Everyone has Credit Karma, it seems. The app offers you a way to get credit scores and reports from two of the three major credit reporting companies, TransUnion and Equifax.

The biggest plus for Credit Karma is the app is FREE! It’s hard to beat that. These free reports come in handy to spot inaccuracies to correct and improve your credit. You even get a credit score. Great, right?

While Credit Karma will give you A SCORE, they do not provide you with THE SCORE. Credit Karma will not give you the FICO Score. That is the score lenders will look at when they process your mortgage application.

Therefore, many times the score from Credit Karma will differ greatly from the scores the lenders use.

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Many home buyers are not aware that they are able to withdraw from their 401(k) to purchase.

How much can you withdraw?

• $50,000,
  or
• 50% of your 401(k) account balance

General IRS Rule: Maximum 401(k) Loan Amount

Home Purchase Loan Terms

401(k) loans must usually be repaid within 5 years, but for a primary residence purchase, many plans allow a longer repayment period, often 10–15 years.

Important Conditions

Your employer’s plan must allow loans

Not all 401(k) plans permit borrowing.

You repay yourself (with interest)

Payments go back into your account, but you repay with after-tax dollars.

If you leave your job, the loan may become due quickly

If not repaid, it can be treated as a withdrawal → taxes + 10% penalty (if under age 59½).

401(k) Loan vs. Withdrawal for Home Purchase

A loan is different from an early withdrawal:

Loan: No taxes if repaid properly

Withdrawal: Taxes + penalty usually apply

401(k)s do not have the same first-time homebuyer penalty exception that IRAs do.

Disclaimer: We are not an accounting firm or financial advisor. Please consult a licensed professional for more details.

Millions of households that hustled to get their tax returns to the IRS early could be waiting until March for their refunds.

If you’re claiming the additional Child Tax Credit (CTC) or the Earned Income Tax Credit (EITC), the IRS cannot issue your refund before mid-February. An anti-fraud law requires the agency to use that additional time to review those returns to prevent refunds from being issued to scammers.

That means these families could be waiting until the first week of March before their refunds hits their bank accounts.

Where’s My Refund? Most refunds are issued with in 21 days.

TRACK YOUR REFUND

Trouble In Paradise

Vehicle break-ins in New Orleans have surged about 160% since 2015, according to city statistics. City leaders are under even more pressure after more than 6,000 car burglaries were reported in 2019, a roughly 57% increase from 2018.

Lakeview has not been exempt from these statistics. But, how has this effected the Lakeview housing market?

Here are the numbers. In the month of January 2018 the average sold price in Lakeview was $437,500. That is a drop from January 2017 where the average sold price was $567,500.

Another telltale sign is the fact that out of the 73 active homes for sale in Lakeview, 26 homes (appx 35%) hit the market just in the last 30 days with the average list price being $564,500. Is the proverbial sky falling in Lakeview?

Either way, these facts only lead to more questions. Where do all these current Lakeview residents plan to relocate? And, what is the demographic of the potential buyers of these Lakeview homes?

Time will tell.

John Kendall, Broker

E: [email protected]

IG: @Face2FaceRealty

(Serious Investors Only)

Looking to pick up properties for your portfolio? Just getting started or a season investor, we specialize in finding those hidden house deals that you normally only hear about.

Face To Face Realty is not your typical Real Estate Brokerage. With our marketing system we find the best properties in Pre-Foreclosure, Bank Owned Homes, Handyman Deals, Fixer Uppers, and Distressed Properties at Wholesale Prices.

We make it easy by putting the deals together for you. No Hassle Portfolio Building.

So, are you interested in becoming a Preferred Client (it’s free!) get started here:

@Face2FaceRealty

Ph# (504)239-8437

E: [email protected]

ONE OF A KIND, SMART HOME in Mirabeau Gardens. Custom Features, Marble Kitchen Counters, Soft Close Cabinets, Stainless Steel Appliances, Sunroom, State of the Art Alarm System, Vaulted Ceilings, Recessed Lighting, Large Bedrooms, Spacious Living Area, Wet Bar, Designed for Entertaining, Walk-in Closets Throughout, Double Car Garage, Fully Furnished, Dining Room with a Custom Designer Chandelier. Did We Mention the Movie Theater? Do Yourself a Favor and Come See This Home.

