Allocations for the California First Time Home Buyer State Tax Credit are only estimates, based on small samples. The numbers are overstated as there will be duplicate, revised, and invalid applications included as the Franchise Tax Board have not verified any of the applications.
Applications for First-Time Buyer Credit received as of 06/08/10
Applications and Allocations
| As Of | Estimated First Time Buyer Apps | 57% of Requested Est Credit |
|---|---|---|
| 05/04/10 | 430 | $2,351,000 |
| 05/11/10 | 2470 | $13,283,000 |
| 05/18/10 | 4830 | $25,473,000 |
| 05/25/10 | 7330 | $38,357,000 |
| 06/01/10 | 9760 | $50,948,000 |
| 06/08/10 | 12740 | $65,787,000 |
These estimates are only provided to give a general idea of the number of applications received and the amount requested for the First-Time Buyer Credit. They are showing 57% of the estimated requested credit since the $100 million cap will only be reduced by 57% of the credit allocated to the buyer. The amounts do not reflect actual amounts which will be allocated. These estimates will be updated each Thursday until they are sure that they have received more than enough applications to allocate the full $100 million. Once they determine that they have received sufficient applications to allocate the full $100 million, they will stop accepting applications for the First-Time Buyer Credit.
Estimates for the New Home Credit will be provided once their computer system is completed.
Guys and Gals, at the current rate of 325 applications per day and at roughly $5500 per credit allocated, the $100 million First Time Buyer Credit will last for approximately 8 weeks, 5 of which have passed, leaving 3 weeks to go.
Tune in every Thursday or so for updated numbers on the First Time Buyer credit.
cforms contact form by delicious:days
Related Articles:
Reserve Your Tax Credit on a New Home in California
{ 1 comment… read it below or add one }
I have a question for you:
I bought a house on Trustee auction at the courthouse steps on April 28th that I am living in now in cash for the full amount that day. The deed of trust was then recorded on May 14th with the county.
Would I qualify for the First time home buyer state credit based on that or is it April 28 that would count?
I do not have a Hud-1 or close of escrow to show only the recorded deed.
-Mads Tolling