Saving money for a down payment on a new house is a significant investment and an opportunity for you to show off your impressive budgeting skills. The more money you can bring together, the more you will be able to consider homes in a wide range of price points. Also, when you do purchase your home, having a little extra cash in the bank will create a wonderful feeling of security for you. Exit Realty Upper Midwest, the premier residential and commercial real estate advisers in Iowa, Minnesota, South Dakota, North Dakota, and Wisconsin have a few tips for unlikely sources of down payment money:

• Think Local: Your local government agencies may have a down payment assistance programs to help buyers. You may find that these programs are very targeted: For example, a program may specifically aid first-time home owners only. Sit down at a computer and start searching. Make certain, however, that you are only reviewing websites run by your local government: the URL address will end with .gov.
• Talk To HR: Your company may have a program to assist employees with their home buying efforts. Consult your human resources staff and see if they know of any applicable programs. If you are on the market for a new job, consider building relocation costs into any offers you receive.
• Give Yourself A Loan: In some circumstances, it might make financial sense to borrow against or extract funds from your 401 (k) or IRA. For example, if you could supplement enough money into your down payment that your mortgage interest rate went down, you might be able to then repay the cash to your own retirement account with interest.

You should consult your real estate agent at Exit Realty Upper Midwest as you consider new ways to augment your cash on hand for the down payment. This is also an excellent time for you to contact Exit Realty Upper Midwest if you are interested in real estate franchise or real estate leadership opportunities. For more information regarding real estate and investment, call Exit Realty Upper Midwest at (612) 414-4022, or visit them online today.