We recently announced changes that we made to the HUD/VA Addendum to Uniform Residential Loan Application, our Cx20336. These changes were based on the changes made when the Department of Veterans Affairs updated form 26-1802a. At this point in time, since HUD has NOT updated Form HUD-92900-A, we will be making the following changes for VA loans only:
Paragraph 25(3)(a) as follows:
“have elected to complete the transaction at the contract purchase price or cost. I have paid or will pay in cash from my own resources at or prior to loan closing a sum equal to the difference between contract purchase price or cost and the VA or HUD/FHA established value. I do not and will not have outstanding after loan closing any unpaid contractual obligation on account of such cash payment.”
The following language will again appear in paragraph 25(3)(a) for Non-VA loans:
“I was aware of this valuation when I signed my contract and I have paid or will pay in cash from my own resources at or prior to loan closing a sum equal to the difference between the contract purchase price or cost and the VA or HUD/FHA established value. I do not and will not have outstanding after loan closing any unpaid contractual obligation on account of such cash payment;”
In addition to this change, the expiration dates for the header and footer will match either the HUD or VA version of the form as appropriate.
These changes will be in effect on April 28, 2017. If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.
DR 227478