss your specific numbers.

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Sample Closing Disclosure

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