Annuity & Savings Plan

Hardship Distribution and Supporting Documentation

A.  Principal Residence Includes:

• Principal Residence
• The purchase of land upon which the principal residence shall be immediately built 

B.  Principal Residence DOES NOT include:

• Vacation homes
• Mortgage payments

C.   If you request a hardship distribution for the purchase of a principal residence, you must have documentation to support your request.  HRSA-ILA requires that you produce this documentation with your application. If you cannot produce the documentation to substantiate your hardship request, your application will be denied. Complete the Worksheet for Hardship Withdrawal for Purchase of a Principal Residence.  The following documentation is acceptable:

• Good Faith Estimate: Issued by a bank or mortgage company The Good Faith Estimate must include the estimated total closing costs, any down payments and prepaid expenses, excluding any contributions from the seller. The Good Faith Estimate cannot be issued by a realty company.
• Contract: Must state that it is for the purchase of a principal residence; it must include a closing date (or, alternatively, written certification from the mortgage company of the closing date); it must be issued no more than 60 days prior to the closing date; and it must be signed by you and the seller.
• Purchase of land:  For the construction of a principal residence, you must provide MassMutual with an executed Contract between you and the seller (which may include dates and amounts of periodic disbursements to the builder), a copy of the construction loan and a commitment letter from a bank or mortgage company.

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