You've finally found the home of your dreams. There's just one thing standing between you and your new house: The down payment.

Many home buyers today opt to use funds from their employer’s 401(K) program to come up with the down payment on a house. Many company plans permit certain “hardship withdrawals” when there is financial need, including the purchase of the employee's principal residence. Another approach may be to borrow against your 401(K) – often as much as 50 percent of your account balance. You pay interest on the loan, but the interest goes back into your account. The money you receive is not taxable as long it is paid back and plans can give you anywhere from five to 30 years to pay back your loan.

Check with your employer’s human resources department if you're not sure if your 401(K) plan allows hardship withdrawal or a 401K loan. It could be the 1st step towards home ownership!