Serious Sources for a Down Payment

These suggestions aren't for the faint at heart. But, if you're serious about saving up these sure fire moves will help you reach your goal.

Payroll Deductions: One of the best ways to save money is to hide it from yourself. Payroll deductions or allocating a piece of your direct deposit to a special savings account can be a great way to trick yourself into saving.

Tax Refund: You know it's coming, why not use it toward your down payment? If you're really serious about home ownership, talk to an accountant about tax planning to make sure there is a little green at the end of the year to help you with your down payment.

Borrow from the 401K: It's not losing your retirement, it's more so using a piece of one investment to make another. First-time homebuyers can one-time borrow up to $10,000 from their Individual Retirement Account (IRAs) without paying the early withdrawal fees. Be sure to talk to your 401K or IRA administrator to find out how it will impact your retirement.

More Work: Yes, we said it; more work. If you're serious about reaching your down payment goal, consider spending a few hours working part-time. 10 hours/week at $10/hour all year will get you $5200 closer to your goal.