topic Re: LOE Help! in Mortgage Loans

LOE Help!

rngrwalker — Mon, 25 Jul 2016 17:53:41 GMT

I'm borrowing money (against myself) out of my TSP account which is the equivalent to a 401K for the downpayment and part of closing costs. I'm supposed to close on Friday but the underwriter just sent me an email asking for a LOE of why I'm getting the money from my TSP. What exactly do I need to write? I'm lost.

Thanks

Re: LOE Help!

thisladyz — Mon, 25 Jul 2016 21:10:51 GMT

@rngrwalker wrote:
I'm borrowing money (against myself) out of my TSP account which is the equivalent to a 401K for the downpayment and part of closing costs. I'm supposed to close on Friday but the underwriter just sent me an email asking for a LOE of why I'm getting the money from my TSP. What exactly do I need to write? I'm lost.

Thanks

Are you taking the real estate loan or the regular loan? If you are taking the real estate one, then just tell them what you are doing that's what that loan is designed for.

Re: LOE Help!

Anonymous — Mon, 25 Jul 2016 22:04:24 GMT

Sometimes the underwriters just need to dot their i's and cross their t's so the letter will protect them if their file is audited. A simple letter should work. You can ask your loan officer for advice as well.

Re: LOE Help!

rngrwalker — Tue, 26 Jul 2016 14:46:24 GMT

@thisladyz wrote:
@rngrwalker wrote:
I'm borrowing money (against myself) out of my TSP account which is the equivalent to a 401K for the downpayment and part of closing costs. I'm supposed to close on Friday but the underwriter just sent me an email asking for a LOE of why I'm getting the money from my TSP. What exactly do I need to write? I'm lost.

Thanks

Are you taking the real estate loan or the regular loan? If you are taking the real estate one, then just tell them what you are doing that's what that loan is designed for.

Yes, that's what I'm doing.

Thank you!