If you are a saver, and many of you are, than the need to locate a down payment will not be an issue for you.

But there are also many of us out there that have not had the luxury to save as much as we would have liked for various reasons. With this challenge at hand, we will need to track down a source for a down payment.

If you have excellent credit, and when I say excellent, I mean your credit history is perfect without a blemish on it, you will most likely be able to apply for a mortgage with 100% financing, if you choose to go that route.

A lot of lenders offer this product, and if you can swing it, than you wont need to come up with any cash for a down payment, and you will only be responsible for closing costs.

If you are unable to go with 100% financing, here are a few ideas you might look into to come up with a down payment.

Retirement Plans

If your employer offers a retirement plan such as a 401k, you might want to consider borrowing from it to help out with your down payment. Most 401k plans offer this option for home purchasing reasons. You do however have to pay this money back on a monthly basis.

The down side to using a 401k plan is that when you pay the loan back, you are doing it with after tax dollars.

With that being said, it is still worth looking into, and a lot of people consider this option.

Family

When all else fails, ask family members to give you a helping hand. This is not an uncommon practice among newlyweds who often approach their parents for assistance with their down payment.

If this is not for you, I understand. It can be tough to swallow your pride and approach family members to help you out.

Save

If you are at the end of your rope, and there doesnt seem to be any down payment money in sight. You just might have to bight the bullet, start saving, and wait it out.

A great way to jump start your savings is with your tax return money. Depending on what your return is and what percentage the lender requires you to put down, your tax return could have you in the door sooner than you think.