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6 Common Myths About FHA Loans

6 Common Myths About FHA Loans

As home prices continue to rise, more buyers are considering Federal Housing Administration (FHA) loans to make homeownership more accessible. FHA loans are government-backed mortgages known for their flexible lending criteria, making them a great option for buyers with lower credit scores and smaller down payments. However, misconceptions about FHA loans persist, potentially discouraging buyers from taking advantage of this financing option. Here, we break down six common myths about FHA loans and uncover the truth behind them. 

Myth #1: FHA Loans Are Only for Buyers with Bad Credit 

Truth: While FHA loans allow borrowers with credit scores as low as 500 to apply, they are not limited to those with bad credit. In fact, the average credit score for FHA borrowers is 683, with 80% of applicants having a credit score of 600 or higher (according to 2024 data from Ellie Mae). This means that borrowers with good or even excellent credit can still benefit from FHA loans. 

Myth #2: FHA Loans Are Only for First-Time Home Buyers 

Truth: Although FHA loans are popular among first-time home buyers, they are also available to repeat buyers and individuals with low to moderate incomes. Many homebuyers use FHA loans as an affordable financing option, regardless of whether it’s their first home purchase or not. 

Myth #3: FHA Loans Have Higher Interest Rates 

Truth: Contrary to popular belief, FHA loans often come with competitive interest rates, sometimes even lower than conventional mortgage rates. Borrowers with higher credit scores and larger down payments may qualify for some of the best available rates. It’s essential for buyers to compare both FHA and conventional loan options to find the best fit for their financial situation. 

Myth #4: FHA Loans Take Longer to Close 

Truth: Many assume FHA loans take significantly longer to close than conventional loans. However, data from 2024 Value Penguin shows that FHA and conventional loans take roughly the same amount of time to close—an average of 47 days. The closing timeline depends more on the lender’s efficiency and the buyer’s preparedness rather than the type of loan. 

Myth #5: FHA Loans Can Only Be Used for Single-Family Homes 

Truth: FHA loans are versatile and can be used to purchase a variety of property types, including single-family homes, townhouses, HUD-approved condos, and even multifamily properties (up to four units). The only requirement is that the borrower must use one of the units as their primary residence. 

Myth #6: FHA Loans Have Income Limits 

Truth: Unlike some government-backed loan programs, FHA loans do not have income limits. High-income earners can also qualify, as there are no restrictions on how much a borrower can make to be eligible for an FHA loan. 

 

The Bottom Line 

FHA loans offer flexibility, accessibility, and affordability, making them a valuable option for many buyers. Whether you are a first-time homebuyer or a repeat buyer, these government-backed loans can help you achieve your homeownership goals. 

Before ruling out FHA financing, consult with a mortgage professional to explore your eligibility and compare loan options. Don’t let myths keep you from securing the home loan that’s right for you! 

 For more information visit: Motto Mortgage

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Florida Beaches to Visit this Labor Day

Florida Beaches to Visit this Labor Day

Florida Beaches to Visit this Labor Day

Labor Day in Florida is a holiday commemorated by barbecues, fireworks, parades, and picnics as a sign of the end of summer. This is the perfect time to arrange a last-minute summer Florida beach trip to soak sunshine before fall arrives! You may call Florida home, but do you know where to head to? Consider the following fun-filled Florida beach destinations:

 

St. Augustine

The beaches in St. Augustine, Florida provide a diverse range of experiences, from beautiful State Parks to public beaches just a block or two from local eateries. You may enjoy spending the day at the exquisite Anastasia State Park, where vehicles are not permitted on the beach. However, if you find yourself yearning to cruise through the sand in your car, you may travel a little farther south to St. Augustine Beach, where automobiles are permitted in specified locations. Make sure to work up an apatite and take advantage of one of the many terrific local pubs and restaurants along A1A, or “Beachfront Avenue.”

 

St. Petersburg

St. Petersburg Beach, a barrier island in Florida, provides a variety of things to do for adventurers, including kayaking, windsurfing and tour groups.   The sparkling crystal blue waters are fantastic for swimming, fishing, kayaking, stand up paddle boarding and many other water sports, making it an excellent option for people seeking a more active getaway.

 

While there are major recognized restaurants in the area, diners will be pleased to find that the local independently owned restaurants offer an abundance of flavorful options during to your stay at the beach. The city streets are lined with unrivaled breakfast places, excellent steakhouses, and, of course, award-winning seafood options.

 

Destin

Between Fort Walton Beach and Santa Rosa Beach sits Destin, a Florida beach resort. Destin, which is continuously named among the greatest beaches in the country, is a popular vacation destination among Florida locals and more. Destin is notable for its beautiful sand beaches and warm Gulf seas. If you decide on making Destin your Labor Day holiday spot, some popular must-sees are Gulf Island National Seashore, Big Kahuna’s Water Park, and Henderson Beach State Park.

