U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Real Estate > Mortgages
 [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 04-18-2011, 01:26 AM
 
5 posts, read 15,432 times
Reputation: 11

Advertisements

Does anyone know if Bank of America uses 401K as source of funds for PITI reserves? I hear that some banks will count 70-75% of your 401K as part of your required PITI reserves.
Rate this post positively Reply With Quote Quick reply to this message

 
Old 04-18-2011, 07:04 AM
 
Location: MID ATLANTIC
8,207 posts, read 20,384,837 times
Reputation: 9477
BOA follows Freddie, which will allow you to use retirement funds provided you can show you can access the funds at any time and don't have to leave your job to get your hands on the funds in case of emergencies.

There are some lines of employment that have retirement accounts that cannot be accessed in an emergency, but only after someone leaves the job. TIAA CREF is a common fund that cannot be accessed; teachers, state employees and some municipality jobs commonly have these unaccessable plans.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2011, 09:11 AM
 
92 posts, read 214,787 times
Reputation: 109
Quote:
Originally Posted by SmartMoney View Post
TIAA CREF is a common fund that cannot be accessed; teachers, state employees and some municipality jobs commonly have these unaccessable plans.
Not all TIAA CREF planns are unaccessable.

I was able to use a TIAA CREF 403b GSRA plan as a source of reserves by submitting a summary of benefits that showed that early withdrawals and loans are allowed by my plan.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2011, 09:15 AM
 
5 posts, read 15,432 times
Reputation: 11
Thanks Smart Money...

How do I prove to them that I can access the funds?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2011, 09:48 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,138,933 times
Reputation: 456
Get a copy of the terms & conditions under which you can access the funds.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2011, 09:50 AM
 
92 posts, read 214,787 times
Reputation: 109
Quote:
Originally Posted by Sammie83 View Post
Thanks Smart Money...

How do I prove to them that I can access the funds?
BofA asked me for "conditions or terms of under which funds may be withdrawn or borrowed on your account." There is almost certainly someone at your employer's benefits office (maybe in HR) who can send you a Summary of Benefits package which contains this information. I faxed the relevant pages to my BofA loan processor.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 04-18-2011, 02:14 PM
 
5 posts, read 15,432 times
Reputation: 11
Thank you all!!!!
Rate this post positively 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:


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 > General Forums > Real Estate > Mortgages

All times are GMT -6.

© 2005-2021, 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