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The Loan Summary Sheet is an essential document for veterans seeking to utilize their benefits for home financing. This form collects vital information that helps streamline the loan application process, ensuring that veterans receive the assistance they need in a timely manner. It includes the veteran's personal details, such as their name, social security number, and date of birth, as well as demographic information like gender and ethnicity. Additionally, the form captures the veteran's military service details, including branch of service and current military status. The Loan Summary Sheet also outlines the specifics of the loan being requested, including the type of mortgage, purpose of the loan, and the amount of entitlement available. Furthermore, it provides a section for financial details, such as credit score, income, and debt-to-income ratio, which are critical in assessing the veteran's eligibility for the loan. By consolidating all these elements, the Loan Summary Sheet serves as a comprehensive overview that facilitates the approval process and helps veterans navigate their home buying journey with confidence.

Loan Summary Sheet Example

VA LOAN SUMMARY SHEET

1.VA'S 12-DIGIT LOAN NUMBER

2.VETERAN'S NAME (First, middle, last)

 

 

 

 

 

 

3. VETERAN'S SOCIAL SECURITY

 

4. GENDER OF VETERAN

5. VETERAN'S DATE OF BIRTH

NUMBER

 

 

 

(Check one)

(mm/dd/yyyy)

 

 

 

 

 

MALE

 

FEMALE

 

 

 

6A. ETHNICITY

 

6B. RACE (May select more than one)

 

 

 

NOT HISPANIC OR LATINO

AMERICAN INDIAN OR ALASKAN NATIVE

ASIAN

BLACK OR AFRICAN AMERICAN

HISPANIC OR LATINO

NATIVE HAWAIIAN OR PACIFIC ISLANDER

WHITE

UNKNOWN

 

 

 

 

 

 

7. ENTITLEMENT CODE (01 to 11, from VA

 

8. AMOUNT OF ENTITLEMENT AVAILABLE

Certificate of Eligibility)

 

 

 

 

(From VA Certificate of Eligibility)

 

 

 

 

 

 

 

 

 

9. BRANCH OF SERVICE (Check one)

 

4. MARINE CORPS

5. COAST GUARD

6. OTHER

1. ARMY

2. NAVY

3. AIR FORCE

10. MILITARY STATUS (Check One)

2. IN SERVICE

 

 

 

1. SEPARATED FROM SERVICE

 

 

 

11. FIRST TIME HOME BUYER (Check one)

YES

NO

This means a veteran who has not previously purchased

 

 

a home, either by cash, assumption, or new financing.

 

 

 

 

 

 

 

12. LOAN PROCEDURE

(Check one)

 

 

 

AUTOMATIC

AUTO-IRRRL

VA PRIOR APPROVAL

 

 

13. PURPOSE OF LOAN (Check one)

2. MANUFACTURED HOME

3. CONDOMINIUM

1. HOME (INCLUDES MH ON

PERMANENT FOUNDATION)

 

 

 

4. ALTERATIONS/IMPROVEMENTS

5. REFINANCE

 

 

14.LOAN CODE (Check one)

1. PURCHASE

2. IRRRL (STREAMLINE REFINANCE)

3. REGULAR ("Cash-out") REFINANCE

4. MANUFACTURED HOME

5. REFINANCING OF CONSTRUCTION LOAN, LAND SALE CONTRACT OR

REFINANCE

 

LOAN ASSUMED AT HIGHER RATE OF INTEREST (*Maximum guaranty on

 

 

these loans is $36,000)

 

15.PRIOR LOAN TYPE (Note: Must be completed if Regular ("Cash-out") Refinance is selected in Item 14)

1. FHA-FIXED 2. FHA-ARM/HARM 3. CONVENTIONAL-FIXED 4. CONVENTIONAL-ARM/HARM

5. CONVENTIONAL-INTEREST ONLY

6. VA-FIXED 7. VA-ARM/HARM

8. OTHER

 

 

 

 

 

