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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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What to Expect in the Real Estate Market in 2025?

7 Home Buyer & Seller Market Trends to Watch in 2025 

7 Key Real Estate Trends to Watch in 2025


As we step into 2025, the real estate market continues to change, bringing both new opportunities and challenges for buyers, sellers, and industry professionals. Based on early forecasts and expert insights, here are seven key trends expected to shape the housing market this year.

1. Home Prices Are Likely to Stabilize

After several years of rapid price increases, home values are expected to stabilize in 2025. While some areas may still see modest growth, buyers could finally see relief from the steep price hikes of recent years.

2. Mortgage Rates May Gradually Decline

As inflation slows and the economy adjusts, mortgage rates could see slight decreases. This shift would make homeownership more affordable, especially for first-time buyers who were previously priced out of the market.

3. More First-Time Buyers May Enter the Market

With better affordability and supportive government programs, first-time buyers may play a bigger role in the housing market. Down payment assistance and low-interest loan options could help more people achieve homeownership.

4. Multigenerational Living Will Keep Growing

The demand for multigenerational homes is expected to remain strong. More families are choosing to live together, either to save money or to provide caregiving support for loved ones.

5. Housing Inventory Will Improve

The supply of homes is predicted to grow as new construction increases and more homeowners decide to sell. This gradual rise in inventory could help balance the market, making it easier for buyers to find homes.

6. More Sellers Will List Their Homes

With market conditions improving, more homeowners may feel confident about selling their properties. A higher number of listings will help create a better balance between supply and demand.

7. Technology and AI Will Transform Home Buying

The real estate industry will continue embracing technology, with artificial intelligence, virtual home tours, and digital transactions making buying and selling more efficient than ever.

What These Trends Mean for You

 

For sellers: More competition means pricing your home strategically will be essential.

For Buyers: More inventory and stable prices could create new opportunities.
For real estate professionals: Using technology and understanding buyer trends will be key to success.
As 2025 unfolds, staying informed about these trends will be essential for making smart real estate decisions. Whether you’re buying, selling, or advising clients, these insights will help you navigate the market with confidence.

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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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Outdoor Resorts #404 For Sale!

Outdoor Resorts #404 For Sale!

Outdoor Resorts #404 For Sale!

9000 US HIGHWAY 192, CLERMONT, FL

Just Listed

Presented By:

Showing Agent:

Bardell Real Estate

Bardell Real Estate
863-424-2309

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$ Click for current price
1 BEDROOMS | 1 full bath BATHROOMS | 687 SqFt

55+/1 Pet/Gated community. Nice one bedroom/one bath unfurnished home located in a lakefront community. This home offers a nice size Florida room and laundry area along with a living room, kitchen with eat-in area, nice hallway, and master bedroom with lots of storage. This home has a newer roof, windows, and a/c. Nice size side and rear lawn. Outdoor Resorts offers two large heated pools, one heated kiddie pool, children’s playground, lighted tennis courts, pickle ball, shuffleboard, par 3 golf course, mini golf fun site, volley ball court, basketball court, bocce ball and horseshoes. There are facilities for all water sports, including a boat ramp. The clubhouse has a library, lounge where you can play cards or relax, and a large auditorium for community events. The HOA fees of $570/qtr cover water/sewer/basic cable/trash/lawn mowing. This is a nice home, great park. Come take a look. Oh…AND YOU OWN THE LAND

 

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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