First time home buyers often have a particularly difficult time getting enough cash for a down payment. Here are five ideas that might enhance your down payment fund and your chances of becoming a home owner more quickly.

Sometimes, even the most severe personal budget cuts don't help build your cash reserves as quickly as you'd like and the savings process can be discouraging. While it is important to be mindful of your daily expenses, there are other ways you can increase your funds for a down payment.

Talk to your parents, relatives, or long-time, close friends for assistance. They might not have any money to loan you, but one of them might be an excellent candidate to co-sign your mortgage application to strengthen its chances for approval.

Take a second job and vow to set aside all the earnings for the down payment. You can quit after you've acquired the mortgage and moved into your new home, provided your salary from your primary job meets all your obligations.

Raise your tax withholding allowances to the legal limit so that you'll keep more of your gross pay. The extra cash can be added to your down payment savings, and with the tax breaks from buying a house, you'll come close to breaking even when April 15 rolls around.

If you own securities investigate the possibility of selling them or borrowing against them. Talk to your broker. Let him/her know your plans and ask for solid financial advice. If you have an IRA, you can, as a first-time homebuyer, withdraw money for a down payment. A law effective in 1998 removed the standard 10 percent early withdrawal penalty. Also, look into borrowing against your retirement fund at work.

If you're single, considering buying a home with a friend. Split the down payment, the tax benefits and the future resale profits. Lenders will consider that two incomes are better than one. Or look for an outside investor who would contribute to the down payment and let you shoulder the monthly mortgage payments. When the home is sold, the two of you would split the profits.

Take care to stretch your dollars, adding to your saving account. But explore additional resources and you might become a homeowner sooner than you think.

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