Hello:
I am applying for a pre-approval for a mortgage loan and want to know if my Thift Savings Plan should be listed as an asset?
Also, part of my Thift Savings Plan will be used for my down payment. For example: If I have $40K in my Thift, I am able to take out $15K for a down payment for a home. Should I list the remaining $25K under the asset section.
Thanks in advance for your opinions.
2006-07-21 16:15:06 · 4 answers · asked by LCJC 2 in Business & Finance ➔ Renting & Real Estate
Additional question: Should the asset be the balance that is currently listed even though I know that it will less the $ taken out for the down payment. Or should I list the asset minus the down payment amount?
2006-07-21 18:10:49 · update #1
Yes, list it. We included my TSP when we bought our houses, and it shows that you are able to save money and that funds are available in case of an emergency.
If you have whole life insurance policies with a cash value, include those. If you have collections worth money, include that too.
2006-07-22 10:17:42 · answer #1 · answered by Mama Pastafarian 7 · 2⤊ 0⤋
Yes, TSP is an asset. If I remember how it works correctly, you'll actually be taking out a loan against your balance rather than a withdrawal.
Your remaining TSP balance is useful in the form of justifying reserves, discounted by a certain amount, which varies from lender to lender, because of the withholding requirement if you do leave your job (or your job leaves you) and you then decide to just take the money. Other than showing you have a certain amount in reserves, what's left is not really that important to justifying a loan.
2006-07-22 08:35:59 · answer #2 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
Yes. Put that down as an asset.
2006-07-21 16:28:51 · answer #3 · answered by Diane D 5 · 0⤊ 0⤋
Yes but it doesnt mean they are going to give you full credit for it.
2006-07-21 18:02:40 · answer #4 · answered by ♥monamarie♥ 5 · 0⤊ 0⤋