16. TYPE OF MORTGAGE (Check one)

 

 

 

 

0. REGULAR FIXED PAYMENT 1. GPM-NEVER TO EXCEED NOV

2. OTHER GPMs

3. GEM

4. TEMPORARY BUYDOWN

5. HYBRID ARM

6. ARM

17.TYPE OF HYBRID-ARM (NOTE: Must be completed if Hybrid Arm is selected in Item 16)

3/1

5/1

7/1

10/1

 

 

 

18. TYPE OF OWNERSHIP (Check one)

 

19. CLOSING DATE

1. SOLE OWNERSHIP (VETERAN &

2. JOINT - 2 OR MORE VETERANS

(mm/dd/yyyy)

 

SPOUSE OR VETERAN ONLY)

3. JOINT - VETERAN/NON-VETERAN

 

 

 

20. PURCHASE PRICE (N/A for Refinance Loans)

$

 

 

21. REASONABLE VALUE (For IRRRLs - If appraisal has not been done,

$

loan amount of prior VA loan)

 

22.ENERGY IMPROVEMENTS (Check all applicable boxes)

NONE

 

INSTALLATION OF SOLAR

 

REPLACEMENT OF A MAJOR

HEATING/COOLING

 

ADDITION OF A NEW FEATURE

 

SYSTEM

 

 

 

 

 

INSULATION, CAULKING,

OTHER IMPROVEMENTS

 

WEATHER-STRIPPING, ETC.

 

$

23. LOAN AMOUNT

 

 

 

(Purchase - Purchase Price or RV (lesser) + Funding Fee)

 

 

 

 

(Refi - Max 90% LTV + Funding Fee)

 

 

(IRRRL - Old Loan Payoff + All Closing Costs)

$

 

 

 

 

24. PROPERTY TYPE

(Check one)

 

 

NEITHER

PUD

CONDOMINIUM

 

25. APPRAISAL TYPE (Check one)

IND - SINGLE PROPERTY-IND APPRAISAL

MBL - MANUFACTURED HOME

ONE - MASTER CRV CASE

LAPP - LENDER APPRAISAL

(MCRV)

 

HUD - CONVERSION

PMC - PROP. MGMT. CASE

NOV 2008 26-0286

WHICH WILL NOT BE USED.

VA FORM

SUPERSEDES VA FORM 26-0286, AUG 2006,

26. TYPE OF STRUCTURE (Check one)

1. CONVENTIONAL

2. SINGLEWIDE M/H

3. DOUBLEWIDE M/H

CONSTRUCTION

 

 

4. M/H LOT ONLY

5. PREFABRICATED HOME

6. CONDOMINIUM CONVERSION

27. PROPERTY DESIGNATION (Check one)

1. EXISTING OR USED HOME, CONDO, M/H

2. APPRAISED AS PROPOSED CONSTRUCTION

3. NEW EXISTING - NEVER OCCUPIED

4. ENERGY IMPROVEMENTS

 

 

 

 

28. NO. OF UNITS (Check one)

 

 

29. MCRV NO.

SINGLE

TWO UNITS

THREE UNITS

FOUR OR MORE

 

 

 

30. MANUFACTURED HOME CATEGORY(Check one)

0. OTHER - NOT M/H

 

1. M/H ONLY (RENTED SPACE)

2. M/H ONLY (VETERAN-OWNED LOT)

 

7. M/H ON PERMANENT FOUNDATION

31. PROPERTY ADDRESS

 

 

 

32. CITY

33. STATE

34. ZIP CODE

35. COUNTY

36. LENDER VA ID NUMBER

37. AGENT VA ID NUMBER (If applicable)

38. LENDER LOAN NUMBER

FOR LAPP CASES ONLY

 

 

 

39. LENDER SAR ID NUMBER

 

 

 

 

 

40. GROSS LIVING AREA

41. AGE OF PROPERTY (Yrs.)

42. DATE SAR ISSUED NOTIFICATION

(Square Feet)

 

OF VALUE (mm/dd/yyyy)

 

 

 

43. TOTAL ROOM COUNT

44. BATHS (No.)

45. BEDROOMS (No.)

46.IF PROCESSED UNDER LAPP, WAS THE FEE APPRAISER'S ORIGINAL VALUE ESTIMATE CHANGED OR REPAIR RECOMMENDATIONS REVISED, OR DID THE SAR OTHERWISE MAKE SIGNIFICANT ADJUSTMENTS?

