After a recent audit of our HUD/VA forms, the following change was made to Cx20336, 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.”
This new language replaces the following old language:
“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;”
This change will be in effect on April 19, 2017 . If you have any questions or concerns about this change, please contact Client Support at 1.800.497.3584.