Five HUD questions from borrowers, answered by Bravo's FHA Chief Underwriter.
HUD loan questions, answered
Matthew Fisher, FHA Chief Underwriter at Bravo Capital, answered borrowers' HUD questions live during "HUD's Market-Rate Moment," a webinar hosted by The Promote on October 14, 2026. Below are five of his answers, lightly edited, on loan maturities, value-add properties, HUD approval, new construction and what happens when construction ends.
Timing and value-add properties
My loan matures soon. Can I still use HUD?
"For most of what we see, refinances, it's not hard to plan, especially if you have a project that clearly fits within the HUD box. I haven't run into many situations where time to close has really been a hurdle. Here at Bravo, we will talk with the lenders on extensions and help educate them on the HUD process. Anyone who's done HUD knows that once you get approval from HUD, in the form of a firm commitment, it's going to close. So getting a month or two extension from your existing lender usually isn't a problem."
Can a value-add property get a HUD 223(f) loan?
"Proceeds are what most people are looking for. HUD makes sense for a 223(f) if you've already begun some of those renovations, you're getting better rents and you can prove it. We can usually underwrite to that additional value, maybe with some holdbacks on the cash out. So my recommendation, if you're doing a value-add: get a little proof of concept, and then we can likely guide you to HUD so you can take advantage of the bigger proceeds."
Building new with HUD 221(d)(4)
How do I know if HUD will back my project?
"HUD is very forthcoming in concept meetings. They'll tell you directly if they're concerned about something. If they encourage you to submit, they'll give you a list of very specific things to address. And if they don't feel there's a market for it, they won't invite you, so you won't be out all that money pulling a 221(d)(4) application together."
Do I need a new loan when construction ends?
"With a 221(d)(4), your construction loan takeout doesn't occur. It automatically converts to a permanent loan. So if interest rates jump or valuations drop, it doesn't matter. Just get the property leased up, complete your cost certification, and you have your permanent loan."
About Matthew Fisher
Career
Began by underwriting acquisition and development loans at Wells Fargo, then focused on multifamily and senior care financing through the FHA MAP and 232 programs.
Deputy Chief Underwriter
Served as Deputy Chief Underwriter at Wells Fargo Bank and Centennial Mortgage, managing staff, training, underwriting and the 232 underwriting platform.
At Bravo Capital
FHA Chief Underwriter for Bravo's HUD multifamily and healthcare loans: 223(f), 221(d)(4), 223(a)(7) and Section 232.
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