U.S. Department of Housing and Urban Development (HUD) has released the new settlement cost booklet for 2010. This booklet is a requirement at the start of January 1, 2010.
This 49 page book contains the following information:
- Preparation before you buy
- Shopping for a Home
- Shopping for a Loan (how much can you afford)
- Explanation of the new Good Faith Estimate
- Settlement and HUD-1
- And more terminology
Mortgage Disclosure Improvement Act (MDIA) which started on July 30, 2009 requires this booklet to be provided to you if you are involved with any of the following transactions:
- Purchase transaction
- Refinance transaction
- Manufactured home transaction
- Reverse mortgage
- Construction to permanent financing
- Home equity loans
- Time shares
- Mortgage assumptions
Please download the booklet:
For more information please contact us!
Thanks
The Mortgage Reel
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