I am starting to see very affordable prices on  homes that are in good condition in the towns of Cedar Park and Leander. Combine the affordable Cedar Park home prices with record low interest rates and the federal “tax credit” for a home buyer who has not owned a home in the last 3 years (that makes the buyer a “1^st time home buyer”) and you have a once in a lifetime opportunity. You need a middle FICO score of 620 or better to qualify for an FHA loan.

There is very little certainty in this economy because there are so many unknown factors. It may surprise you to know that a landlord’s foreclosed home in Cedar Park can cause a renter to be evicted. Here is what is known.

1. You have to live somewhere.
2. Cedar Park home mortgage rates are the lowest they have been in years.
3. Texas and particularly Austin is doing better economically than the rest of the country and Cedar Park is doing as well or better than Austin.
4. Owning a Cedar Park home puts you in a position to itemize your deductions on your federal income tax, which gives most people greater deductions (check with your tax preparer).
5. Most of the homes in Cedar Park and Leander are newer compared to Austin.
6. The new 183-toll road has made commuting to Austin much faster and more predictable even if you don’t take the toll road.
7. The IRS is offering a $7500 interest free loan to “1^st time home buyers” with a $500 per year payback over 15 years as long as the buyer completes the home purchase before the end of June 2009.
8. You only need a 3.5% down payment for a 30 year fixed rate FHA loan and properties in certain parts of Leander are eligible for a zero down U. S. Department of Agriculture loan.

If you are currently renting, have a stable job situation and plan on staying in the area for at least 5 years, contact me and let’s explore whether buying a home in Cedar Park or Leander this Spring is the right choice for you.