Is there anyway for a home buyer to access the money alloacable to the credit sooners than waiting to file their 2008 tax return?

Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the future home buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downnpayment. Buyers should adjust their withholding amoun ton their W-4 via their employer or through their quarterly estimated tax payment. ISR Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qaulified purchase does not occur, then the individial would be liable for repayment to the IRS of income tax and possible interest charges and penalties.