Wait…There’s MORE…

New Orleans recently updated its laws around short-term rentals and you’ll need to take action by December 1 to keep hosting your space. You can complete the entire process online in just a few minutes.

After December 1, certain types of listings (including all dedicated or secondary home rentals in residential districts and rentals in the Garden District) will no longer be eligible to register, so it’s important to get started now if you’d like to keep hosting.

BUT… If you don’t want to deal with all the hassle, new fees and taxes that may be incurred, we can SELL your property.

FOR a Free Valuation of your Property, click the Button Below.

How Does Rent-To-Own Work?

Simply Put: A Rent-To-Own agreement allows a person to purchase a home even if they may have bad credit.

What Do You Need To Get Started?

First, you need to find a Realtor that will give you a list of homes that are available for Rent-To-Own. You can find a Realtor Here.

Second, you will need a down payment. Sometimes the down payment can be a percent of the sales price. For example, if you want to purchase a home for $100,000 you may have to bring 1% ($1,000) to the closing table.

Maintenance and Repairs

Unlike a typical rental, when you Rent-To-Own, repairs and maintenance are your responsibility. Leaky toilets and broken A/C units are all your responsibility.

Benefits of Rent-To-Owning

Using the Rent-To-Own option allows you time to work on your credit and/or save up for down payment. That way you can qualify for a traditional mortgage. Once you qualify for the traditional mortgage, you will not have to negotiate the price because those terms would already be agreed upon with the current owner.

If you are interested in Rent-To-Owning, it is important to find a real estate professional that will assist you throughout the process. It will save you a lot of time and headaches to work with an agent that knows what he/she is doing.

Find A Real Estate Expert

@Face2FaceRealty

                Check Your Credit

If you haven’t checked your credit report in the last year, you definitely want to take a look now. Consumers can receive three free credit reports a year, one from each of the main credit-reporting bureaus, on AnnualCreditReport.com. Make sure everything on the reports belong to you and the accounts are accurate. The earlier you look, the more time you give yourself to fix the problem before you start the next step…Applying for a mortgage.

                Get Prequalified

Almost time to go shopping for your new home. But, we can’t go shopping before knowing what’s in our wallet. This is why this step is important. Time for you to get setup with a lender. During this step your will get an idea of how much you have to spent and how much your monthly mortgage note will be.

                Create Your Wish List

Now that you know what you can afford, it’s time to create that wish list. This step will make the home buying process much easier. If you know what you want and your deal breakers in the beginning it will save time by not looking at homes that do not have what you want.

                Let The Search Begin (Pick A Winner)

This is the fun part. But, while house hunting, it’s important to keep a few things in mind. Remember, you are not the only one out looking for a new home. So, if your Realtor sends you a property that meets all your needs don’t not waste time. Go view it ASAP. Most first time buyers miss out on the home of your choice because they lack urgency. And, secondly, once you have found “the one” remember to have your inspections done to make sure what you are seeing is really what you are getting. If you follow these steps your will definitely be in your new home in no time.

START HERE

If you’ve been wanting to buy a new home but your credit score is stuck at 580… You may be in luck!

Let’s explore your Options:

580 Credit Score with a 3.5% Down Payment

 There is a government program called Federal Housing Administration (FHA). This program allows person with as low as a 500 credit score to qualify to purchase a home. FHA doesn’t give loans, but they will insure lenders who loan to borrowers. In the event a borrower defaults on a loan, FHA will pay the lender for the default.

Because the mortgage is FHA-insured lenders are more willing to work with borrowers with lower credit scores, low income, or other traditionally high risk borrowers.

How do you get started, if you are interested in purchasing?

Start Here