YES (If "Yes," there must be written justification by fee appraiser and/or SAR)

NO

 

 

INCOME INFORMATION (Not Applicable for IRRRLs)

 

47A. LOAN PROCESSED UNDER VA RECOGNIZED AUTOMATED UNDERWRITING SYSTEM

YES

NO (If "Yes," Complete Item 47B and 47C)

 

 

47B. WHICH SYSTEM WAS USED?

01. LP

 

47C. RISK CLASSIFICATION

02. DU

03. PMI AURA

04. CLUES

05. ZIPPY

 

1. APPROVE

2. REFER

 

 

 

 

 

 

 

48.CREDIT SCORE (Enter the median credit score for the veteran only)

49. LIQUID ASSETS

 

$

 

 

 

 

 

50. TOTAL MONTHLY GROSS INCOME

(Item 31+Item 38 from

$

VA Form 26-6393)

 

51. RESIDUAL INCOME

 

$

 

 

 

 

 

52. RESIDUAL INCOME GUIDELINE

 

$

 

 

53.DEBT- INCOME RATIO (If Income Ratio is over 41% and Residual Income is not 120% of guideline, statement of justification signed by underwriter's supervisor must be included on or with VA Form 26-6393)

 

 

 

 

 

 

 

 

 

%

54. SPOUSE INCOME CONSIDERED

 

55. SPOUSE'S INCOME AMOUNT (If considered)

YES

NO

(If "Yes," Complete Item 55)

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DISCOUNT INFORMATION (Applicable for All Loans)

 

56. DISCOUNT POINTS CHARGED

 

 

 

% OR

$

 

 

 

 

 

 

 

 

 

57. DISCOUNT POINTS PAID BY VETERAN

 

 

 

% OR

$

 

 

 

 

 

 

 

 

 

58. TERM (Months)

 

59. INTEREST RATE

 

 

60. FUNDING FEE EXEMPT

 

 

 

 

 

%

 

Y - EXEMPT

N - NOT EXEMPT

 

 

 

 

 

 

 

 

 

 

 

 

FOR IRRRLS ONLY

 

 

 

61. PAID IN FULL VA LOAN NUMBER

 

 

 

 

 

 

 

 

 

 

 

62. ORIGINAL LOAN AMOUNT

 

63. ORIGINAL INTEREST RATE

$

 

 

 

 

 

 

 

 

%

 

 

 

 

 

 

 

 

 

64. REMARKS

 

 

 

 

 

 

 

 

VA FORM 26-0286, NOV 2008

Click for Loan Summary Sheet File

File Breakdown

Fact Name Details
Loan Number The form requires a 12-digit VA loan number to identify the loan.
Veteran Information Essential details such as name, social security number, gender, and date of birth are collected.
Entitlement Code The form includes an entitlement code ranging from 01 to 11, derived from the VA Certificate of Eligibility.
Loan Purpose Borrowers must specify the purpose of the loan, which can include home purchase, refinance, or improvements.
Governing Law This form is governed by federal regulations under the Department of Veterans Affairs.

Guide to Using Loan Summary Sheet

Completing the Loan Summary Sheet requires careful attention to detail. Each section must be filled out accurately to ensure a smooth processing of your loan application. Follow the steps below to fill out the form correctly.

