Residential loan


Q. We are planning to buy a home and will use a Veterans Administration loan. We will pay all the closing costs and plan to use a TSP residential loan for those costs. We have to show the money in our bank account as we move forward with our loan proceedings. We are not sure of the exact amount that will be needed at closing, so could possibly end up with more than what is required. Can we use any excess? How do we report what is used for the purpose of closing and fees and possible down payment? If we end up with $1,000 we do not need at closing, can we apply that to house payments or bills, or can we immediately repay that amount to our TSP?

A. You may use it as you please. You only need to qualify for the loan, initially. There is no follow-up qualification required.


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Mike Miles is a Certified Financial Planner licensee and principal adviser for Variplan LLC, an independent fiduciary in Vienna, Virginia. Email your financial questions to and view his blog at

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