Lending News

Thought I would share this great info I received from one of my favorite lender’s newsletter.

INFO THAT HITS US WHERE WE LIVE… What’s doing pretty well is the housing market. Last Monday, Fed Chairman Ben Bernanke called housing one positive factor “that’s going to help us have, I hope, a better year in 2013 and 2014.” Evidence for that came Thursday with an unexpected 12.1% bump in December Housing Starts, to a 954,000 annual rate. Single family starts are up 8.1% for the month and 18.5% over a year ago. New Building permits were up to a 903,000 annual rate, up 27.3% for single-family homes versus a year ago.

The recent “fiscal cliff” agreement had several homeowner tax benefits. For 2012 and 2013, homeowners still get tax credits for certain energy efficient home improvements and mortgage insurance premiums remain tax deductible if your adjusted gross income is below $110,000. Plus, mortgage principal reductions or cancellations by lenders will continue to be treated as ordinary income to homeowners. These include principal balance reductions from loan modifications, short sales, deeds-in-lieu, or foreclosures. NOTE: Always consult a tax professional for the definitive answer to any tax question.