  1. Enter the VA's 12-digit loan number in the designated space.
  2. Provide the veteran's name including first, middle, and last names.
  3. Input the veteran's social security number.
  4. Select the gender of the veteran by checking either male or female.
  5. Fill in the veteran's date of birth in the format mm/dd/yyyy.
  6. Indicate the ethnicity of the veteran by checking the appropriate box.
  7. Check the race of the veteran, selecting all that apply.
  8. Enter the entitlement code (01 to 11) from the VA Certificate of Eligibility.
  9. Fill in the amount of entitlement available as stated on the VA Certificate of Eligibility.
  10. Select the branch of service by checking one of the options provided.
  11. Indicate the military status by checking either 'in service' or 'separated from service.'
  12. Check 'yes' or 'no' for first time home buyer.
  13. Select the loan procedure by checking one of the options.
  14. Indicate the purpose of the loan by checking the relevant box.
  15. Check the loan code that applies to your situation.
  16. Complete the prior loan type if applicable.
  17. Select the type of mortgage by checking the appropriate option.
  18. Complete the type of hybrid-ARM if applicable.
  19. Indicate the type of ownership by checking one of the options.
  20. Fill in the closing date in the format mm/dd/yyyy.
  21. Enter the purchase price (not applicable for refinance loans).
  22. Provide the reasonable value for IRRRLs if applicable.
  23. Fill in the energy improvements if any apply.
  24. Enter the loan amount based on the type of loan.
  25. Select the property type by checking the appropriate box.
  26. Indicate the appraisal type by checking one of the options.
  27. Choose the type of structure by checking the relevant option.
  28. Select the property designation that applies.
  29. Indicate the number of units by checking the appropriate box.
  30. Check the manufactured home category that applies.
  31. Fill in the property address, including city, state, zip code, and county.
  32. Enter the lender VA ID number and agent VA ID number if applicable.
  33. Provide the lender loan number for LAPP cases only.
  34. Fill in the lender SAR ID number.
  35. Enter the gross living area in square feet.
  36. Indicate the age of the property in years.
  37. Fill in the date SAR issued in the format mm/dd/yyyy.
  38. Provide the total room count.
  39. Indicate the number of baths.
  40. Enter the number of bedrooms.
  41. Indicate if the fee appraiser's original value estimate was changed.
  42. Answer if the loan was processed under VA recognized automated underwriting.
  43. Specify which system was used for automated underwriting.
  44. Fill in the risk classification based on the underwriting results.
  45. Enter the credit score for the veteran only.
  46. Provide the amount of liquid assets.
  47. Enter the total monthly gross income.
  48. Indicate the residual income amount.
  49. Fill in the residual income guideline.
  50. Provide the debt-income ratio.
  51. Indicate if spouse income is considered and enter the amount if applicable.
  52. Fill in the discount points charged.
  53. Enter the discount points paid by veteran.
  54. Specify the term of the loan in months.
  55. Provide the interest rate.
  56. Indicate if the funding fee is exempt.
  57. Fill in the paid in full VA loan number.
  58. Enter the original loan amount.
  59. Provide the original interest rate.
  60. Include any remarks if necessary.

Get Answers on Loan Summary Sheet

What is the purpose of the Loan Summary Sheet?

The Loan Summary Sheet is used to collect essential information about a VA loan. This form helps streamline the loan process by providing details such as the veteran's name, loan amount, and property type. It ensures that all necessary information is gathered for the loan application and approval process.

What information is required on the Loan Summary Sheet?

Several key pieces of information are required, including:

  • VA's 12-digit loan number
  • Veteran's name and Social Security number
  • Gender and date of birth of the veteran
  • Branch of service and military status
  • Loan amount and purpose of the loan
  • Property details, including address and type

Completing all sections accurately is crucial for processing the loan effectively.

Who should complete the Loan Summary Sheet?

The Loan Summary Sheet should be completed by the veteran or an authorized representative, such as a loan officer. It is important that the person filling out the form has accurate and up-to-date information to ensure a smooth loan application process.

What happens if I make a mistake on the Loan Summary Sheet?

