U.S. Department of Housing and Urban Development oversees home ownership, low-income housing assistance, fair housing laws, aid for distressed neighborhoods, and housing development programs.
HUD's (US Department of Housing and Urban Development) mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination. FHA (Federal Housing Administration) is a part of HUD.
The HUD statement is usually the first document signed at closing.
HUD regulates mortgage transactions on single family residences.
HUD and FHA, which is a part of HUD, do not do mortgages. FHA guarantees certain mortgages. This means if an FHA loan is defaulted on, after the actual lender sells the home, FHA covers their losses up to a certain dollar amount.
The Department of Housing and Urban Development was established by the Housing and Urban Development Act of 1965.
HUD or “HUD1” is also the name given to the financial summary you receive which details all of the costs associated with your home loan, also required by the Department of Housing and Urban Development.