The programming behind item 13, Purpose of Loan, on VA form 26-0286, VA Loan Summary Sheet (Cx57) will be modified to allow only one box to be checked. The instructions for item 13 state to “Check one” box, but currently it is possible for more than one box to check.
The logic will be modified so that one of the first three boxes will check in item 13 for purchases:
- If the property is a condominium, then box “3. CONDOMINIUM” will check;
- If the property is a manufactured home and ” Manufactured Home Category” from item 30 of this same form is set to “1. M/H ONLY (RENTED SPACE)” or “2. M/H ONLY (VETERAN-OWNED LOT)”, then the box “2. MANUFACTURED HOME” will check;
- For all other purchases, box “1. HOME (INCLUDES MH ON PERMANENT FOUNDATION)” will check.
The logic for non-purchases has been changed so that box “4. ALTERATIONS/IMPROVEMENTS” will check for home equity loans (if Additional Loan Purposes is set to Home Improvement, or the Loan Purpose on the LE/CD is set to Home Equity), otherwise box “5. REFINANCE” will check.
These document changes will take effect on June 15, 2017 . If you have any questions or concerns about these changes, please contact Client Support at 1.800.497.3584.