is a hud 1 required for a cash sale

The HUD-1 settlement statement is still used today, for reverse mortgages. These types of mortgages are very popular with sellers over the age of 62 who want to pull out equity. Also, during the three- to 10-year period following a short sale prior to 2015, lenders often ask for a copy of the old HUD-1 to prove the date the property closed.

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D2-3.3-01: Fannie Mae Short Sale (11/14/2018) – If the servicer determines the borrower is eligible for a Fannie Mae short sale or if the borrower has non-retirement cash reserves greater than $50,000, the servicer must follow the procedures in Requesting Approval for a Non-Delegated Short Sale Case in F-1-25, Requesting Fannie Mae’s Approval via Fannie Mae’s Servicing Solutions.

Purchasing a HUD Foreclosed Property – In Texas the rules for purchasing a HUD. may be required to put money down at the time of the sale, or have the ability to pay the balance within a short period of time. Terms will be posted, or a.

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Is a HUD-1 Settlement Statement required for all real estate. – Hello, Technically the law does not require s HUD-1 in the circumstances you mentioned. The Real estate settlement procedures act require that the HUD-1 form be used as the standard real estate settlement form in all transactions that involve federally related mortgage loans.That said, it is standard practice for all closing agents I know to use one, even for cash purposes.

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Goodbye HUD-1 Form. New Home Closing Rules Take Effect Aug. 1 – The Consumer financial protection bureau will institute new rules Aug. 1 regarding disclosures under the Truth in Lending Act and Real Estate Settlement Procedures Act that will affect all home builders, particularly those with a real estate lending arm.. Under the new procedures as a result of the Dodd Frank Act, four documents will be merged into two.

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Section B. Acceptable Sources of Borrower Funds Overview – Chapter 5, Section B HUD 4155.1 5-B-2 1. General Information on Acceptable Sources of Borrower Funds Introduction This topic contains general information on acceptable sources of borrower funds, including closing cost and minimum cash investment requirements, and