NYC teachers /FHA/ TDA help

I am trying to purchase a. Home. I am looking into borrowing from my TDA. I called TRS 3 different times and received a different answer each time. Can someone help me out??? Lol.

1. Did you file for a hardship loan or a QPP loan?
2. When taking out an FHA and borrowing from your QPP did you have to write a letter stating where the money came from ? Did they incorporate it in your debt to income ratio?
3. How do I do this without losing my mind lol....

TIA much is. Appreciated

Ps my morgage broker said because it is considered a loan and you have to pay it back then they ( the bank) will consider it as a debt. To income.

NYC teachers /FHA/ TDA help

No one?

NYC teachers /FHA/ TDA help

I once took out a small loan from my TDA. If I recall correctly QPP refers to money you borrow from your pension. TDA is separate. Technically you can borrow from both.

I would speak to your chapter leader or call your borough office to speak to someone. I don't recall the specifics but a colleague was going to borrow for the same purpose and was advised not to. I would keep asking around to get more specifics- did you try the UFT site? I am not in the system any longer; sorry I can be of more help. Good luck!

NYC teachers /FHA/ TDA help

I am fairly certain it is better to borrow from TDA then your QPP (pension), assuming you have money in TDA...call the UFT office.