TSP Loan Payoff Not showing to reborrow

[Jetakai]

I have a TSP loan, and I made a huge payment to pay it off about a month ago. The amount it shows I can reborrow is just about the same as it was. My balances went up the full payment amount, but not the amount I can reborrow. TSP was 12k left owing, amount to borrow 28k, paid 12k off, amount to borrow barely 29k. I don't think I hit IRS cap.

I know it is not the best situation but I have to have my house paid off by September or I lose it, so I was hoping to reborrow the TSP loan at the lower interest rate. I know I have to wait two months to reborrow...but shouldn't the amount still show up.

Have tried to call TSP but it keeps saying their office is closed no matter what time of day I try to call.

 

[Frixxxx]

I have a TSP loan, and I made a huge payment to pay it off about a month ago. The amount it shows I can reborrow is just about the same as it was. My balances went up the full payment amount, but not the amount I can reborrow. TSP was 12k left owing, amount to borrow 28k, paid 12k off, amount to borrow barely 29k. I don't think I hit IRS cap.

I have never heard of this IRS cap you mention...borrowing only becomes an IRS issue if you don't pay back the loan or you owe at retirement.

I know it is not the best situation but I have to have my house paid off by September or I lose it, so I was hoping to reborrow the TSP loan at the lower interest rate. I know I have to wait two months to reborrow...but shouldn't the amount still show up.

I'm sorry that you are in a bind to pay off your house by September.....I don't know why you would have that situation occur, but I pray it ends well.

Have tried to call TSP but it keeps saying their office is closed no matter what time of day I try to call.

1-877-968-3778

Called it today and talked to a supervisor about their updates to the FRTIB links...worked fine for me!

Good Luck!

 

[James48843]

The amount you can borrow:

Maximum Loan Amount

The maximum loan amount is the smallest of the following:

• Your own contributions and earnings on those contributions in the TSP account from which you intend to borrow, not including any outstanding loan balance;

• 50% of your vested account balance (including any outstanding loan balance) or $10,000, whichever is greater, minus any outstanding loan balance; or

• $50,000 minus your highest outstanding loan balance, if any, during the last 12 months. Even if the loan is currently paid in full, it will still be considered in the calculation if it was open at any time during the last 12 months.

Note: If you have both a civilian account and a uniformed services account, the combined account balances and outstanding loan amounts will be used to calculate the maximum loan amount.


TSP account balances are recalculated at the end of each business day based on daily share prices. As a result, the maximum loan amount may change on a daily basis.

To find out more about the maximum amount available for a TSP loan, use the calculator, Estimate Loan Payments, or contact the TSP.

Your account balance is recalculated at the end of each business day
based on the daily share prices. Therefore, your maximum loan amount
may also change each day.

Source: https://www.tsp.gov/planparticipation/loans/loanBasics.shtml
and
https://www.tsp.gov/PDF/formspubs/tspbk04.pdf

 

[Jetakai]

Thank you both

I will try again tomorrow, even by the worst calculations, I still figure I should be able to borrow 36k.

Balloon payment on a mobile home got me here. No bank will refi, 12.5% interest because it is personal property and not a home, and can't sell because too many cheap real houses now. Had a plan but now it looks like that might fall through too.

Thank you again.