Buying Your New Home HUD Booklet - NEW PRODUCT DUE TO REGULATIONS

The final version of the HUD booklet has been released by the Department of Housing and Urban Development (HUD).

The “Shopping for your Home Loan – HUD’s Settlement Cost Booklet”, formerly known as the "Buying Your Home" HUD booklet covers topics such as shopping for a home and a loan, the Good Faith Estimate (GFE), the HUD-1 and other consumer information.

As of January, 2010, HUD requires that lenders and mortgage brokers provide consumers with a standard Good Faith Estimate (GFE) that clearly discloses key loan terms and closing costs. Closing agents will also be required to provide borrowers a new HUD-1 Settlement Statement that clearly compares consumers' final and estimated costs. HUD provides a comprehensive set of frequently asked questions (FAQs) on its website.

By improving the disclosures borrowers receive when applying for a mortgage, and by promoting comparison shopping, HUD believes its new RESPA regulation will save consumers an average of nearly $700 in mortgage costs.

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