 

Panama City Beach

Panama City Beach, known as “Florida’s Forgotten Coast,” is a popular destination located in the Panhandle which is less crowded than other Florida beaches further south. There you can take in 27 miles of gorgeous white quartz sand Gulf beaches, which are fantastic for your Labor Day weekend escape. Kick off the festivities by putting on some cowboy boots and belt out Dixie songs at the Pepsi Gulf Coast Jam. Seeking something more tranquil?  Catch a sunset boat tour of the region, board a water shuttle to nearby Shell Island, or visit St. Andrews State Park to admire wildlife in their natural environment.

 

Amelia Island

When it comes to planning your day at the beach, Amelia Island has a great deal to offer including over 13 miles of beaches! Although many visitors opt to remain at the beach nearest to where they are lodging, it is encouraged to explore the many beach options Amelia Island has to experience.

 

Beaches are accessible from over 40 public access sites as well as a number of seaside parks. Many of the island’s most notable beaches are all accessible from established parks with facilities including restrooms and showers.

 

Florida Keys

The Florida Keys are known for their plethora of outdoor activities, and enthusiasts will enjoy the world-class fishing, diving, and snorkeling. The whole family may enjoy John Pennekamp Coral Reef State Park, the first underwater park in the United States and home to the country’s only living coral reef, where you will be able to witness a diversity of undersea marine life in crystal clear waters.

 

Pensacola

Pensacola, the Gulf Coast’s hub, is known for its emerald-green waters and sugar-white sands. After taking in the views from one of the greatest beaches in the country, you must consume some of the tastiest seafood the state has to offer or simply just relax at an oceanfront hotel. Spend this Labor Day weekend listening to smooth sounds at the Community Maritime Park’s Gulf Coast Summer Fest: Jazz Edition or gaze into the night sky on the beach with telescopes provided by the Escambia Amateur Astronomers Association for a great night out under the stars.

 

Sarasota

Sarasota is known for its sun, sand, and pristine ocean views, but not all Sarasota beaches are created equal. Sarasota’s wide coastline is dotted with six islands, each with its own unique charm, recreational opportunities and scenic beauty. This vacation spot is perfect for nature-loving families! Children may participate in sand dollar hunting on Siesta Beach, take a kayak tour of South Lido Nature Park, or marvel at the distinctive Florida wildlife at Myakka River State Park.

 

 

Regardless whether you decide to venture to a Florida beach or simply relax at home, we hope you have a splendid Labor Day holiday weekend this year!

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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Kissimmee Vacation Home for Sale – 7669 Fairfax Dr

Kissimmee Vacation Home for Sale – 7669 Fairfax Dr

Kissimmee Vacation Home for Sale – 7669 Fairfax Dr

7669 Fairfax Dr, Kissimmee, FL

Just Listed

Presented By:

Showing Agent:

Bardell Real Estate

Bardell Real Estate
863-424-2309

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$ Click for current price
11 BEDROOMS | 13 full baths BATHROOMS | 5496 SqFt

Contemporary meets elegance! This 11 bedroomed property offers everything and more for you and your guests. This cleverly designed home was built as the perfect entertainment homes and enhanced by the interior designer. Offering 4 bedrooms downstair plus 7 upstairs this really is designed to accommodate large gatherings. Featuring 11 bedrooms including a super hero bedroom and Under the Sea themed bedroom as well as other beautifully designed themed and contemporary bedrooms. Looking for fun and entertainment? Then look no further this spacious which has a second floor games room with balcony complete with pool table, electronic games and TV. The fun continues with a movie theater and well equipped Disney themed games room in the garage. This stunning home continues to surprise it’s guests with exceptional outdoor entertainment. From the large covered lanai complete with TV to it’s resort style pool area with pool, spa and splash pad! Fun for all the family! Looking for some peace and quiet, there’s even a small café area and wet bar on the second floor. A 3 story clubhouse with concierge service for you and your guests including children’s activity area, café bar offering delicious food and terrace which allows you to enjoy the sights of this well located development while spoiling yourself with the culinary delights the restaurant has to offer. Kids and adults will love the aqua park with fun for all ages. Continue your regular fitness routine in the well equipped gym as well as outdoor sports including tennis, basketball, beach volley ball, etc. Located within minutes of Disney, 429, I4 and 192, the home is ideally located for easy access to the theme parks, malls, golf courses, grocery stores and restaurants. You’ve found your contemporary oasis and investment property. Don’t delay call today!

 

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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5 Tips When Downsizing Your Home

5 Tips When Downsizing Your Home

5 Tips When Downsizing Your Home

Houses

Most older individuals will contemplate downsizing or relocating to a home in a retirement community as they get older. Around 51% of retirees aged 50 and above downsize their houses once they retire and 77% of seniors intend on remaining in their current place of residence. It could be wise to downsize if you notice you have a lot of unnecessary extra space or too much clutter, you’re lacking the social connections you want, or the cost to maintain your current home isn’t practical.

