Effective for all new registrations, maximum financing LTV/CLTV will
be reduced by 5% for any transactions where the property falls in a declining market.

A property is considered to be in a declining market if:

· DU findings return messaging stating that the property is in a declining market, OR

· Appraiser marked home values as "Declining" in the neighborhood section of the appraisal,

OR

· The property is in one of the counties defined as being in a declining market.

Example:

Product: Agency 30-Year Fixed

Purpose: Cash-out Refinance

Location: Orange County, Florida

Orange County, Florida is on Flagstar's Declining Markets list, so the declining market policy is in
effect. Maximum financing for a transaction like this is typically 90% LTV for an owner-occupied,
single-family residence without subordinate financing. Since the property is in a declining market, the
maximum LTV is reduced to 85%.

California

Alameda County

Butte County

Chico, CA

Contra Costa County

El Dorado County

Fresno County

Fresno, CA

Imperial County

El Centro, CA

Kern County

Bakersfield, CA

Kings County

Hanford-Corcoran, CA

Madera County

Madera, CA

Merced County

Merced, CA

Monterey County

Salinas, CA

Napa County

Napa, CA

Orange County

Placer County

Sacramento County

San Diego County

San Joaquin County

Stockton, CA

San Luis Obispo County

Santa Barbara County

Santa Cruz County

Solano County

Vallejo-Fairfield, CA

Sonoma County

Stanislaus County

Modesto, CA

Sutter County

Yuba City, CA

Tulare County

Visalia-Porterville, CA

Ventura County

Yolo County

Yuba County

Yuba City, CA

Colorado

Adams County

Denver-Aurora, CO

Arapahoe County

Broomfield County

Clear Creek County

Denver County

Douglas County

Elbert County

Gilpin County

Jefferson County

Park County

Weld County

Greeley, CO

Delaware

Kent County

Dover, DE

District of Columbia

District of Columbia

Florida

Brevard County

Broward County

Charlotte County

Punta Gorda, FL

Collier County

Naples-Marco Island, FL

Flagler County

Palm Coast, FL

Hernando County

Tampa-St. Petersburg-Clearwater, FL

Hillsborough County

Indian River County

Sebastian-Vero Beach, FL

Lake County

Orlando-Kissimmee, FL

Lee County

Cape Coral-Fort Myers, FL

Manatee County

Sarasota-Bradenton-Venice, FL

Marion County

Ocala, FL

Martin County

Port St. Lucie, FL

Miami-Dade County

Miami-Miami Beach-Kendall, FL

Okaloosa County

Fort Walton Beach-Crestview-Destin, FL

Orange County

Orlando-Kissimmee, FL

Osceola County

Orlando-Kissimmee, FL

Palm Beach County

West Palm Beach-Boca Raton-Boynton Beach, FL

Pasco County

Pinellas County

Sarasota County

Sarasota-Bradenton-Venice, FL

Seminole County

Orlando-Kissimmee, FL

St. Lucie County

Port St. Lucie, FL

Volusia County

Indiana

Allen County

Fort Wayne, IN

Wells County

Fort Wayne, IN

Whitley County

Fort Wayne, IN

Maryland

Calvert County

Charles County

Montgomery County

Prince George's County

Massachusetts

Barnstable County

Barnstable Town, MA

Bristol County

Norfolk County

Plymouth County

Suffolk County

Michigan

Barry County

Grand Rapids-Wyoming, MI

Bay County

Bay City, MI

Calhoun County

Battle Creek, MI

Clinton County

Eaton County

Genesee County

Flint, MI

Ingham County

Ionia County

Jackson County

Jackson, MI

Kent County

Grand Rapids-Wyoming, MI

Lapeer County

Livingston County

Macomb County

Monroe County

Monroe, MI

Muskegon County

Newaygo County

Oakland County

St. Clair County

Washtenaw County

Ann Arbor, MI

Wayne County

Detroit-Livonia-Dearborn, MI

Nevada

Carson City

Clark County

Las Vegas-Paradise, NV

Storey County

Reno-Sparks, NV

Washoe County

Reno-Sparks, NV

New Jersey

Cape May County

Ocean City, NJ

New York

Nassau County

Nassau-Suffolk, NY

Suffolk County

North Carolina

Alamance County

Burlington, NC

Ohio

Carroll County

Canton-Massillon, OH

Cuyahoga County

Cleveland-Elyria-Mentor, OH

Fulton County

Toledo, OH

Geauga County

Jefferson County

Weirton-Steubenville, WV-OH

Lake County

Lorain County

Lucas County

Toledo, OH

Medina County

Ottawa County

Toledo, OH

Richland County

Mansfield, OH

Stark County

Canton-Massillon, OH

Wood County

Toledo, OH

Rhode Island

Bristol County

Providence-New Bedford-Fall River, RI-MA

Kent County

Newport County

Providence County

Washington County

Texas

Webb County

Laredo, TX

Virginia

Alexandria City

Arlington County

Clarke County

Fairfax City

Fairfax County

Falls Church City

Fauquier County

Frederick County

Fredericksburg City

Loudoun County

Manassas City

Manassas Park City

Prince William County

Stafford County

Warren County

Winchester City

Winchester, VA-WV

West Virginia

Brooke County

Weirton-Steubenville, WV-OH

Hampshire County

Winchester, VA-WV

Hancock County

Jefferson County

Stephen Katz

Katz Mortgage Team