I’ve waited long enough for the next 2008 that everyone said was coming. There is never a “good” time to buy a house. The economy is never “right.” But my career is in the right place, and I don’t want to wait any longer. Time in the market beats timing the market, and it’s time for me to get into the market. Hooray! 🎉
Reposted cause I forgot to blur my house number 😅
First and foremost: 1) link your direct deposit information right now. Do not wait until you’re just about ready to go get the loan. Because it has to be on your file for seven days before it can be used.
For that matter, if you think you might ever want to do a loan (general or primary residence) from TSP and you might need it in a pinch, just go add it to your profile right now. When time is of the essence, waiting seven days will kill you!
only the official loan estimate for a primary residence will be accepted. They will not accept a pre-application worksheet or anything else.
I don’t think the website clearly explains enough that the amount of money you’re allowed to withdraw is 50% or $50,000 (whichever is less) of your own contributions, and not including your agency’s contributions.
Both your own and agency contributions equals your total amount, which is the number most people are looking at all the time on the dashboard, but you can only borrow from your own contributions.
This messed me up because I have well over $100K in my total balance but only $70K in my own contributions, which limited me to $35K to borrow. My mortgage lender was not amused, because I kept telling them I could get up to $50K and we had to reconfigure some things after I realized.
it looks like they really only do one pass through of all loan-application-submitted documents once per day. In the morning between 7am-12pm. So, if they kick something back to you, you have the afternoon to fix it and then they’re gonna digest it the next morning. If time is of the essence, then you need to keep this in mind because you can bleed four or five days really fast playing back-and-forth games with TSP.
if you don’t submit enough proper documentation, they give you a letter with a template reason for why it was rejected. But if you’re confused, like I was, then you can call the thrift line phone number, and the customer service representative can read you the notes that was left by the person that reviewed your file. That’s gonna give you a lot more context about what to fix.
My kickback letter said my documentation was missing my down payment, but I knew that wasn’t right because it’s very clearly in my documentation. The thrift line representative read in the notes for me that my pre-application worksheet was not acceptable as a loan estimate. That was really important for me to know, because I would never have been able to realize that from the automated letter, and I would lose more valuable time in closing on my house.
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Hope this helps some people in the future that might need a loan from TSP. I’ll write any more observations in the comments below.
The process has been nerve-racking because you never know with the government when another funny rule is gonna come up, and time is valuable when you’re closing on a house. Need time to pivot if something’s not gonna work!
Looking for someone to take over my lease for a 2 bed, 1 bath condo in Old Town / Braddock Metro area, available as early as May 21.
This has honestly been an incredible place to live, and I would stay if I weren’t buying a home. I love watching the planes on river visual approach to DCA in the night off the balcony.
Highlights:
• 2 minute walk to Braddock Road Metro Station (Blue + Yellow lines)
• Balcony with Washington Monument views + views toward National Landing / Potomac Yard
• Spacious primary bedroom with windows on two sides
• In-unit washer + dryer
• 9 ft ceilings
• Pet policy negotiable (I've had one cat with no problem)
Building amenities:
• Fitness center
• Picnic / BBQ area
• Meeting room
• Walking trails nearby
Location perks:
• 1 block to Del Ray
• ~1 mile to Old Town Alexandria Waterfront
• 2 Metro stops to Ronald Reagan Washington National Airport
• Walkable to Whole Foods Market, Trader Joe's, Harris Teeter, restaurants, coffee shops, and more
• Right next to Potomac Yard Trail (biking, running!)
Renter pays electric + internet.
Reserved garage parking spot connected to the building, steps away from elevator + guest parking pass in that same garage + street parking for up to seven cars via city permit portal.
More photos located at Zillow listing: https://www.zillow.com/homedetails/545-E-Braddock-Rd-APT-603-Alexandria-VA-22314/12051873_zpid/?view=public
Message me if interested!