New Orleans Louisiana Real Estate and Community Blog 

It’s Here!

Buyers and Sellers.

The revised HUD Settlement Cost Booklet, Shopping for Your Home Loan, is now available. The U. S. Department of Housing and Urban Development has provided these extremely informative booklets for the general consumer, the homebuyer. Sellers, you will benefit as well. Typically, when after you sell one property, you buy another.

1 January 2010 is the target date for putting in effect the new Good Faith Estimate (GFE) and HUD-1 Settlement Statement forms. Basically, within 3 days of loan application by the buyer, mortgage lenders and brokers are required to give this booklet to the buyer.

Some of the information covered in this booklet includes the following:

• The Introduction (Your time-line)
• Evaluation as to Your Readiness to Purchase a Home
• Determination of What You Can Afford
• House Shopping and the Key Professionals Involved
• Shopping for Your Loan
• The Good Faith Estimate (GFE), breakdown of your investment costs
• Settlement and HUD-1 Statement, keeping it simple
• After the Settlement
• Home Equity and Refinances
• Glossary of Terms and Mortgage Products
• Sample HUD-1 Settlement Statement

There’s a The Do List and The Don’t List. (page 48) Well, we’ll get into more of the information in the booklet in our next blogs.

In the meantime, if you’d like me to send you a copy just contact me at 504.616.3539 or vscott@latterblum.com.

Let’s talk about it.

For information on real estate in The River Parishes, contact Vanessa B. Scott, REALTOR. Please send your requests for information you want addressed via this blog to vscott@latterblum.com. I’d be delighted to assist you with your real estate needs. I welcome incoming and outgoing referrals.

St. James Parish is easily accessed via major highways, interstate systems and bridges. Baton Rouge, New Orleans, Houma and the Northshore are within an hour’s drive. The New Orleans International Airport is less than 45 minutes away.

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Posted by:Vanessa B. Scott