Barry’s Blog: Fannie Mae Flip
Rates Add 3 to my high school GPA and you will have the 30 year fixed rate: 5.25% (rates can go higher or lower depending on credit score and equity in the home).
Are rates different for condos?
Yep, they can be. Condos led the league in foreclosures last year so the folks at Fannie Mae and Freddie Mac decided they would reward/ punish us based on the equity in a condo. With 25% or more equity you will get the best interest rate. With less than 25% equity there is a .25% add-on to the interest rate.
Let’s all be thankful we are not realtors in Detroit where the average home sells for $18,000.00. That’s right – 18k. I’m ashamed to say I’ve done loans for parking spots here in Chicago for double that price.
Last week I asked you which of the following about me was true – A. I have been hit by lightning. B. I was born with three kidneys. C. I danced with Tori Spelling. Most of you guessed one of the worst actresses on the planet – Ms. Spelling. But the correct answer was B. Three kidneys. The extra one is not hooked up and worthless, but I still might throw it on Ebay just for the hell of it. Today’s trivia involves an actress who has turned some heads in the past. Guess who she is and win a mystery prize from me: “I am 51 years old today. At one point my mother-in-law was Cloris Leachman. I made a movie in 1992 with a very revealing scene that the director promised would not be that revealing. It took me 14 years before I agreed to star in the sequel.”