Is a mutual fund the best way to save for a first home?

I’m looking in 3-4 years to purchase my first home. I have been currently saving for it, but if there was a decent way to marginally increase the overall downpayment that would help in the long run. I could buy into a blended mutual fund which has decent returns.

Is this an okay way to do it without being hit with penalties or are CD’s a better way to accumulate this money?

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