Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 12-23-2016, 03:07 PM
 
1 posts, read 912 times
Reputation: 10

Advertisements

Thanks for reading my post.

I am in the process of getting a refinance of my rental from FHA to conventional. Lender says they need reserve and wants to use my TSP as the reserve. I already have two loans on my TSP. A mortgage loan for a house I am trying to get and general loan used to pay off off bills. They are concern that evwn though I have enough funds I may not have access to it. I am able to get a hardship withdrawal in the event of a hardship. Would underwriter typically approve a hardship withdrawal to qualify this reserve?

Does anyone here have experience in this?

Im concerned about being abke to close on this loan.

Liza
Reply With Quote Quick reply to this message

 
Old 12-23-2016, 04:04 PM
 
Location: New-Dentist Colony
5,759 posts, read 10,669,675 times
Reputation: 3952
The rules for TSP loans are right there on the TSP website. Apparently you already have the maximum number of allowable loans:

"To be eligible for a loan, you ... Can only have one outstanding general purpose loan and one outstanding residential loan from any one TSP account at a time."

https://www.tsp.gov/PlanParticipatio...ans/index.html

At any rate, I don't even understand much of your post. Refinance a rental? Meaning you own a property you're renting out to someone, and you're refinancing that mortgage?

Even if that part is correct, how do you have "a mortgage loan for a house [you] are trying to get"? You only have a mortgage for a house you own.

Honestly, it sounds like your finances are quite complex and that you may be close to overextended. I'd try to simplify things if I were you.
Reply With Quote Quick reply to this message
 
Old 12-24-2016, 09:43 AM
 
Location: Falls Church, VA
540 posts, read 786,073 times
Reputation: 471
You might want to put this in the Real Estate forum.
Reply With Quote Quick reply to this message
 
Old 12-25-2016, 03:07 PM
 
Location: Chandler, AZ
3,285 posts, read 2,633,506 times
Reputation: 8224
Taking out loans on retirement accounts is a TERRIBLE idea. You're very literally screwing yourself out of a lot of money.
Reply With Quote Quick reply to this message
 
Old 12-26-2016, 08:34 AM
 
1,784 posts, read 3,446,279 times
Reputation: 1295
Quote:
Originally Posted by jnojr View Post
Taking out loans on retirement accounts is a TERRIBLE idea. You're very literally screwing yourself out of a lot of money.
You mean figuratively? I think it's only 'literally' if you use the money on hookers instead of a mortgage...
Reply With Quote Quick reply to this message
 
Old 12-26-2016, 10:48 AM
 
Location: New-Dentist Colony
5,759 posts, read 10,669,675 times
Reputation: 3952
Quote:
Originally Posted by snowdenscold View Post
You mean figuratively? I think it's only 'literally' if you use the money on hookers instead of a mortgage...
Yeah, it's actually not that bad a deal, because you pay yourself back on the loan, including the interest. You would only come out worse if interest rates shoot up while you're backing back the loan to yourself at the set (lower) interest rate. As loans go, it's unbeatable.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Settings
X
Data:
Loading data...
Based on 2000-2020 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top