People in high cost areas who planned to only put 3 1/2% down using an FHA loan on their home purchase will lose over $100K in their possible buying power come Januare 1, 2014! The revisions will be effective for all FHA case numbers assigned on or after January 1, 2014 through December 31, 2014. See new loan limits for various counties here.
Month: December 2013
Great News for People Who Did Short Sales in 2012 and 2013 in California!
Great news from a letter I just received…
As we anticipated, C.A.R. today received a letter from the California Franchise Tax Board (FTB), obtained by the State Board of Equalization, clarifying that California families who have lost their home in a short sale are not subject to state income tax liability on debt forgiveness “phantom income” they never received in a short sale.