Not really.
But it does happen to be the first county on the new Countrywide list of declining markets that is in the least danger of declining. They have ranked all the counties in the US on a scale of 1 to 5. 1 is good, 5 is bad.
Here’s the 22 page .PDF list: LINK
HINT: using CTRL and F will bring up a quick search to easily sort through the long list.
My county is a 4. That’s because I have some really high foreclosure activity in the outer reaches dragging us down. C’mon Antioch, Brentwood, Richmond, and Oakley!
Because I am a 4, (does being labeled a 4 make me less of a man?)
Conforming, Non-Conforming, Expanded Approval (EA), and Conventional Bond loans:
Soft Market Category 4-5 loans
Maximum financing will be reduced by 5%
Example: Maximum financing per Countrywide’s Loan Program Guide allows for 95% LTV. Loans in Category 4-5 will be limited to a new max LTV of 90%.
This supersedes anything that the previously mentioned Fannie Declining Market set forth.
And if I wanted to add a Home Equity Loan…
Soft Market Category 4 loans
Maximum financing will be reduced by 5%, unless the loan is already 5% below the maximum allowable financing
But there’s also exclusions to the rule:
Products / Programs Not Impacted
FHA / VA
Rural Housing
Bond programs using government or Rural Housing loan programs
Reverse Mortgages
Mortgage Industry Professionals. Like what you see?
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{ 2 comments… read them below or add one }
I am proud to be right smack in the middle of a bunch of 5s. Actually, this area is probably closer to 10 on the scale.
Looks like the county I live in and the neighboring county where I do much of my business (Kansas City area) are solid 2’s.
As I suspected…
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