While I am not in your area, I can tell you that lenders (and their requirements) are a little crazy lately. I would honestly suggest checking with another lender. Keep in mind that when you shop for a mortgage, credit bureaus consider different lenders credit checks as only ONE pull. It is wise to get a second opinion!
All the best!
Look at the following blog
This refers to a webtool available at a lender (GMAC) web site.
I tried a lot zip codes in Metrowest and I always got a declining market grade (C) for ALL zipcodes where as many CA, FL zipcodes returned D. Only Seattle, WA returns Low Risk (A/B) grade.
Again this may not be the one used by your lender.
There has been a lot of development in Worcester over the past 7-10 years. With the market slow down there are more Foreclosures. Check with your lender. I work with a guy in Westborough who may be able to give you some good information on what is happening in the Worcester area. Jay Cox, 617-596-1980.
Good Luck, Ed
I came across this two weeks ago and tried to get a copy from my preferred lender. He indicated that he had to submit a request to underwriting to find if it was a declining market.
This will mean additional down payment or in the case of a refinancing more scrutiny.
it is national and I would imagine there are very few areas not considered in a declining market.
Rob Goodwin, Broker/Owner, CRS,GRI,SRES
Goodwin Realty Group
855 Washington Street
Easton, MA 02375
Maximizing Your Opportunity in the Marketplace
That being said, this one's new to me, why on earth would a lender REQUIRE that the loan they're about to invest in be in a declining market?