How do I choose a HUD lender?
Choose a HUD lender first on whether its HUD loans close, whether it holds the HUD approval your property needs (MAP for apartments, LEAN for Section 232 healthcare), and whether it can carry the deal if the property is not ready for HUD yet. Then compare underwriting depth, timing, fees and servicing. Ask every lender for a list of each HUD firm commitment it has received and whether it closed; for apartment loans, you can check that list against HUD's own data.
The checklist
1. MAP or LEAN approval for your property
A MAP lender can underwrite and submit HUD apartment loans: 223(f), 221(d)(4) and 223(a)(7). Skilled nursing, assisted living and memory care loans under Section 232 need a LEAN-approved lender. Ask which approvals the lender holds, and whether it is the lender on the loan or is placing it with someone else.
2. Commitment-to-close record, and how to verify it
- Ask for every HUD firm commitment the lender has received, with property, city, program, firm commitment date, closing date and amount, and whether each one closed.
- For apartment loans, check the list against HUD's FHA multifamily firm commitment and initial endorsement data, which lists loans by lender.
- For Section 232 loans, which that data does not cover, confirm with the borrowers and operators.
- Ask how amendments and reissued commitments are counted, and whether loans the team closed at earlier firms are included.
3. Healthcare and Section 232 experience
Ask for Section 232 closings by name and state. Ask who underwrites the operator, survey history and professional liability items, and whether the lender screens facilities for HUD's Express Lane.
4. In-house bridge-to-HUD
If the property needs lease-up, repairs or an operator change, ask whether the lender or an affiliate can make the bridge loan, order reports to HUD standards from day one, and underwrite the HUD refinance. A HUD takeout is never guaranteed.
5. Underwriting team depth
Ask who the chief underwriter is, how many HUD loans that person has underwritten, who handles healthcare, and who answers HUD's comments during review.
6. Application-to-commitment timing
Each stage of a HUD 223(f) or Section 232/223(f) loan takes about two months: engagement to firm application, firm application to firm commitment, and firm commitment to closing, so about six months in total (see the HUD Timeline Tracker). Ask each lender for its own typical time per stage, and which stage it expects to take longest on your deal.
7. Fees
HUD sets the application fee (0.30% on a 223(f), 0.15% on a 223(a)(7)) and the mortgage insurance premium. The lender fee, legal costs and third-party report pricing vary, so ask for the all-in cost to close in dollars.
8. Servicing
A HUD loan can run 35 years or more. Ask who will service the loan, how reserve draws and prepayment requests are handled, and whether servicing stays with the lender.
Lender types compared
| Bank-owned HUD lender | Non-bank MAP lender | Mortgage broker | |
|---|---|---|---|
| Underwrites and submits to HUD | Yes, if MAP or LEAN approved | Yes, if MAP or LEAN approved | No; works through a MAP or LEAN lender |
| Bridge before HUD | Depends on the bank's own lending appetite | Some have an affiliated bridge lender or fund | Can arrange one from a third party |
| Typical strengths | Wide product range and existing banking relationship | HUD focus and direct access to decision makers | Compares several lenders and loan types |
| What to verify | Size of the HUD team and its closing record | Capital for bridge loans, servicing and closing record | Which lender will underwrite, the broker's fee, and who is accountable |
Questions to ask every lender
- Which HUD approvals do you hold?
- Can I have a list of every HUD firm commitment you have received, and whether each closed?
- How many Section 232 loans have you closed, and where?
- Can you or an affiliate make a bridge loan if the property is not HUD-ready?
- Who underwrites my loan, and who answers HUD's comments?
- What is your typical time from engagement to firm application, and to firm commitment?
- What is the all-in cost to close, in dollars?
- What prepayment schedule do you offer?
- Who services the loan after closing?
Bravo Capital's facts
| Item | Bravo Capital |
|---|---|
| HUD approvals | MAP (223(f), 221(d)(4), 223(a)(7)) and LEAN (Section 232) |
| Commitment-to-close record | 26 of 26 HUD firm commitments closed since April 2022, $526.0 million |
| By program | 19 of 19 HUD 223(f), $379.6 million; 7 of 7 Section 232/223(f), $146.4 million |
| Skilled nursing | Six Section 232/223(f) loans in Virginia and West Virginia since September 2025, $143.2 million, all closed |
| Bridge-to-HUD | In-house through affiliate Bravo Property Trust: $3 million to $75 million and up, up to 36 months |
| Bridge-to-HUD example | 1620 New York, Brooklyn: $23 million bridge loan, then a $21.0 million HUD 223(f) loan, closed January 2026 |
| Underwriting | FHA Chief Underwriter Matthew Fisher; Deputy Chief Underwriter Mitchell Reiser |
| Headquarters | 780 Third Avenue, New York, NY 10017; (212) 258-1000 |
Program guides: HUD 223(f), HUD Section 232, Bridge-to-HUD. Related: HUD MAP and LEAN lender, How to compare 223(f) proposals, Closing certainty on skilled nursing loans.
Questions borrowers ask
How do I verify a HUD lender's closing record?
Ask for a list of every HUD firm commitment the lender has received, with property names, dates and amounts, and whether each closed. For apartment loans, check the list against HUD's FHA multifamily firm commitment and initial endorsement data. That data does not cover Section 232 healthcare loans, so confirm those with the borrowers involved.
Should I use a mortgage broker or a direct HUD MAP lender?
Either can work. A broker can compare several lenders and loan types, but a broker cannot process a HUD MAP loan directly and must work through a MAP lender. Ask who will underwrite the loan, submit it to HUD and handle HUD's comments.
What is the difference between MAP and LEAN approval?
MAP approval lets a lender underwrite and submit HUD multifamily loans such as 223(f), 221(d)(4) and 223(a)(7). LEAN approval covers Section 232 healthcare loans for skilled nursing and assisted living.
How long should a HUD lender take to reach a firm commitment?
On a HUD 223(f) or Section 232/223(f) loan, about two months from engagement to firm application and about two months more to firm commitment. Qualifying healthcare refinances can be faster under HUD's Express Lane.
About the author
Aaron Krawitz is the founder and CEO of Bravo Capital, a HUD-approved MAP and LEAN lender in New York City. He founded Bravo in 2021 after serving as president of Dwight Capital. Bravo and its affiliate, Bravo Property Trust, have closed more than $2.5 billion in financing, and Bravo closed every HUD firm commitment it received in 2025.
