Dustin Talley

I know a lot of us are starting to think about buying that first home.

With rent prices becoming exceedingly more expensive, it sounds like a pretty good idea to start putting that money towards building yourself some equity.

But with today's competitive market being able to put together a large down payment can be the difference between your offer getting accepted or rejected.

Here's an article outlining some strategies for saving up for a down payment. A couple of these are ridiculous, but there are 3 that I think everyone should know:

1) Look into special first time home buyer programs (I'll do a post about some of these later this week)

2) Tap into your IRA

Tax Laws allow you to use up to $10,000/ person from your IRA as a down payment for your house. That means if you and your partner are buying your first home there's potentially $20,000 available for your down deposit from your IRA.

3) Gifts

Tax law allows for several thousands of dollars to be given as a gift without tax consequences. The gift-exclusion for 2017 was $14,000 and is adjusted annually for inflation.

If you're thinking about buying your first home and want to see if its a possibility give me a call and we will see what kind of buying potential you have.

9 ways to save for a down payment Don’t have the down payment for your dream home? Here are nine ways to come up with cash for a new home.