TSP Loan questions:

[felixthecat]

Thanks for all of your advice. I'm still planning on going the route of paying off the existing home if we get a contract on the new house. Then, using the rest for any possible issues with the new house. I will then sell the old house in 90 days. Houses have not fallen in price here...so the house should sell in a timely manner. In the meantime, we will rent the smaller house on the newer property to help pay the mortgage during the tight 90 days. The equity in the new house is too substantial to overlook. It is a very unusual short sale with huge potential. I will discuss it further when and if the contract is written. I also have the old house for possible rent if I can't sell the old house within the required period. My aim is to pay back the TSP loan quick. You can do that by sending in a check. This was discussed in another post. It is true..you can and I will do this.

Like they say, no risk no reward. Or was is Birch that coined that phrase? :blink:

 

[pokerstar629]

Thanks for all of your advice. I'm still planning on going the route of paying off the existing home if we get a contract on the new house. Then, using the rest for any possible issues with the new house. I will then sell the old house in 90 days. Houses have not fallen in price here...so the house should sell in a timely manner. In the meantime, we will rent the smaller house on the newer property to help pay the mortgage during the tight 90 days. The equity in the new house is too substantial to overlook. It is a very unusual short sale with huge potential. I will discuss it further when and if the contract is written. I also have the old house for possible rent if I can't sell the old house within the required period. My aim is to pay back the TSP loan quick. You can do that by sending in a check. This was discussed in another post. It is true..you can and I will do this.

Like they say, no risk no reward. Or was is Birch that coined that phrase? :blink:

I usually steer away from short sales, they typically take 3-6 months to sell, the seller and the bank must agree on the selling price.....Good luck on your home purchase.

 

[felixthecat]

Yes, normally short sales are lengthy. However..the bank wants to close the book on this property so they are eager to move on it. We shall see. I will probably lock the rate as mortgage rates have bottom.