Tool · HUD closing records, fiscal 2025, and the HUD queue as of October 14, 2026

How long a HUD 232 loan takes

Pick a program and the date your lender will submit the firm application. The estimate uses how long HUD actually took on the loans it closed, not a rule of thumb.

Where the days come from

HUD's closings file for fiscal 2025 records, for each loan, when HUD received the firm application, when an underwriter was assigned, when HUD issued the firm commitment and when the loan closed (initial endorsement). For the 170 223(f) loans with every date:

Step	Median	Middle half
Application received to underwriter assigned	95 days	80 to 115
Application received to firm commitment	146 days	121 to 176
Firm commitment to closing	101 days	83 to 140
Application received to closing	235 days	202 to 286

Most of the wait is the queue. HUD's weekly queue report for October 14, 2026 lists 35 223(f) applications waiting, 3 of them flagged for Express Lane, and the 9 223(f) applications assigned to underwriters that week had waited a median 61 days in the queue. See this week's queue.

For 223(a)(7), new construction and 241(a) loans the fiscal 2025 file has too few closings with application dates, so the estimate uses firm-commitment-to-closing times from HUD's endorsement database for fiscal 2023 onward and leaves the earlier steps to your lender's experience.

Before the clock starts

The appraisal, property condition report, Phase I environmental report and, for construction, the architectural, cost and market studies all come before HUD receives the application. A Phase I must be done within a year of the application (Handbook 4232.1, 7.3). Ask your lender for its own schedule for those; HUD does not publish one.

Plan a HUD 232 loan with the desk

Tell the desk the building, the program and the date you need to close. A person at Janover Capital reads it and replies about whether the date looks workable. The program and date you picked are attached.

Name

Work email

Phone (optional)

You are the

Facility name or CCN

What do you need?

Approximate loan amount (optional)

Timing

Anything the desk should know (units, licensed care levels, occupancy, current lender)

This goes to Janover Capital LLC only, and a person there will reply. It is not a loan application, and nothing here is an offer to lend. Please leave out resident names and any health information.

Estimates from HUD's historical records, not a promise of timing. Route 232 is operated by Janover Capital LLC and is not affiliated with HUD or FHA.

Questions

How long does a HUD 232/223(f) loan take to close?

In HUD's fiscal 2025 closings file, the median 223(f) closed 235 days after HUD received the firm application, with the middle half between 202 and 286 days. Reports and the application itself come before that clock starts.

Does Express Lane make a HUD 223(f) faster?

HUD says Express Lane applications get priority in the underwriting queue. It applies to 223(f) deals at no more than 70% of value with coverage of at least 2.0 times on the skilled nursing portion and 1.6 times on the rest, such as assisted living, using unadjusted trailing 12-month NOI, an operator in place two years and, for nursing homes, CMS ratings of at least 2 stars, under ORCF criteria of March 31, 2026.