What does HUD/ Closing statement mean?

HUD is an acronym for the Department of Housing and Urban Development, a government agency that was established in 1965. President Lyndon B. Johnson established HUD as part of an effort to combat poverty.

It is a document that lists all charges and credits owed to the buyer and seller in a real estate transaction or a mortgage refinance transaction.

It must be used for all real estate transactions that are subject to the Real Estate Settlement Procedures Act unless it is specifically exempted by federal regulations.

Related Terms

Georgian Style Interest Accrual Rate Betterment Custom Home U.S. Department. of Housing and Urban Development (HUD) Addendum Maintenance & Emergency Repairs Treasury Index Shared-Appreciation Mortgage Group Home Federal Home Loan Mortgage Corporation, Law Gift No Cash-Out Refinance Note Rate Credit Low Density Loan Term Cooperative Corporation