Perhaps. If you have already purchased your home in 2009 and qualify for the first time home buyer tax credit or you believe you will qualify for the tax credit but have not yet bought your home, you may reduce your income tax withholding or estimated tax payments, allowing you to save up some more cash that can be used for your down payment.
You can adjust your federal income tax withholding by asking your employer to issue you a new IRS form W-4. Read IRS publication 919 for more information about income tax withholding. Finally, note that if you reduce your withholding but do not qualify for the tax credit, you will owe additional taxes on your 2009 tax return and may face penalties for underpayment.
First Time Home Buyer Resources
I'm David Weliver. At 26, I had NO savings and NO financial plan. I was maxed out, stressed out, and fed up. Then, I changed. I repaid $80k of debt, tripled my income, and bought a home. I'll show you how to get similar results. 