FHA loans have been a large part of the home buying scene for some time.  They have been the largest single factor in making it possible for many home buyers to purchase their home.  There are changes coming that will affect new loans.

In the three counties we service most (Yuba, Sutter and Colusa) there will be a lowering of the purchase (or loans) limits.  Currently FHA will loan up to $417,000 on a home.  As of January 01, 2014 that maximum amount will be lowered to $271,000 in our area.

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 JOBS UP, STOCKS DOWN… A better than expected monthly Employment Report sparked a stock rally on Friday, but it wasn’t big enough to prevent the Dow and S&P 500 from ending down for the week, after eight weekly gains in a row. The good news jobs report featured 203,000 nonfarm payrolls added in November, plus …

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 ►IRS AND CALIFORNIA FRANCHISE TAX BOARD DECLARE CALIFORNIA DISTRESSED HOME SELLERS NOT LIABLE FOR FEDERAL OR STATE INCOME TAX ON SHORT SALES

Last week, C.A.R. received a letter from the California Franchise Tax Board (FTB), obtained by Board of Equalization (BOE) member George Runner, 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.

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