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that girl
that girl asked in Business & FinancePersonal Finance · 5 years ago

Why is the lender asking for my 401k Summary Plan Description?

I applied for a home loan and was pre-approved. Now the lender is asking for my 401k SDP. Does anyone know why they are asking me for this?

5 Answers

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  • Anonymous
    5 years ago

    Never heard of that unless you currently have a 401(k) loan. Why don't you ask the lender?

  • ?
    Lv 7
    5 years ago

    never heard of this before, I am thinking your credit is suspect and they are looking to see if you have a way to pay off the loan. How do they know you have this unless you put it on the application

  • that girl
    5 years ago

    I did ask them (DUH!), but since their office was closed all evening I was asking for help in the meantime. I was told they need the SPD to show I have the ability to take out a loan if needed.

  • ?
    Lv 6
    5 years ago

    They are evaluating your assets, of which your 401k is one.

  • ?
    Lv 7
    5 years ago

    ask THEM

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