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Reply to "If you took money out of your TSP for a downpayment on a house...."
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[quote=Anonymous][quote=Anonymous]People borrow money from their TSP? How bad off do you need to be to do that?[/quote] Not bad off at all. I started making $62K out of law school in public service while my buddies who went private sector made $140K plus. They’re now making $200K+ and I’m a GS-14 at 120K. I went to law school wanting to work in public service and care deeply about the work that I do. My DH is in non-profit for a major disease that kills children far too young. He could’ve went big four accounting, but he loves the mission. So, we make a decent salary combined but nowhere near enough to save up 20% on a down payment in this area (and we live in the exurbs). All our bills are paid, our toddler is clean, clothed, and fed regularly. We drive paid off Honda’s. A TSP loan allowed us to get into a house and pay less in mortgage than we do rent and made sense for us. Took 3 years to pay it back.[/quote]
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