If a mistake is made, it is important to correct it as soon as possible. Errors can lead to delays in the loan approval process. You can either cross out the incorrect information and write the correct details or fill out a new form. Ensure that any changes are clear and legible.

How is the Loan Summary Sheet submitted?

The completed Loan Summary Sheet can be submitted electronically or in paper form, depending on the lender's requirements. Check with your lender for their preferred submission method. Ensure that all required documents accompany the form to avoid processing delays.

Common mistakes

Filling out the Loan Summary Sheet form can be a daunting task, and many individuals make mistakes that can delay the approval process. One common error is failing to provide the correct VA's 12-digit loan number. This number is essential for tracking the loan and ensuring that all documentation is properly associated. Omitting or miswriting this number can lead to significant confusion and delays.

Another frequent mistake involves inaccuracies in the veteran's personal information. Errors in the veteran's name, social security number, or date of birth can create complications. These details must match the official records exactly. Even a minor typo can result in a denial or a request for further documentation, prolonging the process unnecessarily.

Many applicants also overlook the importance of selecting the correct branch of service and military status. Incorrect selections can lead to misunderstandings regarding eligibility. It is vital to check the appropriate box carefully, as this information directly impacts the loan's processing and approval.

In addition, applicants often fail to provide accurate figures for the loan amount and purchase price. These numbers should reflect the actual costs involved in the transaction. Discrepancies can trigger additional scrutiny from lenders, potentially jeopardizing the approval timeline.

Another mistake that can be easily overlooked is the failure to check the energy improvements section. This section allows veterans to indicate any enhancements that may affect the loan's value. Not completing this part can result in missed opportunities for financial benefits related to energy-efficient upgrades.

Lastly, individuals frequently neglect to review the credit score and debt-income ratio sections thoroughly. Providing inaccurate financial information can lead to complications in the underwriting process. Ensuring that these figures are correct is crucial for a smooth approval experience.

Documents used along the form

The Loan Summary Sheet is a vital document in the VA loan process, providing essential information about the veteran and the loan details. Alongside this form, several other documents are commonly utilized to ensure a smooth transaction. Each of these documents serves a specific purpose, contributing to the overall clarity and effectiveness of the loan application process.

  • Certificate of Eligibility: This document verifies a veteran's eligibility for a VA loan. It outlines the veteran's entitlement and is crucial for determining the maximum loan amount they can receive.
  • Loan Application (VA Form 26-1802a): This form collects detailed information about the borrower, including financial history and employment details. It is essential for assessing the borrower’s creditworthiness.
  • Credit Report: A credit report provides a comprehensive overview of the borrower's credit history. Lenders use this information to evaluate the risk associated with extending credit to the veteran.
  • Appraisal Report: An appraisal report assesses the property's value to ensure it meets VA standards. This document is vital for determining the loan amount and protecting the lender's investment.
  • Income Verification Documents: These documents, such as pay stubs and tax returns, confirm the veteran's income. They help lenders assess the borrower's ability to repay the loan.

Incorporating these documents alongside the Loan Summary Sheet streamlines the VA loan application process. Each plays a critical role in ensuring that all necessary information is available for a successful loan approval. Understanding their importance can lead to a more efficient borrowing experience for veterans.

Similar forms

The Loan Summary Sheet form shares similarities with several other documents in the mortgage and lending landscape. Each document serves a specific purpose but contains overlapping information relevant to loan processing and borrower identification. Below is a list of documents that are similar to the Loan Summary Sheet form:

