The US Department of Housing and Development has released its FHA 203K Endorsement Report. It is for the Fiscal Year ending September 30, 2010. In the period of October 1, 2009 - September 30, 2010, HUD ranks Prospect Mortgage as the #2 volume FHA 203K lender in the country. For the 2010 Fiscal Year, Prospect Mortgage closed 928 FHA 203K Renovation mortgages. A total of 22,491 FHA 203K loans were endorsed by HUD in the 2010 Fiscal Year by all mortgage companies.
The most shocking data comes from the number of companies that closed less than 5 of these loans. In Atlanta alone, there were 25 mortgage companies that only closed one 203K loan in the entire year. That is for the entire company for the entire year. Eight companies only closed two 203K's each, while three companies closed three loans and four companies closed three each as well.
The FHA 203K mortgage can be quite complex. A company that only closes one of these loans per year is probably not going to be the most proficient at getting one successfully closed. When considering an FHA 203K Renovation mortgage, it is imperative to make sure that you are working with a mortgage company dedicated to this loan program.