HUD and Realtors Team Up to Create Home Buying Video Guide

The Department of Housing andrnUrban Development (HUD) and the National Association of Realtors® (NAR) have joined forces to produce a series of YouTube videos aimed at helping consumersrnunderstand and negotiate the home buying process.</p

The videos, previewed before anrnaudience at the NAR convention in New Orleans, cover three aspects of home buying;rnshopping for the house, shopping for the loan, and closing the deal.  The first title will help viewers decide howrnmuch home they can afford and instructs viewers on how to work with a real estate agent and whatrnhappens once a house is identified.  Viewers are also advised about thernavailability of housing counselors to assist them with credit issues, andrnforeclosure prevention.</p

The Shopping for your Loan video is designed to help consumers use therngood faith estimate (GFE) to shop for the best loan.  Consumers will learn how to use the GFE torndetermine how long an interest rate is available for a particular loan and howrnto identify key loan terms and costs of a particular loan offer. </p

The film, Closing the Deal walks consumers through the actual closingrnprocess including how to make sure the loan they were offered closely matchesrnwhat they encounter at the settlement table. In particular, the video examines thernHUD-1 Settlement Statement and demonstrates ways consumers can compare theirrnactual costs with those reflected on their Good Faith Estimate.</p

To view HUD’s new homebuyerrneducation videos, visit HUD’s YouTube channel at www.youtube.com/HUDchannel.rn</p

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