  • Loan Application Form: This document collects essential information about the borrower, including personal details, financial status, and the type of loan being requested, much like the Loan Summary Sheet.
  • Credit Report: A credit report provides a detailed account of the borrower's credit history, which is crucial for assessing their eligibility for a loan, similar to the financial assessment included in the Loan Summary Sheet.
  • Loan Estimate: This document outlines the estimated costs associated with a loan, including interest rates and fees, paralleling the financial details found in the Loan Summary Sheet.
  • Closing Disclosure: The Closing Disclosure provides a final breakdown of loan terms and costs, akin to the Loan Summary Sheet, which summarizes key loan information before closing.
  • Certificate of Eligibility: This document is specifically for veterans and verifies their eligibility for VA loans, similar to how the Loan Summary Sheet confirms eligibility and entitlement codes.
  • Deed of Trust: This legal document secures the loan by outlining the rights and responsibilities of both the borrower and the lender, reflecting the ownership details included in the Loan Summary Sheet.
  • Appraisal Report: An appraisal report assesses the value of the property being financed, providing essential information that complements the property-related details found in the Loan Summary Sheet.

Dos and Don'ts

When filling out the Loan Summary Sheet form, attention to detail is crucial. Here are some important dos and don'ts to keep in mind:

  • Do double-check the VA's 12-digit loan number for accuracy.
  • Do ensure that the veteran's name is entered correctly, including the first, middle, and last names.
  • Do verify that the social security number is complete and correctly formatted.
  • Do check all boxes thoroughly, especially for gender, ethnicity, and military status.
  • Do provide clear and accurate information about the purpose of the loan and type of ownership.
  • Don't leave any required fields blank; incomplete forms can lead to delays.
  • Don't use abbreviations or shorthand that could confuse the reviewer.
  • Don't forget to include the closing date in the correct format (mm/dd/yyyy).
  • Don't ignore instructions regarding the types of loans and their specific requirements.
  • Don't submit the form without reviewing it for typos or errors.

By following these guidelines, you can help ensure a smoother process for your loan application. Attention to detail makes a significant difference!

Misconceptions

Understanding the Loan Summary Sheet form is crucial for veterans seeking VA loans. However, several misconceptions can lead to confusion. Here are four common misunderstandings:

  • Misconception 1: The Loan Summary Sheet is only for first-time homebuyers.

    • This is not true. While the form does ask if the veteran is a first-time homebuyer, it is also applicable for veterans who have purchased homes before. It includes various options for refinancing and other loan purposes.

  • Misconception 2: All sections of the form must be filled out for every loan type.

    • Not all sections are mandatory for every loan. For example, some questions only apply to specific loan types, such as refinancing. Understanding which sections are relevant can simplify the process.

  • Misconception 3: The Loan Summary Sheet is only concerned with the loan amount.

    • While the loan amount is a significant aspect, the form also collects information about the veteran's personal details, military service, and property type. This information is essential for processing the loan accurately.

  • Misconception 4: The form is the only document needed for a VA loan application.

    • This is misleading. The Loan Summary Sheet is just one part of the application process. Additional documents, such as the Certificate of Eligibility and income verification, are also required to complete the application.

Key takeaways

When filling out the Loan Summary Sheet form, several important points should be considered to ensure accuracy and completeness. Here are some key takeaways:

  • Accuracy is Crucial: Each entry, from the veteran's name to the loan amount, must be filled out accurately. Errors can lead to delays in processing.
  • Know the Requirements: Familiarize yourself with the specific documentation needed for each section, especially for items like the Entitlement Code and Military Status.
  • Understand the Purpose: Clearly indicate the purpose of the loan, whether it’s for purchasing a home, refinancing, or making improvements. This classification affects eligibility and processing.
  • Double-Check Eligibility: Ensure that the veteran qualifies for the VA loan program. Items like the first-time homebuyer status and entitlement codes are vital.
  • Review Income Information: Accurate income details, including credit scores and debt-to-income ratios, are necessary for assessing loan eligibility.
  • Consider Energy Improvements: If applicable, check the boxes for energy-related enhancements, as these can impact loan approval and terms.
  • Timeliness Matters: Submit the completed form promptly to avoid any unnecessary delays in the loan processing timeline.

By keeping these takeaways in mind, individuals can navigate the Loan Summary Sheet with greater confidence and efficiency.