If you are thinking about moving into a 55+ community or smaller house, here are five tips for downsizing your home:

Begin as early as possible and pace yourself

Starting your home downsizing project as soon as possible will give you time to get organized while avoiding any last minute stresses when getting rid of clutter when you finally relocate.

Place emphasis on what you’re getting rather than what you’re losing. Change is never easy, and there will be difficult days ahead. Take into account how your life will improve as a result of these adjustments. By starting your home downsizing project early, you will also have the time to spend enjoying your days and loved ones rather than cleaning, working, or searching for stuff.

 

Start small and concentrate on one room at a time

Trying to focus on what needs to get done in your entire home may feel like a large overwhelming project. Make a plan to dedicate time to one room at a time. We suggest taking care of practical must-haves in the beginning such as bathrooms and kitchen. Save going through sentimental items such as heirlooms for later as these items are the most difficult to part with. By starting out with the essentials and saving the sentimental times for later, you may find it easier to decide on what to keep once you have gotten into a rhythm with the allocation of your must-have basics.

 

Sell, donate or give away

For each area, create and label containers for things you wish to maintain, donate (or give to loved ones), and discard. It’s tempting to make a “maybe” pile, but avoid this as much as you can! At the very least, limit it to only a few items. Taking away the “maybe” option motivates you to stay on track and avoid dedicating too much time fixating on one item.

 

Should you have possessions you are holding on to because you imagine you might need them later, take into account if their potential use is worth the space they are occupying. For many situations, particularly with furniture, media, and cookery, these objects may be simply replaced in the longer run, perhaps with an even better version.

 

Prior to giving up anything with emotional value, check with your relatives to be certain what you’re letting go of isn’t someone’s cherished item. It however is not advisable to retain something presuming it’s significant to another family member without first asking.  Recognize that your kids and loved ones may just appreciate a few belongings, no matter how precious they may be to you.

 

Go digital

Photographs, documents, videos and your kids’ artwork can take up a lot of room. While you don’t have to get rid of everything, you can capture these items into a small device you’re able to plug in and view at whenever you like. If you have a large amount of items to digitize, you can even pay a business to do it for you.

Get some help if needed

One of the most difficult aspects about downsizing is not having much knowledge on what to anticipate. Should you have any concerns or questions, talk to others who have gone through this process before. Getting a start on this project may get overwhelming, however, hearing about their experience may further motivate you to follow their footsteps.

 

When it comes to going through the downsizing process, it may be a good idea to ask friends or family members for help, especially with problem areas and tough jobs. They can assist you with staying organized, letting go of items as well as help with any heavy lifting needing to be done.

Housing is an essential subject as we age, whether we choose to stay in our current house or move. If you have any questions about buying a Central Florida retirement home, we are here to help you embark on your life’s next chapter by finding your next dream home.

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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School Supply Drive for Students in Polk County

School Supply Drive for Students in Polk County

School Supply Drive for Students in Polk County

As summer vacation is vastly approaching its end, children will be getting their backpacks ready for a brand new school year right around the corner. It is notable to mention that Back to School Tax Free Week, previously lasting for three days, is now running from July 31st – August 9th. This will be the perfect time to purchase school items while spending less money!
 
There are people in our community that have found themselves in tough financial situations and just the need for these essential items has become an added stress. Fortunately, Bardell Real Estate is partnering up with the East Polk County Association of Realtors (EPCAR), along with other businesses, in organizing a back to school supply drive benefiting local Polk County students. EPCAR is asking for:
  • #2 pencils
  • pens
  • notebooks
  • erasers
  • colored pencils
  • folders
  • backpacks
  • Hand Sanitizer
  • highlighters
  • scissors
  • rulers
  • crayons
  • index cards
  • glue
  • #2 pencils
  • pens
  • notebooks
  • erasers
  • colored pencils
  • folders
  • backpacks
  • Hand Sanitizer
  • highlighters
  • scissors
  • rulers
  • crayons
  • index cards
  • glue
Donations are currently be accepted from now until 8/6/2021. You may drop your contributions at our Bardell Real Estate office located at 9110 Hwy 192, Clermont FL 34714 during Mondays – Fridays between 9 AM – 5 PM. The EPCAR office in Winter Haven will also be accepting donations between 8:30 AM – 5 PM on Tuesdays, Wednesdays and Thursdays. 
 
The following EPCAR business partners and brokerages will also be collecting back to school supplies Mondays – Fridays:  
 
  • Century 21 Myers Realty (Auburndale)
  • Coldwell Banker Realty (Winter Haven)
  • I Think Realty (Winter Haven)
  • Organized Haven (Lakeland)
  • Paramount Title (Winter Haven)

Ready to make a Move?

Bardell Real Estate are the experts in helping you with your selling, buying or renting needs near Orlando, Florida. Make your Disney area experience a forever memorable one. Call us now to speak to a real estate agent.

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